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Bitcoin (BTC) has experienced remarkable growth this year, with its value increasing by 70% and currently trading above $28,400.
Experts’ BTC prediction shows mixed reactions
Some professionals have raised concerns about potential price declines, with InTheMoneyStocks.com’s Gareth Soloway predicting a drop to below $13,000. Such bearish forecasts could potentially prevent further price increases for Bitcoin.
Although there are skeptics As for the future of Bitcoin, there are also optimistic predictions from experts such as Balaji Srinivasan, who is betting that its value will reach $1 million in 90 days, and Marshall Beard, who predicts that it will reach $100,000 by the end of this year.
Rising demand for Bitcoin, coupled with rising investor interest, has fueled this speculation, with market analysts forecasting even more gains for the digital currency.
Bitcoin market price
Bitcoin (BTC) is priced at $28,242.76 at press time, having experienced a slight increase of 0.36% in the last 24 hours and an increase of 0.03% in the last 7 days. Its 24-hour trading volume is $11,751,680,161, indicating a recent increase in market activity. With 19 million BTC in circulation, the cryptocurrency’s market capitalization is valued at $546,286,053,341.
Bitcoin’s all-time high of $69,044.77 was recorded over a year ago on November 10, 2021, representing a 59.09% decline from the current price. On the other hand, the all-time low of $67.81 dates back to July 6, 2013, almost 10 years ago, and the current price reflects a staggering 41,557.65% increase.
Bitcoin faces obstacles
Despite Bitcoin’s impressive 70% price increase in the first quarter of 2023, some skeptics doubt its ability to hold its current value of around $30,000, let alone go higher. Bitcoin’s recent all-time high coincides with the Federal Reserve’s quantitative tightening (QT) program, which began in late 2021. As banks withdraw liquidity from the economy to fight inflation, risky assets like cryptocurrencies Have decreased.
Despite ranking as the best performing asset class in Q1 2023, Bitcoin still faces hurdles in making further price gains. For example, the ongoing auction of 40,000 Bitcoins seized by US prosecutors and bearish signals on-chain are significant macro factors that could hinder Bitcoin growth.
Bitcoin faces a significant hurdle as it finds resistance at the $28,500 level. Recent data indicates that 1.37 million addresses have sold their holdings, resulting in gains of 821,000 coins. If this selloff persists, BTC may pull back and look for support around $26,800.
$BTC it is still consolidating under resistance. It’s eerily similar to the breakout of 2019. If we do it again, it could look something like this. pic.twitter.com/nd3SMXuRxX
— Gem Hunter Jules (@CryptoJules1) April 5, 2023
On the other hand, if the price breaks above $28,700, it could instill more confidence in the bulls as it would mark the top price at which the resistance army of 1.37 million had bought 821,000 Bitcoins. If this occurs, BTC may see a relatively smooth rise to $30,300.
Bitcoin Technical Analysis: Parabolic Curve Suggests $35000 Resistance
Bitcoin (BTC) continues to trade below a critical resistance level, signaling a period of consolidation. This price action is reminiscent of the 2019 breakout, in which BTC underwent a similar consolidation phase before reaching new highs.
However, the price of Bitcoin could experience a drop soon. Long consolidation that has taken a whole month always indicates a reversal in the market price trend. If this were to happen, traders should place their buy positions at $25,000. The price could also trade below the 50-day and 200-day moving averages. At the time of writing, the 50-day moving average is a support level for BTC.
On the other hand, the parabolic trader curve suggests that the price could be rising towards $35,000.
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