Bitcoin Price Prediction as BTC Rally Intensifies with $20 Billion Trading Volume – Can BTC Reach $30,000 This Week?
The price of Bitcoin, the biggest cryptocurrency in the world, has increased recently, rising over 4% in the past few hours. The price of Bitcoin has lost some of its recent gains, and the gains appear to be waning.
This could be as a result of some experts’ predictions that Bitcoin will decline to below $13,000, such as Gareth Soloway from InTheMoneyStocks.com, which have had a negative effect on market sentiment and led to the most recent little losses.
At the same time, analysts predict a price increase, thus Bitcoin’s future still looks promising. Former Coinbase executive Balaji Srinivasan has staked $2 million on Bitcoin reaching $1 million in value within 90 days.
The Chief Strategy Officer of US cryptocurrency exchange Gemini, Marshall Beard, believes that Bitcoin will hit $100,000 this year.
This optimistic perspective is therefore regarded as one of the key elements that may aid BTC in containing its slight losses.
Impact of Jobless Claims and GDP Growth Data on the Cryptocurrency Market
As worries of a financial crisis have subsided, the value of the world’s cryptocurrencies has surged, driving up prices for both the crypto market and other market stocks.
Investors are also anticipating Friday’s release of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s favoured inflation indicator.
According to data released on Thursday, jobless claims rose more than expected, and fourth-quarter GDP growth was slightly lower, both indicating a cooling labor market and supporting the case for a softer Fed policy. As a result, the softer Fed policy could lead to a weaker dollar, which may benefit BTC.
Additionally, the cooling labor market and lower GDP growth may lead investors to seek alternative investments such as cryptocurrencies, which could lead to an increase in demand and potentially drive up BTC prices.
In addition to that, the banking instability that began earlier this month raised fears of a broader financial crisis and resulted in a significant shift in the Fed’s monetary policy expectations.
As a consequence, the impact of this news on Bitcoin is uncertain, as it may vary depending on various factors such as investor sentiment, market trends, and macroeconomic conditions.
Bitcoin’s Future Outlook: Mixed Predictions for Bitcoin
Bitcoin (BTC) has performed exceptionally well this year, growing by 70% and currently trading at over $28,400. However, other experts predict that the value of BTC will drop, with Gareth Soloway of InTheMoneyStocks.com anticipating a dip to less than $13,000. This bearish forecast may limit future price increases in Bitcoin.
On the other hand, some experts have optimistic predictions for BTC’s future value, with Balaji Srinivasan betting that it will be worth $1 million within 90 days and Marshall Beard predicting that it will reach $100,000 this year.
The current Bitcoin price is $28,258, with a 24-hour trading volume of $21.4 billion. Bitcoin has lost nearly 0.20% in the previous 24 hours. Bitcoin is ranked first in the market, with a live market cap of $546.3 billion.
Based on technical analysis, the BTC/USD pair is currently exhibiting a volatile trend, with potential resistance expected around the $28,900 mark.
Thus far, the technical outlook remains fairly stable as Bitcoin continues to fluctuate around the $27,900 price level.
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