Is Bitcoin's current surge a sustainable rally or just a high-stakes game of chicken? After a few months of turbulence, Bitcoin is back up around $90,800 as of press time on April 22, with a market capitalization around $1.8 trillion. But lurking beneath the surface are complex factors that could determine Bitcoin's fate.

Real Vision analyst Jamie Coutts suggests that Bitcoin is locked in a 'chicken game' with central banks. Coutts believes that liquidity and debt pressures could fuel the next crypto market surge. But what does this mean in practice? Essentially, it boils down to a test of wills.

The central idea is that Bitcoin is filling a major price gap. Although I predicted Bitcoin would stay above $70,000, any drop into the mid-$60,000 range would indicate a fundamental market issue. This volatility plays directly into the game of chicken narrative. Investors are constantly trying to anticipate the next move of both other investors and the global financial system.

This then makes bitcoin nothing more than a giant game of “chicken” (or “Buckaroo!” for those that did not get out as much as children). The winners of the game will be those who hold their nerve and correctly predict when to stay in or bail out. The risks are substantial, and the potential rewards even greater.

Whether Bitcoin continues to retreat or resumes its long-term ascent will likely depend on how global policymakers respond to mounting bond market pressures. These pressures could force central banks to ease monetary policy, potentially boosting Bitcoin's appeal as an alternative asset. Or, conversely, tighter policy could trigger a significant correction.

Ultimately, navigating Bitcoin's current rise requires a deep understanding of macroeconomic forces and a strong stomach for risk. The game of chicken is underway, and the stakes are incredibly high.