Bitcoin is back in six figures, continuing yet another of its famous zigs while most expected a ZAG.
To examine, the largest crypto in the world brought $ 100,000 in December when it joined the electoral victory of Donald Trump in November. The price finally exceeded $ 109,000 in the hours preceding the inauguration of Trump on January 20.
With the Bulls furiously revising their upward price goals, things started to crack at that time. What followed in the weeks that followed was a constant drop, which reached its outcome at just under $ 75,000 in panic after Trump’s punitive price announcements in early April compared to American trade partners.
Carnage in many altcions was much worse. Solana (soil) and Ether (ETH), for example, have experienced decreases of more than 60%.
The prices have quickly reversed since, however, the traditional markets joining the crypto to look beyond the price shock. As with Bitcoin, the Nasdaq and the S&P 500 are both currently at higher levels than before the Liberation Day of Trump.
The latter push to more than $ 100,000 seems to be due to a trade agreement between the United States and the United Kingdom.
It’s all about flow
“The dominant story of Bitcoin has changed again,” said Geoff Kendrick de Standard Charterd in a note Thursday morning. “These are flows. And the flows have come in many forms.”
Kendrick took note of the story well reported on the rise in entries in the Bitcoin FNB recently. These are sometimes rejected thanks to an important part of these flows compensated by the basic professions (where hedge funds have put a short term equal to the term contracts on bitcoin and the bank a small yield). Kendrick, however, argued that basic transactions have barely increased during this last starter, which suggests that real money moves in ETFs.
The 13F institutional report of not only Spot BTC ETF Holdings, but also the ownership of the Bitcoin holder (MSTR), will start driving in a week, and Kendrick expects an additional confirmation of important players increasing their allowances.
“I apologize that my goal of $ 120,000 in the second quarter is too low,” concluded Kendrick.
