The collapse of the Silicon Valley Bank first and the crisis of the Swiss giant Credit Suisse after, alerted investors, intimidated by the credibility of the international banking system. In this climate of risk aversion, safe-haven assets have outperformed in recent weeks and in particular of thegold and silver which only since the beginning of March have gained +6.88% and +10% respectively.
But not only that, investors have also returned to investing in alternative asset classes such as cryptocurrencies, and in particular on the bitcoin which in recent weeks has returned to levels it hasn’t seen since June of last year.
In particular, the price of bitcoin, after having lost more than 60% in 2022; from November 2022 to January this year bitcoin has consolidated the area between 15,000 Usd and 17,500 Usd, to then return (since mid-January) steadily above the resistance area, now the main support, to psychological share of the 20,000 Usd.
But in recent weeks, the price of bitcoin has accelerated further to the upside, gaining over 37% in the last two weeks alonethus going from just under $20,000 to the current $27,400 and according to several analysts, the price of bitcoin in the coming weeks could cross the $30,000 mark.
“Bitcoin continues to trade as one of the main risk-on assetsas it has for the past two years”, said James Lavish, managing partner of the Bitcoin Opportunity Fund. In this sense, “iThe Credit Suisse bailout put out a major fire in the financial system, emboldening the acbuyers of bitcoins who have anticipated the slowdown in the cycle of rate hikes of interest from the Fed.
Will the rise of bitcoin continue?
According to some analysts, the price of bitcoin could be ready to start a new bull marketa new uptrend macro, thus leaving behind the negativity that characterized it throughout 2022.
From this point of view, if we look at the price of bitcoin with a broader horizon and therefore up monthly candleslet’s see how its trend repeats itself cyclically almost perfectly following its historical patterns.
In that sense, second the analyst Rekt Capitalit will be essential to observe where the price of bitcoin will close at the end of this week (Friday), as it will close above the bearish trendline built from the all-time highs marked in 2021. Here it is the March candlestick would be the first monthly candlestick to close above the macro downtrend (highlighted precisely by the bearish trendline), an important signal of strength for the digital asset.
If so, it would mean that in November 2022 the low of the cycle was reached in the $15,600 area, shortly after the collapse of FTX.
