According to a report from 10x Research, the upward trend is also supported by a number of central banks leaning towards accommodative stances. The Federal Reserve (Fed) signaled readiness to accept higher inflation for longer periods and expressed a desire to slow down monetary tightening. The Bank of Japan and the Swiss National Bank also made dovish comments.
Moreover, Bitcoin tends to perform well during US election years, historically witnessing growth of 100-200%. “Our price expectations of $83,000 and $102,000 may gradually materialize,” Markus Thielen predicted.
Previously, after reaching a record high of over $73,750 on March 14, the world’s largest digital currency faced a sell-off, quickly dropping below $61,000. Adam Sze, head of digital asset at investment firm Global X, believes that whenever an asset reaches an all-time high, there is a tendency for profit-taking or a slowdown in buying momentum.
The previous cryptocurrency rally was driven by capital inflows into spot ETFs in the US. Last week, these inflows slowed significantly due to market developments. Grayscale Bitcoin Trust, in particular, saw outflows of $1.9 billion, causing total ETF Bitcoin funds to experience net withdrawals.
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