- Bitcoin price is on track to recover as Miami hosts the world’s largest crypto conference in history.
- Francis Suarez, mayor of Miami, believes cryptocurrency has wholly led to innovation and fueled the city’s success.
- Analysts believe Bitcoin price could resume its uptrend after brief profit-taking by investors.
Bitcoin price could breakout soon as analysts believe recent bearishness represents a brief period of profit-taking that is about to end. Miami is hosting the world’s largest crypto conference in 2022, fueling a bullish narrative among investors.
Bitcoin price on track to recover as Miami prepares for crypto conference
Francis Suarez, the Mayor of Miami, believes cryptocurrency has propelled the city into a technology hub. Suarez believes the largest Bitcoin conference in the world could further cement Miami’s status as a center for cryptocurrencies.
Proponents believe the Bitcoin price rally was fueled by news of the 2022 conference in Miami. Cryptocurrencies have pushed Miami to completely lean into innovation and put it on the map of America as an innovative city.
Francis Suarez was quoted as saying,
We are going to have 50,000 attendees, and it’s going to be an economic development boom for our city, creating thousands of jobs and millions of dollars in economic incentives for our city.
Mayor Suarez considers cryptocurrencies an important part of the Miami economy; it has helped build a brand of “the most important city in America.”
FXStreet analysts have reviewed Bitcoin price performance over Q1 2022 and believe the asset is ready to breakout. The recent consolidation was consistent with the pullback following Q2 2020 and Q1 2021 bull run.
Analysts believe Bitcoin price trend continues to remain overwhelmingly bullish despite remaining largely unchanged over the first quarter of 2022. After evaluating the average return in Q2 over the past ten years, analysts argue that a 43.38% gain sets the target at $65,288. In 2022, investors need to watch out for two key price levels in Bitcoin, $101,856, that follows the $100,000 psychological barrier for the asset, a 347% gain from April 2022 prices.
Historically, Bitcoin price breaks out in April every year, starting a rally that extends into June and July. The target for a new all-time high is therefore $100,000 or $138,000 between June 2022 to mid-July 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market woes threaten bullish potential, XRP is undeterred
Bitcoin has reclaimed above $27,000, but increasing market volatility threatens the leg up. Ethereum faces critical resistance at $1,819 as investor sentiment suggests liquidity issues. Ripple reaches multi-month highs amid lawsuit-related optimism.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.