Bitcoin (BTC) continues to delight its investors in 2023. Leading cryptocurrency Bitcoin (BTC) closes the first quarter of 2023 with a 70 percent gain, and the first quarter of 2023 is the most profitable quarter since the first quarter ended in March 2021, when BTC increased by 103 percent. . In addition, BTC managed to leave assets such as stocks behind! So what’s next? Here are the details…
Leading cryptocurrency Bitcoin (BTC) became the highest-paying asset of 2023!
Bitcoin is preparing to close the first fiscal quarter with its best quarterly performance in nearly two years. BTC is closing the second quarter of 2023 with a price increase of roughly 70 percent, marking huge profits for many investors.
However, other assets such as stocks lagged behind Bitcoin. While BTC has emerged as the best performing asset, it has largely outstripped the current 5.5 percent of the S&P 500’s 2023 performance. However, with a 19 percent price increase, it gained more than three times what the Nasdaq 100 did in the second quarter of 2023. On the other hand, the last quarter of 2022 has been tough for Bitcoin, which has lost about 15 percent. Factors such as the weak macroeconomic environment, the Terra (LUNA) crisis, and crypto contagion fears have impacted Bitcoin’s overall performance throughout 2022.
cryptocoin.com As we mentioned, the leading crypto, Bitcoin, which remained resistant despite the collapse of Silvergate and Signature Bank, continued its upward trend with the interest rate hikes of the Federal Reserve. However, recent indications that the Fed may move towards the end of its rate hike cycle have also been positive for BTC. Even less dramatic rate increases in Q2 2023 could support the value of the leading crypto. On the other hand, Bitcoin’s reaction to Binance showed that the future of the asset does not depend on a single exchange, which encourages the industry as a whole. According to experts, a metric that should be watched closely in Q2 of 2023 is the price correlation between BTC and Gold.
The 30-day correlation between the two assets rose above 0.3 this month to a 12-month high. The continued bullish technical structure for gold certainly bodes well for the yellow metal’s further price gains going forward.
BTC traders reach higher highs!
Another very positive development for Bitcoin in the first quarter of 2023 was the continued sharp increase in Bitcoin investors. Since the start of the first quarter of 2023, BTC investors have increased by more than 2.15 million to 45.74 million, an increase of 5 percent. The metric for the increasing number of investors shared by Santiment is as follows:
According to experts, if it continues to see an upward trend in the total amount of Bitcoin holders in the 2nd quarter of 2023, this could turn into more bullishness.
Experts pointed to 34 thousand dollars for Bitcoin price!
Continuing on the daily timeframe, the Golden Cross signals a buy signal for BTC and the potential for stronger gains ahead. A Golden Cross occurs when the 50-day moving average crosses the 200-day moving average. The chart below shows that Bitcoin is still in the early stages of a Golden-cross.
A golden cross is a bullish signal that occurs when the short-term moving average crosses the long-term moving average. A Golden Cross for BTC last took place on September 14, 2021. The BTC/USD pair rallied close to 50%, from $46,000 to $69,000.
Considering that the current Golden Cross has gained about 29 percent, according to experts, it seems possible for BTC to match the gains of the previous Golden Cross and gain another 21 percent. A rally close to $34,000 is then possible. Still, if the bears take control and the Bitcoin price drops below the weekly low of $26,700 so far, experts say it may be worthwhile for investors to wait for a larger drop towards $24,500 before choosing to cut their losses.
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