Vetle Lunde, a crypto markets analyst at K33 Research, sees parallels between bitcoin’s recent surge from the doldrums of 2022 and its price pattern from 2018 into 2019.
In a research note to clients last week, Lunde wrote that bitcoin could reach $45,000. BTC was currently trading at about $29,440, down 2%, although it is up about 80% in 2023. The rebound follows a year of distress, in which multiple major firms declared bankruptcy, sending risk-shy investors fleeing from crypto markets.“We saw throughout the latter part of 2022 a lot of forced selling, and also selling from investors who grew cautious,” Lunde said. “This has led people to be underexposed.
Lunde believes that faint signs last week that the U.S. central bank would scale back its hawkish monetary policy amid mildly encouraging inflation data could boost market sentiment. “It was a lot of spending, a lot of focus on growth,” Lunde said. “So you had this environment where miners took a lot of fiat that held a lot of bitcoin and then were exposed to falling prices, in addition to all the crypto banks starting to neglect due diligence.”
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