It's Still Early to Celebrate the Bitcoin Bull: Analyst Says Two Things Are Necessary! - Coin Bulletin

Presto Research analyst Peter Chung states that before the current rally of Bitcoin turns into a sustained bull market, the U.S. trade agreements and interest rates need to become clearer.

Bitcoin has increased by 2.4% in the last 24 hours, reaching up to $87,325. However, Peter Chung emphasizes that this rise in Bitcoin is in its early stages and that there are still ongoing uncertainties in the market. In particular, the U.S. trade policies and high interest rates could affect Bitcoin's long-term direction.

Chung notes that considering the strong performance of Bitcoin in April, it lagged behind the S&P, Nasdaq, and the “Magnificent 7” of US tech giants, but Bitcoin has outperformed these indices. This situation indicates that Bitcoin is holding strong in the market and continues to break through an important resistance point.

Peter Chung says, "We haven't yet stepped outside the forest. Discussions with important trading partners are ongoing, and factors such as high 10-year bond yields and the weak Dollar Index (DXY) are creating uncertainty." At this point, the impact of the Federal Reserve on interest rates is of great importance. Additionally, providing clarity on Trump's trade tariffs will play a critical role in stabilizing the market and ensuring investor confidence.