Bitcoin’s price has been fluctuating in response to market volatility, leaving investors and traders wondering when the next leg up will materialize. In this Bitcoin price prediction, we will explore the factors contributing to the current market fluctuations and analyze the potential scenarios that may unfold in the coming days.
The recent uptick in Bitcoin’s price began after the second major bank failure in the United States, causing unease within the entire banking sector. Furthermore, the default of First Republic Bank caused PacWest Bancorp stocks to see a substantial drop due to a disappointing Q1 earnings report. As per CNBC, a Gallup Survey disclosed that nearly 50% of Americans are concerned about the security of their funds in banks. The US banking crisis is starting to affect various regional banks, prompting a shift in market sentiment towards alternative safe-havens like gold and Bitcoin. As a result, BTC/USD is gaining momentum, with prices approaching the crucial $30K mark.
Additionally, the turbulence in the US banking sector that started two months ago has been quite advantageous for Bitcoin, as the cryptocurrency’s market share has experienced a significant surge during this time. As per TradingView, Bitcoin’s dominance rate has risen from 42% to 49% since March, attaining its highest level in 22 months.
Bitcoin is currently displaying a slightly bearish trend, trading at $28,978, mostly unchanged, bouncing off 0.10%. The BTC/USD pair is capitalizing on its earlier daily gains, moving towards the $30K mark. Bitcoin’s technical aspects remain stable, with BTC’s trading largely consistent with our price prediction.
On the four-hour chart, Bitcoin stays above the 50-day exponential moving average, providing crucial support of around $28,700. This level has been a significant resistance for BTC throughout the week. Nonetheless, closing candles above $28,700 increases the chances of a bullish turnaround for BTC. Bitcoin might find immediate support close to the 27,600 level, indicated by a trendline on the four-hour chart. If the price breaches this critical 27,600 level, BTC could be on its way to the next support level at 27,200. Conversely, if BTC manages to break above the $29,600 mark, we may see its price heading north toward $30,400.
The Cryptonews Industry Talk team has put together a list of the top 15 cryptocurrencies for 2023, each showcasing considerable growth potential in both the short and long term. This list is aimed at helping investors and traders to have an informed decision when investing in cryptocurrencies.
Cryptocurrency Price Tracker – Source: Cryptonews
Investors and traders can use the Cryptonews price tracker to find the best price to buy and sell cryptocurrencies. The tracker provides real-time prices of over 6,000 cryptocurrencies across more than 400 exchanges worldwide, making it easier for investors to make informed decisions.
In conclusion, Bitcoin’s price prediction remains highly optimistic, with the cryptocurrency poised to surpass the $30K mark. The US banking crisis has played a significant role in fueling Bitcoin’s rise towards this coveted mark. Additionally, Bitcoin’s technicals remain solid, and the cryptocurrency might find immediate support close to the 27,600 level. Traders and investors can use the Cryptonews price tracker to find the best price to buy and sell cryptocurrencies.