Bitcoin has shown a dramatic rebound from its previous year's loss and has rallied more than 70% since the start of 2023. With such massive and unexpected gains, the king of cryptos has outpaced other major assets and is all set to lead the next bull run. The crypto has also ensured tremendous returns to those who bought the dip.
Bitcoin has maintained its early bullish rally and is currently hovering above the range of $28,000. At this point, investors are curious to know if BTC is capable of pushing up to reach its new all-time high this year. Let’s see.
Bitcoin Price Analysis
Bitcoin continues to trade in a consolidated manner and sits at $27,725.37 as of writing. The price correction initially began once it was able to cross the crucial resistance level of $28,000 last week. The recent tweet from BlackSwan DAO shows the crypto’s current trading levels.
However, the asset experienced a significant drop earlier this week, followed by the regulatory action against Binance. But the plunge had a short duration and surpassed $28k on the same day.
Bitcoin Price Chart – Source: Tradingview
BTC Future Price Prediction By Experts
Crypto enthusiasts, experts, investors, and traders are equally optimistic about Bitcoin’s rally in 2023 and beyond. This rising positive sentiment is another factor that is pushing the price of BTC to new highs. Here are some of the expert predictions that are worth mentioning.
A tweet says about the recent bet of Balaji Srinivasan, a former technical director at Coinbase. The ardent believer of BTC betted a whopping $2 million on the probability that the crypto would reach $1 million within 90 days.
Investor Balaji Srinivasan believes that if the economy continues to falter, BTC may reach the $1 million level within 3 months due to US dollar hyperinflation.— whalechart (@WhaleChart) March 21, 2023
Marshall Beard, the Chief Strategy Officer of US cryptocurrency exchange Gemini, entered the conversation of BTC’s current rally and has a relatively bullish prediction for the crypto. He predicted that the crypto would hit $100,000 this year, breaking its 2021 all-time high of $68,789.63. He further quotes the same, saying, “the $100,000 price figure is an “interesting number if Bitcoin gets to its previous record high of near $69,000”.
Raj Karkara, the chief operating officer at ZebPay, is also highly bullish on Bitcoin’s upcoming bull run. He said that “the fundamentals of Bitcoin remain rock solid irrespective of the market conditions.”
The rising social sentiment and investors' attention would push BTC's price above $28 K.
Key Catalysts That Are Pushing Up Investor's confidence And BTC Price
Several key factors could positively drive BTC’s price in 2023 and beyond. Let’s analyze some of them:
Increase In US Consumer Confidence
One of the main factors that could positively impact the price of BTC in multiple ways is the rising consumer confidence in the United States. Consumer confidence may result in higher investment in stocks and other assets, including Bitcoin. As more and more investors seek to buy BTC, the increasing demand will keep pushing the price above $28K soon.
BTC Back Above $28,000, Following US Consumer Confidence Report – Market Updates Bitcoin News - https://t.co/afceagKdlP#Crypto #CryptoNews #CryptoTrends #NFT #NFTNews #NFTRelease #NFTDrop #AltCoin #AirDrop #NFTProject #NFTArtist #NFTCommunity #CNFT #CNFTCommunnity pic.twitter.com/nJb9PBAltf— DropTown Saloon - Welcome! 👋 (@DropTownSaloon) March 29, 2023
This unexpected sentiment pumped up in March, implying that despite recent collapses and issues within the banking sector and increasing prices, people are less concerned about the future.
From an analytical perspective, consumer confidence in the US gradually started climbing up in March, hitting 104.2, which was higher than the previous month’s score of 103.4 and higher than 101.0, the projected score. The rise was driven by higher expectations. Although the index is below the average level of 104.5 in 2022, the current growth is worth mentioning, given the recent macroeconomic factors.
One point that should be highlighted is that individuals tend to increase their expenditures when they hold a positive outlook on the economy. As a result, this could result in an increase in asset values, including Bitcoin.
Ethereum And Litecoin Are Commodities Like Bitcoin, Declares CFTC
Another major catalyst of the recent hike in BTC price was the fact that the Commodities Futures Trading Commission (CFTC) had classified Ethereum (ETH) and Litecoin (LTC) as commodities like Bitcoin. This implies that they are regarded as trade assets, like gold or oil.
This gives Bitcoin a higher level of legitimacy and would grab the attention of more investors, making a significant impact on crypto’s mainstream adoption.
The announcement has significantly pushed BTC’s value. CFTC landed on the statement as part of an investigation into Binance, the popular cryptocurrency exchange. Since it confirms the asset’s commodity status, this would significantly boost ETH and BTC's value and acceptance in the traditional financial markets.
Upcoming Bitcoin Halving
Halving events have always been bullish for digital currencies. The Bitcoin halving event happens every four years, and the next is scheduled for 2024. The event would cut miners' rewards in half. It is considered bullish for BTC as halving reduces the supply and brings added momentum to its price rally.
Increasing Adoption Rate
Increasing institutional adoption is yet another factor that would keep pushing up BTC above $28K. Large investors or Bitcoin Whales have started accumulating the crypto once again, at a rapid pace now. Data from the on-chain aggregator Santiment shows that Whales are holding almost 1,000-10,000 BTC in their wallets.
There are multiple views and predictions on Bitcoin, and most of them are highly bullish about the crypto’s positive outlook. Can these factors keep pushing its price above $28K? Considering all the factors, BTC is all set up for a bull run, and the industry is set to witness the new peak of the world’s largest crypto.
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