For the first time since June, Bitcoin has moved above $30,000, ahead of key inflation data coming out later this week which it is believed will give cause for optimism about future monetary policy moves by the Federal Reserve.

Bitcoin peaked on Monday at $30,438, hitting that mark for the first time since June of last year. It later retreated, falling to $30,051 by about 09:20 GMT on Tuesday, according to data from Coindesk.

Since January 1st, Bitcoin has gained over 80%, having begun the year at $16,600. The cryptocurrency was hammered by a turbulent 2022, which saw almost $1.4 trillion erased from the crypto-market as asset values plunged and various entities declared bankruptcy throughout the sector.

Analysts expect Bitcoin will begin to gain further, now that it has passed the psychological threshold of $30,000, especially if the Federal Reserve begins easing monetary policy, as some experts predict.

Managing partner at the Bitcoin Opportunity Fund, James Lavish, said in an interview with CNBC that some traders think the upcoming inflation data “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like Bitcoin.”

Some experts are predicting that following the tumult produced in the markets by the recent banking crisis, bitcoin could also be viewed as a “safe haven:” to park wealth in to ride out any storms.

Bob Ras, co-founder of Sologenic, a blockchain-powered system for tokenizing assets, told CoinDesk, “While the 2020-2021 period was perceived as Bitcoin’s breakthrough moment, the present time truly marks its ascendance onto the global stage as a formidable asset.” 

He added, “Amidst heightened geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies, Bitcoin has emerged as the reliable refuge that many had anticipated.”