Bitcoin's Rally Fails to Convince Investors of Sustainable Turnaround

Bitcoin's recent surge to its biggest weekly gain in over three years has left investors wondering if it signals a genuine turnaround for the market. However, experts say it will take more than just one event to convince them that the cryptocurrency is on a sustainable upswing.

The 23% jump was largely driven by US Treasury Secretary Scott Bessent's plan to boost bond buybacks, which deepened fears about America's heavy borrowing and the White House's policy making. This created an occasional flight to alternative assets, as investors sought safer havens for their wealth.

However, Bloomberg Terminal Bitcoin has already started to plateau after topping $80,000 on Tuesday. Investors are right to be cautious, given the experience of October's brutal sell-off, which saw Bitcoin plummet from over $126,000 to a significantly lower price.