Matrixport's latest report: The Bitcoin bull market may have returned

2024-05-17 19:21:53

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ChainCatcher news, Matrixport released a new report stating that Bitcoin is entirely driven by macro factors, with the derivatives market predicting that Bitcoin's volatility could reach 6% this week. Bitcoin has reached the end of a consolidation triangle, indicating that significant volatility is imminent.

This week, Federal Reserve Chairman Powell delivered a speech, U.S. inflation data was released, and the tech-driven Nasdaq index hit an all-time high, setting the stage for substantial fluctuations in Bitcoin. The CPI data was slightly below expectations, and Bitcoin rose by 7%, showing that there is sustained buying power in the market.

Bitcoin experienced a sell-off after the inflation data was released in March and April, but this week, with slightly optimistic (lower) inflation data, Bitcoin's price rose instead, breaking the previous correction pattern, which may signal the "return of the Bitcoin bull market."

As the U.S. presidential election in November 2024 approaches, the upward trend of Bitcoin is expected to intensify. Historical data shows that during the last three elections, Bitcoin had an average increase of 192%, while the Nasdaq index had an average increase of 21%. The rebound of tech stocks and Bitcoin is very likely to play out again.

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Matrixport Bitcoin bull market

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