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Bitcoin (BTC) up 23% as History Repeats Itself With Macro Downtrend Broken: Analyst

Mon, 03/20/2023 - 07:58
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Godfrey Benjamin
Bitcoin trading at one of its highest price levels in months
Bitcoin (BTC) up 23% as History Repeats Itself With Macro Downtrend Broken: Analyst
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Bitcoin (BTC) is the outright delight of many crypto investors and observers today, as its price has touched highs that it has not seen for more than six months. After a massive retail buy-up over the weekend, the Bitcoin price soared to a high of $28,346.61, and while prices are currently trading lower, it is still up by 23% in the week-to-date (WTD) period.

The tendency for growth has always been part of Bitcoin's fundamental set up. Highlighting the recent growth trend, top crypto analyst Rekt Capital showed how Bitcoin has repeated history by breaking the macro downtrend according to the chart embedded in his tweet.

There are a ton of events that have preceded the growth of Bitcoin over the past few weeks. While the banking woes on Wall Street are a typical event that is supposed to introduce fear into the ecosystem, investors rather went on an accumulation spree as the asset was considered a safe haven.

Bitcoin has now metamorphosed into a significant hedge not just against inflation but against bad investments that may be impacted based on either hawkish or dovish monetary policies.

Cardano Transaction Volume Exceeds 30 Billion ADA as Market Rebounds

Boosting altcoin potential

Over the past year, Bitcoin has continued to grow its dominance over other digital currencies, and this dominance is now pegged at 46%. As a result, many altcoins have maintained a very strong and positive correlation with Bitcoin, with their growth potential now bursting forth.

Ethereum (ETH), for instance, is up 9.95% in the WTD period with its price pegged at $1,767.11. Cardano (ADA), XRP and Solana (SOL) are all also trading at significant percentage gains.

Amid all this bullish growth, the insistence by some that Bitcoin's price will touch $1 million mark has been tagged as "stupid" by Peter Brandt.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.