Cryptocurrency is beginning to consolidate its recent gains showing signs of exiting from the crypto winter, according to Bobby Lee, the founder and CEO of the crypto wallet firm Ballet. During an interview with Bloomberg Television streamed on April 17, Lee discussed the trends of Bitcoin (BTC) and the appeal of cryptocurrencies claiming that the flagship decentralized finance (DeFi) asset had crossed the psychological threshold of $30,000.

According to Lee, Bitcoin has been establishing a bear-bull chart pattern that has been taking place in roughly four-year cycles, and after reaching a low of $16,000, it has almost doubled and recently peaked at $31,000. He stated that one of the reasons for the increased interest in crypto assets is that due to its divergence from traditional finance, it is considered a safe haven in order to avoid having third-party counterparty risk.

At press time, Bitcoin was changing hands around $29,661, showing a 2.02% decline in the last 24 hours, but also a 4.62% increase across the week and a 7.99% rise in the last 30 days according to the charts from April 17. Other indicators have pointed to a bullish future for Bitcoin, including the Bitcoin Rainbow chart which indicates that it may cross the $100,000 barrier within the following months or by the end of 2023.

If the cryptocurrency market follows its present trend, this could bring a much-anticipated “crypto spring” investors have been waiting for. To benefit from such a significant market turn, entities need to carefully set strategies that comprehend long-term perspectives, leverage knowledge from the four-year cycles of the bear-bull shows, as well as understand the advantages of self-custody and the decentralized finance system.



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