Market Review Q1 2023: Bitcoin To Rise Against The US Dollar?

Accoridng to the market reviews from Q1 2023, it seems that Bitcoin could soon rise against the US dollar. Check out the latest predictions about the king coin below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $29,325.

According to the latest reports revealed by the Daily Hodl, it seems that despite heightened volatility in the crypto market, the first quarter of 2023 has ended on a good note.

“The crypto market performed strongly in Q1 2023, with the total market cap growing by 49% to $1.19 trillion. Bitcoin (BTC) rose 72% and closed at $28,440, while Ethereum (ETH) rose 53% and closed at $1,827,” the same online publication mentioned above revealed.

This upward trend was driven by multiple factors, including tightened monetary policies and the bank crisis.

On the other hand, there are a few indicators – such as increased outflows from stablecoins and capital outflows from exchanges – that show that this trend may not be sustainable.

“BTC rebounded after testing the support at $15,000 in Q1. Into a new quarter, BTC is also entering a new journey in terms of weekly and monthly lines.”

A popular crypto analyst is optimistic that Bitcoin (BTC) and other crypto assets could resume an upward trajectory if the US banking crisis worsens.

Pseudonymous analyst DonAlt said recently via the TechnicalRoundup YouTube channel that the US banking crisis offers a bullish narrative for the crypto market.

“We do have a few narratives that are actually bullish… in particular the banking narrative where we have a bunch of smaller banks, but also quite a few big ones in America, struggling.

And that’s the use case for Bitcoin in a nutshell…” Check out our previous article for more details about this.