Bitcoin prices are up 0.14% at $46662.51 on early Tuesday trades.
In Q1, Bitcoin prices witnessed a bearish trend, closing near its opening for the quarter, declining around 5%. Many analysts believe that Bitcoin is poised to break out and soar after a bout of profit-taking.
The second quarter, Q2, typically is the best quarter for Bitcoin. After evaluating the average quarterly (Q2) return of Bitcoin for the last 10 years, a gain of around 44% for this quarter can be estimated.
The price of Bitcoin in the near future will be influenced by the upcoming world’s largest crypto conference in Miami, the conflict in Europe, and a slew of regulatory frameworks on cryptocurrency by different countries. Crypto trading continues to be well off the levels achieved recently during the Russian invasion of Ukraine, undermining investors’ caution amid economic uncertainty.
The UK plans to establish a dynamic regulatory framework for crypto, such as Bitcoin. The British government is scurrying to become a global hub and leader in crypto assets, technology, and investment. The British treasury, on Monday, announced its plan to regulate stable coins as a valid means of payment. The government has also hinted that Bitcoin and other cryptos are next in the line for possible regulations.
On the technical side, the RSI of Bitcoin stood at 62.66 and is currently trading above all SMAs: MA (5), MA (20), and MA (50). So, BUY position can be taken with the following target and stoploss: