value of Bitcoin (BTC) has been rising recently, rallying 3% from the recent bottom. As a result, many investors are wondering how high BTC can go in the current market.
In this article, we will explore the latest bitcoin price prediction and analyze the factors that could potentially affect its value in the near future.
However, the upward rally in BTC has been fueled by various factors, such as ongoing developments in the cryptocurrency sector and bitcoin’s reputation as a safe-haven asset.
It is worth noting that the recent bank failures have caused people to lose faith in traditional banks, which is believed to be a key factor in driving up the price of bitcoin. This is because investors view bitcoin as a safe-haven asset.
Bitcoin reached a new high of $28.8K earlier this week, but it seems to have reversed course and is trading between $26,000 and $27,000 this week. Despite this, many experts estimate that bitcoin has a high probability of reaching $30k very soon.
The worldwide cryptocurrency market is growing and is currently valued at $1.16 trillion, with an increase of 0.90 percent in the last 24 hours. Bitcoin (BTC) reached the $27,000 level on Sunday. As a result, the recent boom in the global cryptocurrency market is affecting the prices of all cryptocurrencies including bitcoin.
Former Coinbase CTO Bets $1 Million on Bitcoin
Former Coinbase CTO Balaji Srinivasan has commented positively about BTC and made a $1 million bet that Bitcoin will reach $1 million by June. The prediction has attracted particular attention and discussion in the cryptocurrency world, with some experts questioning its plausibility.
Srinivasan’s bet is significant as he is a prominent figure in the crypto sphere, and his forecast piqued the curiosity of Cathy Wood of Arc Invest, potentially increasing investor interest and demand.
Dwpbank’s wpNex Platform Allows German Retail Customers to Access Bitcoin Without Additional KYC
Deutsche WertpapierService Bank (Dwpbank) is introducing wpNex, a platform that will allow retail customers of its affiliated banks in Germany to access bitcoin without the need for additional verification processes.
Although they will not have private keys, customers can hold cryptocurrency accounts alongside their bank accounts. Dwpbank intends to include more cryptocurrencies, digital assets and tokenized securities in the future. MLP Banking, the first Dwpbank affiliate to join WpNex, has already completed one transaction.
Therefore, the launch of the platform is seen as another important factor that could drive up BTC price as it could expand the popularity and usage of bitcoin in Germany, which could lead to an increase in demand and price.
On the other hand, crypto mining company BitDeer has increased the capacity of its mining site in Texas from 386 MW to 562 MW, while Riot Blockchain claims to have 700 MW in the same city. Texas has become a popular destination for miners due to its low energy prices and lack of regulation.
The increased mining capacity in Texas could potentially lead to an increase in the mining power and supply of bitcoin, which could affect its price in the long run.
bitcoin price
Currently, the current trading price of bitcoin is $27,888, with a 24-hour trading volume of $13.7 billion. In the last 24 hours, the value of bitcoin has seen an increase of 1.50%. Currently, it is at the top position in the ranking of CoinMarketCap, with a vibrant market capitalization of $539 billion.
Based on the technical analysis, the BTC/USD pair is currently exhibiting a bearish trend, although there is a possibility that it may face resistance at the $28,900 level. So far, there has been no significant change in the technical outlook, with bitcoin continuing to trade near the $27,900 mark.
In the event that the BTC/USD pair manages to overcome the $28,950 resistance, it could result in an increase in the value of bitcoin, which is likely to reach $29,200 or even $30,700.
Conversely, if a bearish trendline takes hold, bitcoin price is expected to find solid support near $26,600 and $25,200.
Top 15 Cryptocurrencies to Watch in 2023
To stay up-to-date with the latest ICO projects and altcoins, it is recommended to regularly check out our curated list of Top 15 Cryptocurrencies to Watch in 2023.
This list, compiled by experts from Industry Talk and Cryptonews, provides valuable insight into emerging cryptocurrencies and trends in the crypto market.
By following this list, investors and enthusiasts can stay ahead of the curve and make informed decisions.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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