Bitcoin soared past $30,000 on Monday night for the first time since June and managed to maintain that level throughout Tuesday’s trading session.
Overcoming numerous challenges in the past quarter, bitcoin concluded March with a gain exceeding 20% and experienced an increase of over 70% throughout Q1. The cryptocurrency has now risen about 82% in 2023, leading many investors to believe it is either in or approaching a new bull market (the last one commenced in January 2021).
The recent price surge has contributed to the growing optimism around bitcoin’s robustness and resilience, attracting new investors. Chart analysts concur that the digital asset is on a solid upward trajectory after enduring a 63% decline in 2022.
Ari Wald from Oppenheimer stated that “we continue to believe the price of bitcoin has reversed higher,” as evidenced by a chart pattern illustrating a consolidation phase followed by a breakout.
“Specifically, after its March breakout above critical resistance, the price had remained stable for several weeks,” he explained. “This consolidation phase allows excesses to diminish, paving the way for the next stage of growth.”