Is Bitcoin’s Price Gunning To Hit $35,000 Next
Experts believe Bitcoin’s price will surge in the coming days as BTC weathers the US banking crisis and rampant cryptocurrency crackdown.
Bitcoin’s price is on its way to record quarterly surges since early 2021 when it hit a record high. The general market consensus is that BTC has acted as a hedge against the recent problems facing the US and European financial sectors.
Key Takeaways
- Bitcoin’s price may potentially reach $35,000, according to analysts.
- The rise in price is partly due to institutional adoption and limited supply.
- There may also be some pullback or consolidation before a potential uptrend.
Factors That Influence The Price Of Bitcoin
After the cryptocurrency market lost $1.5 trillion in value in 2022, the resurgence of Bitcoin is expected to make the cryptocurrency market worth around $390 billion in 2023. The recovery has come despite several high-profile crypto failures, government crackdowns in the US, and the temporary unpinning of major stablecoins that were always supposed to hold a $1 value.
Aside from gaining momentum from failed banks worldwide, prices of major cryptocurrencies benefited from the proposed Bitcoin bill. This is touted as an advantage for US crypto miners.
Will Bitcoin Price Reach $35,000?
Bitcoin’s price dipped briefly on the news that Coinbase was notified by the SEC but soon rose by up to 5.2%, trading around $28,812 as of Thursday morning.
According to a well-known cryptocurrency analyst named Michael van de Poppe, the price of Bitcoin was expected to fall. But now that it has broken the psychological $28,000 level, Bitcoin is headed for all-time highs, which he previously predicted for the crypto king at $35,000.
As per The CryptoMichNL’s Tweeted;
A Bitcoin bill proposing Bitcoin mining in the US should be positive for the market and boost a bullish rally. A further drop was expected, but the price was high as it broke through $27,700. You have to see how you stand there.
Note that the BTC Technical Analysis (TA) Indicator for CoinGape’s Price Tracker recommends a ‘buy’ position, as summarized by the moving average.
“Buy” at level 15, “Sell” at level 1. And as of today, the price of Bitcoin (BTC) is hovering at $28,538. In contrast, it has fallen 0.46% over the past 24 hours, its record gain of 15%. Seven days.
This influx of institutional money has helped to legitimize Bitcoin as an investment instrument, which has, in turn, attracted even more investors to the market. If this trend continues, we’ll likely see even more institutional adoption of Bitcoin, potentially driving the price even higher.
As more people become aware of Bitcoin’s limited supply and potential as a store of value, it’s possible that demand could continue to increase, driving the price even higher.
The increasing number of retail investors buying Bitcoin has created a network effect, where more people are attracted to the market because of its popularity. This could lead to a self-fulfilling prophecy, where increased demand for Bitcoin leads to even higher prices.
Investors must remain vigilant and aware of potential risks associated with investing in cryptocurrency. As with any investment, it’s essential to research, consider your risk tolerance, and make informed decisions about whether Bitcoin is a good fit for your portfolio.