Bounceback: Bitcoin at $30,000 level, but surge puts $100,000 within sight

economictimes.indiatimes.com:

Bitcoin's bounce has paved the way for the type of six-figure price projections that peppered the pandemic-era crypto boom. The token's ripening monthly streak puts history on the side of such bold optimists. Bitcoin is set to climb for the fourth month in a row after eking out an April gain, the best such stretch since a six-month advance through March 2021. In the past decade, four-month winning runs foreshadowed an average Bitcoin surge of 260% over the subsequent year, data compiled by Bloomberg shows. A jump of that magnitude would take the largest digital asset to a record $105,000 from about $30,000 currently, the zone where its 77% rebound in 2023 from last year's punishing crypto rout has stalled somewhat. Bitcoin has changed narrative garb like a chameleon during the revival, drawing succor from bets on a Federal Reserve pivot to looser monetary policy, the perceived blow to fiat currency from the US banking crisis and a planned reduction in the supply of new tokens — a so-called halving — due next year. «The biggest thing for crypto is that it's a lightning rod for liquidity,» Christopher Forbes, head of CMC Invest Singapore, said on Bloomberg Television. «And as liquidity returns to the market, and it is and we're seeing that, I think crypto will continue to trade well.»

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Standard Chartered Bank, BCA Research and Bloomberg Intelligence have all flagged possible paths to $100,000. «The