Will 2023 be THE year for Bitcoin [BTC] despite the U.S huffing and puffing?

ambcrypto.com:

Q1 of 2023 was Bitcoin’s [BTC] time to shine. The king coin has not had a favorable run in the recent past. Notably, in 2022, Bitcoin’s price fell by 64.02% from its December 2021 prices. Its losses were compounded throughout the year, with Terra’s [LUNA] crash and FTX‘s collapse leaving BTC in the middle of a dreadful crypto-winter.

In fact, Bitcoin hit a two-year low of $15,480 in November 2022, a fall that was made worse by macroeconomic factors. Similarly, its March 2023 gains were largely in part caused by the government’s assurance that depositors would have access to all their funds post Silicon Valley Bank‘s collapse, thereby boosting investor confidence.

Joel Kruger, market strategist at LMAX Group, acknowledged Bitcoin’s 2023 growth as a positive sign, saying,

“The market has done a good job of pricing out most of the downside from the 2022 fallout and has been looking to take advantage of discounted prices and positive news around ongoing institutional adoption.”

However, the possibility of a setback due to macroeconomic factors remains as rate hikes, Federal Reserve decisions, and the United States’ reliance on its dollar stays prevalent. Even so, Kruger suggests that investors should remain bullish on Bitcoin. Especially as,

“Short-term setbacks are nothing more than compelling opportunities to build long-term exposure to Bitcoin. Investors will likely favor a deflationary, limited-supply, fully decentralized asset that’s been built to appreciate in value over time.”

As we step into Q2 of 2023, bullish sentiments may just prevail, especially with BTC trading at $28,293.31 at press time. Also, it’s worth considering this – Bitcoin’s 3-day MVRV ratio, at the time of writing, underlined the possibility of a sustained