FX.co ★ Bank of America sees no reasons for crypto winter. What dynamic BTC to show in near future?

Bitcoin once again reached a new local low of $34.3K. After that, traders began buying the asset. As a result, BTC skyrocketed and formed a confident bullish candlestick. Although the asset is rising, the crypto community continues expecting the global crypto winter.

Analysts at Bank of America have found out that the current state of affairs in the world and the crypto market situation do not provide any reasons to say that the market has become bearish. The market growth is likely to be capped by the Fed's policy and other macroeconomic factors in the near future.

Experts are sure that the present situation does resemble a long-term investment stagnation. The indicator of blockchain project development is still rising. In addition, more and more countries are accepting cryptocurrencies despite the tense global situation.

One of the strategists at Bank of America pinpointed that regulators' policy, including the Fed's one, has a more significant influence on BTC than macroeconomic factors. In fact, the cryptocurrency managed to keep its position at $32K amid the beginning of the special military operation in Ukraine. This proves that BTC is immune to geopolitical events.

So, what may investors see in the near future? On March 1, bitcoin was trading near $43.4K. The asset has made a strong bullish impulse, but it is still trading within the wide range of $33.2K-$45.7K. The range was formed after the price upwardly broke the Triangle pattern. Judging by the geopolitical situation, which has already influenced the investment flow and the Fed's policy, bitcoin is likely to trade within a wide range.

Bitcoin has been hovering within the wide range of $30K-$60K for more than three months. The range could be divided into two sections. On March 1, the cryptocurrency was trading within the range number 1: $32K-$45K. The second range is between $46K-$47K and $60K.

Judging by the geopolitical, economic, and monetary processes in the world and the US, there is no doubt that bitcoin will fluctuate within the mentioned range in the next three months. The Fed's policy is likely to cap bitcoin's growth. The local low is at $32.3K. Thus, until bitcoin breaks the level of $60K, the bullish sentiment will hardly prevail. If BTC downwardly breaks $32K, the market will become bearish. Under the current conditions, traders may apply scalping.