In the morning hours, Bitcoin (BTC) headed for the “promised land” above $30,000. The largest cryptocurrency reached its 10-month high and managed to climb over $30,000 at around 05:00 am Turkey time. So what’s next? Here are the expectations of 6 analysts, including Peter Brandt, who knows every step of Bitcoin, for the price of Bitcoin.
Bitcoin is over $30,000!
Bitcoin, the largest cryptocurrency by market cap and making a run towards this threshold just three weeks ago, has surpassed $30,000 amid a surge in investor optimism. Although the reason for the rise cannot be determined exactly, the price of BTC has increased around $ 30,037 at the time of writing and up to $ 30,399 on a daily basis. Cryptocurrency has been hovering near $28,000 since mid-March, when fears about the traditional banking system began to subside.
“There is no clear catalyst for this rise,” said Edward Moya, senior market analyst at foreign exchange market maker Oanda. However, he said the increase could be due in part to “buys from crypto traders who expressed disappointment on social media over a one-sided New York Times article on Bitcoin’s energy consumption.” Moya also noted that the rise came with the release of news that “signs that federal debt issuance has decreased and the banking crisis has eased.”
Ethereum (ETH) also bounced off the $1,900 level before pulling back. It increased by about 1.7 percent compared to 24 hours ago. Other major cryptos were also largely green. Layer-2 Blockchain Arbitrum’s token ARB recently rose more than 2.8 percent, while XRP rose nearly 1 percent. Stock indices closed roughly flat, with the S&P 500 and Dow Jones gaining a few points and the tech-heavy Nasdaq Composite losing 0.03 percent. Crypto-related stocks had a good day, with crypto exchange Coinbase (COIN) and MicroStrategy (MSTR) both rising more than 7.5 percent.
CPI and other important data are expected
This week, markets will look for the March Consumer Price Index (CPI) report to look for signs that inflation continues its recent decline. In February, inflation in the USA decreased from 0.5 percent to 0.4 percent from 0.5 percent and from 6.4 percent to 6 percent on an annual basis compared to the previous month. cryptocoin.com As we have also reported, Bitcoin exceeded $26,000 on March 14 after this report. While the impact of this data on Bitcoin is unclear, a continued slowdown could encourage central banks to curb the staggering rate hikes they’ve continued throughout the year.
Crypto seems to have gained momentum following the recent US bank failures, which has raised concerns about the traditional financial system, as investors turn to assets that hold their value in good times and bad. Investors will also assess the first quarter earnings wave, with banking giants JPMorgan Chase, Wells Fargo and Citigroup reporting their results. Analysts expect a largely stagnant quarter, particularly in the struggling financial services sector.
What are the levels to be considered in the future?
Richard Mico, the US CEO and chief legal officer of Banxa, which provides payment and compliance infrastructure to the crypto industry, used the following statements:
BTC is also seen as a reliable store of value, free from the hassle of storing your money through a third-party intermediary or a bank. This is further supported by the reduced correlation with equity markets since 2021 – BTC is now correctly perceived as a risk-free asset.
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, was cautiously optimistic about the sustainability of Bitcoin’s rise. DiPasquale used the following statements:
Bitcoin is likely to find resistance at $30,000. From a technical analysis perspective, the current move marks a retest of the high range established in March after the initial rise from below $20,000. A successful test will keep the price at $30,000; If it fails, BTC will drop to $25,000 and then $23,000. The current price is also testing the lows of July 2021, when the market returns to another major rally.
The famous Bitcoin analyst also shared his expectations: Additional earnings are coming
Leading trader Peter Brandt predicted on Twitter that the cryptocurrency will soon experience a breakout. This development comes just after Bitcoin hit its highest price level since June 2022. Trader Scott Redler also stated in his tweet that Bitcoin looks ready for additional gains.
Analyst Holger Zschaepitz highlighted the billion-dollar dilemma faced by investors after the sharp price action: “Choose gold or Bitcoin?” Because the price of the precious metal fell below $ 2,000, Bitcoin reached its highest level of the year. Finally, technical analyst John Bollinger suggested on Twitter that Bitcoin is approaching a squeeze, which indicates that a significant price action is imminent.
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