The Roscongress Foundation released a study on Bitcoin. Key points from the report:

Experts from the Roscongress Foundation have released a study on Bitcoin's price movements. According to the authors, the interest in Bitcoin does not reach the level of hype seen in 2017.

The Roscongress Foundation released a study examining the periods of growth of the first cryptocurrency and the factors that contributed to it. Experts linked Bitcoin's historical peak of $74,000 in March to "speculative trading" amidst the launch of spot Bitcoin ETFs at the beginning of the year and the rise in the capitalization of stablecoins.

However, the March growth of Bitcoin did not generate hype comparable to the end of 2017. According to experts, this is evidenced by the number of cryptocurrency-related search queries, which remained significantly below peak levels. The highest number of cryptocurrency-related search queries occurred at the end of 2017. Each subsequent period of price growth was accompanied by less and less excitement. In March 2024, the interest, judging by the number of queries, was half that of seven years ago.

Many analysts believed that the introduction of spot Bitcoin ETFs would make cryptocurrency investments more accessible to a broader range of market participants. However, experts from the Roscongress Foundation noted that the transaction scheme in the Bitcoin network, based on mining, still serves as an obstacle to the full integration of cryptocurrencies into the traditional financial system.

"Cryptocurrencies as a whole are still poorly suited for full participation in the traditional financial system. The main reason hindering trading is that crypto assets are not suitable for netting or clearing," wrote the experts from the Roscongress Foundation.

Bitcoin's behavior in the markets more closely resembles the dynamics of high-risk assets, such as technology company stocks. According to experts, the first cryptocurrency correlates much more with stock market movements than with gold and represents a classic high-risk speculative asset.

In this regard, their opinion coincides with that of Bloomberg's surveyed experts, who pointed to a strong correlation between Bitcoin's price and the NASDAQ-100 index, which reflects the state of American technology company stocks.

"The weak reaction of Bitcoin prices to the April halving indicates that the influence of technical factors is diminishing. The asset's behavior is increasingly determined by the overall willingness of financial market participants to take on risks," the experts wrote in the report.

The range of Bitcoin price forecasts by the end of the year is extremely wide. Experts believe that the average maximum and minimum values will be $121,764 and $50,138, respectively.