Bitcoin (BTC-USD) has surged past the $68,000 mark on Tuesday, breaking a troubling five-month streak of declines. According to Ed Engel, a Compass Point analyst, this uptick is significant as Bitcoin has never before experienced six successive monthly losses in its 17-year history.
In contrast to Bitcoin’s recent performance, traditional equities have struggled, particularly the S&P 500 (^GSPC) and gold (GC=F), which have seen declines since the onset of the conflict in the Middle East on February 28. Despite this rebound for Bitcoin, Engel cautioned that blockchain data continues to indicate bearish trends, leading him to predict that Bitcoin could retest its lows around the $60,000 mark. He described the strength shown in March as a “textbook relief rally” occurring within what he sees as a longer-term crypto winter.
Similarly, Sean Farrell, head of digital assets at Fundstrat, remains cautious regarding Bitcoin’s resilience. In a client video, he advised maintaining a prudent approach to capital preservation and awaiting more conclusive market signals.
On a more optimistic note, analysts at Bernstein suggest that Bitcoin may have reached its low point. Gautam Chhugani, a Bernstein analyst, stated that “Bitcoin looks bottomed,” and the firm has reaffirmed its price target of $150,000 by the end of 2026. He noted a positive trend of investors returning to exchange-traded funds (ETFs), which currently hold over 6% of Bitcoin’s total supply. Additionally, digital asset treasury firm MicroStrategy (MSTR) continues to be a significant buyer, controlling at least 3.6% of the total Bitcoin supply.
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