Bitcoin, as a decentralized asset, benefits from any economic or political aggravation in the world. That is exactly the situation we are seeing now.
The influence of the tax policy of the authorities also affects. For now, Bitcoin is stable, but a new rally awaits us very soon, analysts at Pantera Capital predict.
One of the triggers will be the approach of the so-called tax period in mid-April.
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On the eve of just a similar event, in 2013, 2017, 2020, and 2021, there was a strengthening of the BTC rate. The rally usually starts about 35 days before such an event. However, a day before the tax day, a short-term drop in the value of the cryptocurrency is possible, as investors sell some of the coins to fulfill their financial obligations.
In addition, Pantera Capital expects the weakening of the dependence of cryptocurrency on the stock market.
The team's report says: "And so we think that over the next few weeks, the cryptocurrency will separate from the traditional markets and trade on its own again."