For the first quarter of 2023, bitcoin (BTC) rose in price against the dollar by 72%, to $28,465, BitRiver financial analyst Vladislav Antonov told bitcoinlinux on April 3. The expert explained what influenced this.
So, according to him, the growth of quotations was facilitated by the removal of coronavirus restrictions by China, which increased the demand for risky assets.
Second, the slowdown in US inflation matters.
“As a result, the US Federal Reserve (Federal Reserve System. – Ed.) Reduced the rate hike step to 25 from 50 basis points. On February 1, the rate was raised to 4.75% per annum,” Antonov recalled.
The decline in the dollar index and the recovery of US stock markets (SP500, NASDAQ) also affected the growth of the bitcoin rate, the analyst added.
In addition, the Fed, the US Treasury and the Federal Deposit Insurance Corporation took measures to rescue banks and protect American deposits.
Another factor was the fact that 11 largest US banks announced the allocation of $ 30 billion to First Republic Bank as part of the assistance to a credit institution.
“The main factors for the growth of cryptocurrency quotes are a slowdown in inflation and rate hikes, as well as a fall in the dollar and an increase in stock indices,” the expert noted.
The expert did not rule out the growth of bitcoin to $40,000 in the second quarter of this year.
“After updating the maximum, the BTC/USD pair at $29,184 moved into a sideways trend, in which it has been for two weeks. The current quote is $28,366. Buyers have taken a wait-and-see attitude and are waiting for the moment to pass the $30,000 level. The probability of exceeding the psychological level is 75%. After it, the path to $34,000 opens up. For the second quarter, the real one will see a recovery to $40,000, since historical data from 2010 show that before the halving (halving the reward for miners for a mined block. – Ed.), the price begins to recover, and the update historical happens after the halving,” he explained.
As Antonov clarified, the date of the next halving falls on April 12, 2024.
On February 14, experts interviewed by bitcoinlinux predicted that support for the US banking sector from the authorities and the expectation of easing monetary policy in the West would provoke a further increase in BTC.
At the beginning of 2023, the bitcoin exchange rate was at the level of $16.5 thousand.
