Bitcoin managed to rise to $ 30,000, rising by 8.9% per day

In just one day, the flagship cryptocurrency managed to grow by 8.9%, reaching $ 30,020. At the time of writing, BTC is trading at $ 29,817.

This afternoon, the price of BTC $56,278.68 Bitcoin -1.35% Market capitalization $1.11 trillion VOL. 24 hours $2.77 billion rose by $ 1,000 within 20 minutes. However, according to analysts, investors should be cautious. A similar market situation occurred between January 15 and February 20, 2023, when bitcoin rose from $ 21,000 to $ 25,000. After that, the BTC rate dropped by 18% in just two weeks. It then rose to new local highs around $ 30,000.

In the current situation, if the market flagship manages to overcome the $ 30,000 level, we should expect to see a new local high of $ 32,500, experts believe. The current growth of BTC is associated with difficulties in the US banking sector. Rumors that the U.S. government is going to nationalize First Republic Bank have again shifted investors' focus to cryptocurrencies, just as they did in mid-March.

At the same time, investors expect the tightening of monetary policy in the US to be completed soon and assume that the Fed will not raise the rate at its May meeting to prevent a financial crisis in the economy. The next growth target will be the $ 40,000 level. However, such a move will not happen without a significant trigger, which may be a pause in the US Federal Reserve’s rate hike at the next meeting, analysts said.

As a reminder, cryptocurrency analyst and co-founder of BitMEX Arthur Hayes recently stated that the BTC has every chance of becoming the world’s main currency. According to the expert, bitcoin will strengthen its position in the global financial system, weakening the influence of the US dollar. In the medium term, BTC may become the world’s reserve currency. More and more investors are considering bitcoin as a means of preserving capital, Arthur Hayes emphasized.