The first financial quarter came to an end with Bitcoin finishing with double its price at the beginning of the year. It also gained 5.8% in S&P 500. As such the interest from Goldman’s clients is completely expected, as per analysts.
Bitcoin had little change in its price on Wednesday even though it was the end of the best start to a year after 2013. The start was mainly fuelled by the increasing trend of adopting cryptocurrency by major firms in Wall Street like BlackRock and Goldman Sachs.
Market Trend Of Bitcoin
Matt Blom, Equos’ trading and sales head, said that the balancing of the portfolio has started. Several analysts have predicted that Bitcoin’s price could increase by as much as $70K. The forecast is based on the pattern of the “bull flag” that the price charts show. However, other analysts commented against it and stated that the flag lacked a pole.
Over the previous week, the biggest cryptocurrency has been making its way back to $60K. Breaking that psychological barrier could mean that Bitcoin will have another surge and post a new record. The current record is $61,557 which was achieved earlier in March.
In 2021, the cryptocurrency’s price increased by almost $30k in the three months of the first financial quarter. The second-best gain was back in the last quarter in FY2020, where it had gained about $22k. The S&P 500 Index for big stocks, in comparison, rose 5.7%. Stocks had a general rise as President Biden is set to announce the stimulus plan that will succeed the recent one worth $19T.
Ether also rose following Bitcoin. The cryptocurrency has recorded an almost 30% gain compared to BTC’s 25% for the past month. DeFi garnered interest after Aave’s announcement to collaborate with Polygon, Ethereum’s layer 2, to deal with congestion.