Bitcoin Price Prediction as BTC Price Hits Highest Level Since June 2022, Eyes $30K
On Monday, the price of Bitcoin surged back into the $29,000s, reaching its highest level since June 2022, according to some exchanges, in the $29,300s (some exchanges had the BTC price remaining just below its February 24 high).
Given that most of the major traditional asset markets in Europe and the Americas are closed for the Easter weekend, volumes are still lower than usual for a Monday, but Bitcoin is still on track to record its biggest one-day increase in almost two weeks.
According to CoinGecko data, at the time of writing, BTC was last trading around $29,200, up more than 3% on the day and with little more than $18 billion having changed hands across key exchanges.
Therefore, Bitcoin has increased by around 75% since the beginning of the year, making it one of the top-performing main assets so far this year.
Analysts could not agree on a single clear catalyst as to what sparked Monday’s rise.
Other people highlighted tweets from Coinbase’s CEO, who implied that the company intended to incorporate the Bitcoin lightning network into its exchange platform.
Others included Bitget’s launch of a new $100 million web3 fund centred on Asia, which may assist to strengthen the Asia adoption story in the upcoming months.
While some cited technical considerations, movements were made worse by low liquidity and shallow markets.
Bitcoin Breaks Out of Key Short-Term Pennant
The Bitcoin price had been stabilising inside the boundaries of a pennant structure that had been in effect since mid-March before to Monday’s move.
A break to the upside of this pennant structure may have served as the impetus for Monday’s price increase.
The next price objective for Bitcoin bulls will be the psychologically significant $30,000 level after a test of the previous annual highs in the $29,300 range.
Price Prediction – Where Next for the BTC Price?
Good technical indicators suggest that Bitcoin is almost probably going to reach $30,000 very soon.
The 21-Day Moving Average has provided constant support for the cryptocurrency in recent days, and all of its other key moving averages are trending upward.
Nevertheless, the 14-Day Relative Strength Index (RSI) has not yet entered overbought zone, and Bitcoin appears to have kept up its momentum since mid-March, when it made a big recovery from the 200DMA (and realised price).
Technical advantages from the “golden cross” (when the 50DMA crossed the 200DMA) appear to be holding up the price.
A break over $30,000 would allow for a short-term test of the late-May 2022 highs around $32,500, representing an additional 10% increase over the present price.
Bitcoin Bulls Beware – Macro Risks Could Spoil the Party
Yet, a number of significant macrorisk variables could ruin the bulls’ fun this week.
The US CPI, PPI, retail sales, and consumer sentiment statistics for this week, as well as the release of the minutes from the most recent FOMC meeting and the statements made by various Fed policymakers, should all be closely watched by traders.
In fact, markets are ignoring Fed policymakers’ statements that rate hikes this year are unlikely and continue to bet that an aggressive rate cutting cycle will start later this year after one final rate hike next month. Markets (including traditional and crypto) appear to be paying closer attention to data at the moment rather than what the Fed is saying.
Bitcoin bulls want to see proof that inflation is continuing to decline swiftly and returning to the Fed’s objective of 2.0%. (which the CPI data is expected to show).
Surprisingly, the price of Bitcoin may potentially rise in response to any information indicating a decline in American consumer demand (if the retail sales and consumer sentiment data comes out weak).
That’s because doing so would increase the likelihood of a recession and a Fed-cutting cycle.
This week, several significant banks report earnings, signalling the unofficial start of the US Q1 2023 earnings season.
All of the aforementioned factors might either provide new tailwinds or cause Monday’s movement to be reversed.
Although the week has off to a good start, Bitcoin bulls shouldn’t read too much into Monday’s price movement or declare triumph just yet.
Love Hate Inu (LHINU) – A Bitcoin Alternative to Consider
If there are no significant negative events this week, the near-term picture for bitcoin is potentially quite positive, with a move above $30,000 seeming increasingly likely.
But, it is more challenging to 10x from present levels because Bitcoin is already so well-known, well-known, and has such a large market capitalization.
So, investors could wish to think about investing in some lesser-known coins that may have a higher chance of generating exponential returns.
Love Hate Inu, a new social media polling platform inspired by dog memes that has been sweeping the internet in recent weeks, is a fantastic new meme coin to take into consideration.
Love Hate Inu is now holding a presale for its LHINU token in order to raise money for the creation of its ground-breaking vote-to-earn platform.
Love Hate Inu has raised a whopping $3.4 million so far, and the presale has already reached stage 4. This indicates how well everything has gone.
Love Hate Inu has been named the hottest presale of 2023 by analysts at Cryptonews.com. Many believe the coin might experience significant gains when it launches its ICO later this year.
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