Bitcoin price could break out as speculation mounts around the world’s largest crypto conference in Miami

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.