O Bitcoin (BTC) ends an excellent first quarter in 2023 with 70% upside, and is trading just above $28k. Analysts see resistance at $28.8k.
Since January, analysts see an increase in the cryptocurrency’s correlation with gold, indicating a thesis of a protective asset.
After appreciating 70% since the beginning of the year, Bitcoin is heading towards closing its best quarter since January to March 2021, when it rose by around 103%, according to Bloomberg data.
already the Ether (ETH) it has also encouraged investors since the beginning of the year, and has appreciated 50% over the period, at US$ 1,820. The value of Marketplace of cryptocurrencies remain at the level of US$ 1.18 trillion.
On April 12th, the next update of Ethereum, the Shanghai Fork, is scheduled. The network upgrade will bring the possibility of Ether withdrawals that are currently locked into staking, passive income.
The performance far outweighs the S&P 500’s 5.5% year-to-date advance and the Nasdaq 100’s 19% gain. .
Among altcoins, smaller cryptocurrencies, the one that advanced the most this quarter was Conflux (CFX). The token is native to a blockchain that seeks to accelerate Web3 adoption, and has appreciated 1,760% since January.
Analyst believes in continuation of uptrend
For Antonio Bertuccio, Head of Strategies at iVi Technologies, manager of quantitative investments, this was a stable week for the cryptocurrency market, different from the last few weeks that have accustomed us to turbulence and high volatility.
“Bitcoin’s situation is positive, as the asset is stable in a price range between US$ 27,000 and US$ 29,000”, he assesses.
The week was marked by the release of the PCE (Consumer Expenditure Price Index) in the United States, this Friday, March 31st. According to Bertuccio, the index came in below expectations, encouraging American variable income markets.
“This reflection was also felt by the crypto market, reinforcing the narrative that inflation seems to be increasingly under control and that the Fed’s policy, which resulted in the fastest monetary tightening in history, may finally start to change. Powell’s speeches over the last few weeks have been positive for the markets and the feeling is that we may see a few more rate hikes of 0.25% and that, after a pause, we may start to see a more dovish stance from the US BC” , explains.
Bitcoin’s dominance over altcoins continues to rise, reaching new highs day after day, with Bitcoin’s narrative as a store of value and inflationary hedge gaining traction.
“Over the week, some altcoins focused on staking and smart contracts outperformed Bitcoin. The main tokens were: LDO, ADA, HBAR, ETH and DOT”, he says.
For the next month, the expert says he believes in a continuation of Bitcoin’s bullish trend, driven mainly by the feeling of a possible control of inflation and by the less harsh policies of the FED.
“We should see some altcoins start their stronger bullish movement, but I still believe that Bitcoin will maintain its leadership role in the crypto market until we effectively see inflation being tamed and interest rates drop significantly. iVi Technologies, at the moment, has a relevant position in Bitcoin due to expectations for the coming months”, he concludes.
Source: Moneytimes
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