Bitcoin has enjoyed its fourth consecutive month of gains, with its performance in April defying the banking crisis and the closure of Silvergate and Silicon Valley. According to data from Coinglass, this marks a trend not seen since 2019, when the economy recovered from a bear market, yielding five straight months of growth from February to June. Bitcoin’s bullish candle has now stretched through the first four months of the trading year.
This growth has caught the attention of retail and institutional cryptocurrency investors, with many showing renewed interest in Bitcoin due to its rapid price fluctuations. This led to the cryptocurrency crossing the $30,000 mark for the first time since June 2022. Additionally, predictions for BTC by various cryptocurrency specialists, celebrities, and even traditional financial analysts have placed the cryptocurrency in the spotlight. Jeff Kendrick, the head of Standard Chartered’s digital asset research, even predicted that the price of Bitcoin could reach $100,000 by 2024, while Rich Dad, Poor Dad author Robert Kiyosaki chimed in with a similar prediction.
Investors have reportedly rediscovered the allure of Bitcoin as an alternative banking system in the midst of a global banking crisis. Although Bitcoin experienced a flat February, its prices surged throughout March. Interestingly, this growth occurred despite the closure of Silvergate and Signature Bank, two of the most crypto-friendly institutions.
On the downside, the closures of these banks also removed on- and off-ramps between fiat money and cryptocurrencies, which could potentially impact liquidity in the crypto market until new players step in to fill the gaps. While Bitcoin’s recent success indicates its resilience in the face of adversity, it is important to consider the potential hurdles and negative impact of losing key players in the crypto banking sector.
In conclusion, despite a backdrop of skeptical voices and global financial uncertainties, Bitcoin’s four-month bull run can be seen as a testament to the cryptocurrency’s ever-growing popularity and expanding user base. However, it is crucial for the community to remain vigilant and address the issues arising from the closure of crypto-friendly banks to ensure that the market remains healthy and accessible in the long run.