Bitcoin Jumps to $27,000 for the first time since June 12th. Will the bulls hold up prices?
This year, the cryptocurrency market has been full of surprises for investors and traders alike. The year recorded a short-term altcoin rally, and Bitcoin showed signs of recovery after nursing major losses in the previous year.
Now the asset seems to be making an even bigger comeback with its most notable price upswing.
The apex cryptocurrency, Bitcoin, has surged past $27,000. The price pump positively alarmed key players in the market, as the asset is tapping this level for the first time since June 12th, 2022.
BTCUSD Chart by TradingView
The bulls continued to show that they were in control for a while and pushed the price up even higher to a $27,787 high. A mild price rejection was recorded shortly after, and Bitcoin took a hit. Bitcoin is now trading at a press time price of $27,488. Bitcoin’s weekly performance has been commendable since the start of March, and this has further resulted in its 7-day gains going up to 36%, and its 24-hours gains are up 4.25%.
Bitcoin’s price pump comes after Bloomberg analyst Mike McGlone predicted that the asset is likely to trade like the U.S. treasury bond, as a result of the numerous banking issues that have plagued the traditional market, some of which have exposure to the crypto market.
“Bitcoin may be progressing to trade more like the U.S. Treasury long bonds and gold as banks come under stress on the back of the bond-price collapse.” Bloomberg’s McGlone noted in its report.
The report further holds an even more bullish sentiment for the leading crypto, however, Bloomberg cites a hindrance ahead.
“Our long term view is quite bullish on the crypto [Bitcoin], But the near term headwinds of declining risk assets in the face of the U.S. recession vs. recovering gold and Treasury bonds may be gaining a companion in Bitcoin.”
Meanwhile, PlanB, a Bitcoin proponent and popular creator of the Bitcoin Stock-to-Flow Model, has made some notable comments about the potential future of Bitcoin’s price.
PlanB took to Twitter today to reveal that Bitcoin is bouncing towards a bullish area on the stock-to-flow valuation model. He had previously predicted that the asset will likely triple its price value. However, he maintains that it might not be possible in the current cycle.