After a lot of back-and-forth, Bitcoin finally crossed $80,000 on May 4 for the first time since January this year. Analysts are now eyeing $88,000 as the next major target.
Bitcoin's move surpassing $80,000 capped a recovery that began taking shape in April, when BTC posted its best monthly performance in roughly a year, gaining nearly 12 per cent. The gain came after a period of sharp turbulence: BTC slid below $76,000 in late April as the U.S. Federal Reserve held interest rates unchanged and geopolitical tensions around Iran weighed on risk assets broadly. The rebound from there on, combined with a string of improving institutional data points, set the stage for Bitcoin to breach the $80,000 mark.
