Bitcoin, as a decentralized asset, benefits from any economic or political deterioration in the world. This is exactly what we are seeing now.
The impact of the authorities' tax policy has also had an impact. Analysts at Pantera Capital predict that for now, Bitcoin is stable, but a new rally awaits us soon.
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 similar events, BTC rates strengthened in 2013, 2017, 2020 and 2021. The rally usually starts about 35 days before such events. However, the day before tax day, cryptocurrencies may experience a short-term decline in value as investors sell some tokens to meet their financial obligations.
In addition, Pantera Capital expects the dependence of cryptocurrencies on the stock market to diminish.
The team's report says, "We therefore believe that in the next few weeks, cryptocurrencies will separate from the traditional market and trade on their own again."