Bitcoin (BTC): Ready for a price boom?

Bitcoin is the leading crypto in the crypto ecosystem, that’s no secret. The asset’s notoriety comes not only from its valuation, but also from its longevity. In a financial environment that is increasingly favorable to its development, BTC could earn more stripes.

Towards increased appeal for the queen of crypto?

Recently, it has been shown that bitcoin (BTC) investments can no longer make you rich like they used to. However, the asset is still quite attractive. Many analysts are calling for its price to soar in the coming weeks and months. A company such as Berenberg also believes that the flagship crypto could overtake all other cryptos in terms of popularity.

To explain this positive projection on BTC, the German investment bank relies firstly on the current global financial trends. This is partly related to the announced loss of the hegemony of the US dollar in international transactions. A situation that, according to the bank, “could help highlight bitcoin’s value proposition.”

Berenberg says bitcoin’s price appreciation this year is a sign that more investors are recognizing the digital asset as a sensible alternative not only among crypto tokens, but also within a global financial context. By @willcanny99https://t.co/LHXGhhNdbs

— CoinDesk (@CoinDesk) April 28, 2023

Bitcoin: resilience factors

Berenberg cites another reason for how BTC would find itself back in the spotlight, after experiencing the depths in 2022. That’s because, given the extreme volatility of the crypto market, bitcoin is seen as the most sustainable asset.

In fact, crypto would be less subject to the wrath of regulators who view it as a commodity. Therefore, bitcoin remains the only asset that is not at risk of being considered a security “and subject to enforcement action.” Moreover, “more investors are recognizing bitcoin as a relevant alternative, not only among cryptos, but also in the global financial environment.”

Put together, bitcoin should regain all the awareness and relevance it once had. Characteristics that it lost last year, due to a more persistent bear market than expected.

For the moment, the asset continues its yo-yoing in the crypto market. In the past 24 hours, bitcoin has lost 2.32% of its valuation to currently trade around $28,600. Nevertheless, analysts are predicting that its price will soon explode.