Bitcoin is back in a big way. After a pretty miserable start to the year, the world’s most well-known digital asset has staged a sharp rebound.

In the past month alone, its surged more than 35 per cent to reclaim the key psychological level of $US100,000 ($155,000), smashing most investors’ expectations – especially amid massive economic uncertainty and downgraded economic outlooks.

So, what’s driving the resurgence, and where might it head next?

Trump’s support of bitcoin and crypto in general has sent prices soaring in the last month.Credit: Bloomberg

At first glance, the rebound aligns with a broader risk-on shift in financial markets. President Trump’s more conciliatory tone on trade, marked by the announcement of a new framework with the UK and the reopening of talks with China, has certainly helped boost investor confidence.

For something as sentiment driven as bitcoin, that kind of backdrop is usually enough to spark a rally. But chalking the entire move up to trade headlines misses the mark.

Bitcoin isn’t a consumer good caught in the middle of tariff talks, nor is it a cross-border commodity like copper or oil. The tariff narrative was never really a powerful story the crypto sphere.

We believe Bitcoin could reach somewhere between $US150,000 to $US200,000 by the year’s end – assuming all key catalysts align.

If anything, bitcoin’s........

© Brisbane Times