Bitcoin, the world’s largest cryptocurrency, has seen an increase in price, rising by more than 4% in the last few hours. However, Bitcoin’s price gains appear to be fading, and it has lost some of its recent gains. This could be because some analysts, such as Gareth Soloway of InTheMoneyStocks.com, predict that Bitcoin will fall below $13,000, which has harmed investor sentiment and contributed to the recent modest losses.
At the same time, Bitcoin’s future appears bright, with experts predicting a price increase. Former Coinbase executive Balaji Srinivasan has bet $2 million that Bitcoin will reach $1 million in value within 90 days. Meanwhile, Marshall Beard, Chief Strategy Officer of US cryptocurrency exchange Gemini, believes Bitcoin will hit $100,000 this year.
As a result, this optimistic outlook is regarded as one of the critical factors that may aid BTC in limiting its minor losses. As fears of a financial crisis have abated, the global cryptocurrency market has gained momentum and experienced a surge in value, leading to increases in both the crypto market and other market stocks. Furthermore, on Friday, the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, will be released.
Jobless claims increased more than expected, and fourth-quarter GDP growth was slightly lower, indicating a cooling labor market and supporting the case for a softer Fed policy. As a result of the softer Fed policy, the dollar may weaken, which may benefit BTC. Furthermore, a cooling labor market and lower GDP growth may lead investors to seek alternative investments such as cryptocurrencies, potentially increasing demand and driving up BTC prices.
Furthermore, the banking instability that began earlier this month fueled fears of a broader financial crisis, causing the Fed’s monetary policy expectations to shift significantly. As a result, the impact of this news on Bitcoin is uncertain, as it will depend on a variety of factors, including investor sentiment, market trends, and macroeconomic conditions.
Bitcoin (BTC) has performed exceptionally well this year, increasing by 70% and trading at more than $28,400. Other experts, however, predict that the value of BTC will fall, with Gareth Soloway of InTheMoneyStocks.com predicting a drop to less than $13,000. This bearish forecast may limit future Bitcoin price increases.
Some experts, on the other hand, are bullish on BTC’s future value, with Balaji Srinivasan predicting 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 $21.4 billion 24-hour trading volume. Bitcoin has dropped nearly 0.20% in the last 24 hours. Bitcoin is the market leader, with a live market cap of $546.3 billion. The BTC/USD pair is currently exhibiting a volatile trend, with potential resistance expected around the $28,900 mark, according to technical analysis.
So far, the technical outlook has remained relatively stable as Bitcoin’s price has fluctuated around $27,900. If the BTC/USD pair successfully breaks through the resistance level at $28,950, Bitcoin’s value could rise, potentially reaching $29,200 or even $30,700. If a downward trend develops, Bitcoin’s price is expected to find strong support near $26,600 and $25,200.