On January 29, Bitcoin The price has increased by more than 2.5%, with the leading cryptocurrency reaching a price above $23,500. The rise in bitcoin price has been fueled by institutional buying and the expectation of further adoption.
The technical outlook is suggesting bullish predictions for the future of BTC, but it is unclear how much higher the asset will go. In this article, we explore how far BTC could climb in the near future and what factors will influence its path.
Institutional Investors Reveal Their Bitcoin Predictions: 65% Expect BTC To Reach $100K By 2023
According to a recent survey, institutional investors are bullish about the future of bitcoin and strongly believe it can even reach $100,000. This strong sentiment is reflected in their expectations for the coming year as well.
The opinion of significant institutional investors on the future price of bitcoin was revealed in a survey on Thursday by Nickel Digital Asset Management. The United Kingdom’s Financial Conduct Authority (FCA) and the United States’ Commodity Futures Trading Commission both authorize and regulate London-based investment management (CFTC).
Most recently, Nickel hired PureProfile, a market research firm, to conduct a global survey among institutional investors and wealth managers in the United States, the United Kingdom, Germany, Singapore, Switzerland, the United Arab Emirates and Brazil. This was determined using the study’s over $2.85 trillion in AUM.
Nickel presented the survey’s findings in detail.
Professional investors are predicting a strong year for bitcoin and are bullish about its long-term valuation. Nearly nine out of 10 professional investors predict an increase in the price of bitcoin this year. Two out of three agree that a $100,000 valuation is possible but only for long-term investors.
The asset manager’s study revealed a strong belief in the price action of bitcoin for the near future; In fact, 23% of participants believed it would surpass $30,000 by 2023.
Furthermore, according to one survey, two-thirds of institutional investors believe that bitcoin could potentially reach $100,000 in the long term. Of them, about 60% think the price level will be achieved in 3-5 years while 25% say it will require more than five years.
According to one survey, 39% of respondents think the value of bitcoin will reach its record-breaking peak price of $69,000 in 3 years’ time, while 76% said it will happen within 5 years. According to a recent survey by an asset management firm, only 3% of people doubt that bitcoin can reach its all-time high again.
Fed interest rate hike
Investors will tune in to Jerome Powell’s press conference after the policy meeting to get more details on when the Federal Reserve may cap their hikes.
Industry experts forecast a 0.25% increase in the federal funds rate when the Federal Reserve meets on Wednesday, bringing it to a range of 4.5% to 4.75%. This would mark the second consecutive increase in the rate, albeit at a slower pace than the first.
In addition, the official Labor Department report to be released on Friday will show that 185,000 jobs were added in January — a decline compared to the 223,000 added in December.
The unemployment rate is expected to go up slightly and remain at 3.6%. There are predictions that hourly wages will be lower than last month.
bitcoin price
current price Bitcoin $23,526 and has seen a positive gain of 2.50% in the last 24 hours. Its market volume is estimated to be $22 billion, while its market cap is an impressive $453 billion and it holds the No. 1 position in CoinMarketCap’s ranking.
On the 4-hour time frame, BTC/USD price broke the triple top $23,400 level and it now has a potential for an increase towards $24,066. If the price breaks above $24,066, it is likely to increase towards $25,150.
The breakout of a symmetrical triangle pattern usually turns bullish on bitcoin. Therefore, we can expect the BTC price to continue rising.
On the downside, an immediate support for bitcoin resides at $23,350, and a breakout of this level could extend a selling trend towards $22.800 or $22,350.
bitcoin options
Cryptonews just listed the 15 most promising cryptocurrencies for 2023. If you are looking to invest, there are alternative ventures out there that can provide a decent return if you do your homework.
Cryptocurrency investors and traders are always monitoring altcoins and ICOs in the digital asset space to stay up to date on all the emerging trends and opportunities.
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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