For both investors and traders alike, this year’s cryptocurrency market has been full of shocks. After suffering significant losses the year before, Bitcoin showed indications of recovery this year, and there was a brief altcoin bounce.
With its most recent price increase, the asset appears to be making an even bigger comeback. Bitcoin, the most valuable cryptocurrency, recently surpassed $27,000. Key market participants were positively worried by the price surge because this is the asset’s first time touching this level since June 12, 2022.
Rebounding of Bitcoin
For a while, the bulls persisted in asserting their dominance and drove the price further higher, reaching a high of $27,787. Shortly after, there was a slight price rejection, and Bitcoin suffered.
As of press time, the price of one bitcoin is $27,488. From the beginning of March, Bitcoin’s weekly performance has been excellent, and as a result, its 7-day gains have increased to 36% and its 24-hour gains are up 4.25%.
- After suffering significant losses the year before, Bitcoin showed indications of recovery this year.
- Bitcoin, the most valuable cryptocurrency, recently surpassed $27,000.
- Its 7-day gains have increased to 36% and its 24-hour gains are up 4.25%.
The increase in the price of bitcoin comes after Bloomberg analyst Mike McGlone projected that due to the multiple financial problems that have afflicted the traditional market, some of which have exposure to the crypto market, the commodity is likely to trade like the U.S. treasury bond.
When banks experience stress as a result of the collapse in bond prices, bitcoin may be moving toward trading more similarly to the U.S. Treasury’s long position in bonds and gold. In its report, Bloomberg’s McGlone made a point.
The research expresses even more optimism for the top cryptocurrency, although Bloomberg notes a potential obstacle. But, the near-term headwinds of dropping risk assets in the face of the U.S. recession vs. recovering gold and Treasury bonds may be getting a companion in Bitcoin.
PlanB, a well-known proponent of Bitcoin and the designer of the Bitcoin Stock-to-Flow Model, has made some noteworthy remarks regarding the likely future of Bitcoin’s price.
Now, PlanB revealed on Twitter that the stock-to-flow valuation model indicates that Bitcoin is currently rebounding towards a bullish level. He had previously forecast that the asset’s value would probably triple. He still contends that given the cycle; it might not be feasible.