• Bitcoin (BTC) recorded an 18% surge, taking its price above $24,000.
• The performance of the decentralized cryptocurrency has been impressive in comparison to the financial stress of the centralized banks.
• Analysts are comparing BTC’s current trend to past bull markets and anticipate a confirmation of the next bull run at $25K.
Bitcoin Surpasses $24K
Bitcoin (BTC) recorded an 18% surge on March 13th, taking its price above $24,000. This impressive performance of the decentralized cryptocurrency is being compared to past bull markets and indicating a possible confirmation of the next bull run at $25K.
Current Circulation
Currently, there are 19,317,068 BTC in circulation with 1.7 million left to be mined. The uptrend seen in Bitcoin’s prices is spiking anticipation for a bull run despite the Fed economy being in financial distress due to centralized bank runs.
Resemblance To Bitcoin Bull Market 2019?
The sudden bullish diversion in a brief time period has presented signals that mirror those seen during the 2019 bull market. Analysts have been posting comparison charts on Crypto Twitter pointing out these parabolic curves and positive crossovers on BTC/USD 1-D Price Chart (Source: TradingView). Following Signature Bank’s closure, Bitcoin shot up from $20k to $24.8K within 4 days as per CoinMarketCap data at press time trading at around $24,312 with an 8% surge in 24 hours. Ethereum (ETH) noted a 4% increase in 24 hours trading at around $1.667, according to CoinMarketCap data at press time as well.
Anticipation Of A Bull Run
Traders are looking forward to BTC confirming its resistance amid upcoming release of CPI data from the Federal Reserve Bank and hoping for it not to fall below $23K if it were to take a bearish turn based on Michaël van de Poppe’s analysis on Twitter (#Bitcoin sweeping the highs here as it’s testing range high at $25K).
Flaws In Centralized Banking System
Flaws present in centralized banking systems have had no negative impact on BTC prices due to TradeFi’s volatility making traders more confident about their investments and future prospects of Bitcoin’s success as digital currency leader worldwide