bitcoin, world largest cryptocurrency, is experiencing an increase of more than 4% in its price in the last few hours. However, the gains in bitcoin price seem to be waning, and it has given up much of its recent gains.
This may be because some experts like Gareth Soloway InTheMoneyStocks.comPredictions that bitcoin will drop below $13,000 have had a negative effect on investor sentiment and have contributed to the latest minor losses.
At the same time, the future of bitcoin still looks bright, with experts predicting further increases in the price. Former Coinbase Executive Balaji Srinivasan Bets $2 Million bitcoin price will reach 1 million dollars within 90 days.
Meanwhile, Marshall Beard, chief strategy officer at US-based cryptocurrency exchange Gemini, predicts that bitcoin will reach $100,000 this year.
As a result, this positive outlook is seen as one of the key factors that could help BTC limit its minor losses.
Jobless Claims and GDP Growth Data Impact on the Cryptocurrency Market
The global cryptocurrency market has gained momentum and experienced an increase in value as fears about the financial crisis subsided, leading to a rise in the crypto market and other market shares.
In addition, investors are awaiting Friday’s release of the personal consumption expenditure (PCE) price index, the Federal Reserve’s favorite inflation gauge.
Jobless claims rose more than expected, and fourth-quarter GDP growth was slightly lower, according to data released Thursday, both indicating a cooling labor market and supporting the case for a softer Fed policy. Were. As a result, soft Fed policy could weaken the dollar, which could benefit BTC.
Additionally, a cooling labor market and low GDP growth may cause investors to seek alternative investments such as cryptocurrencies, which could increase demand and potentially propel BTC prices.
In addition, the banking instability that began earlier this month raised fears of a wider financial crisis and resulted in a significant shift in the Fed’s monetary policy expectations.
As a result, the impact of this news on bitcoin is uncertain, as it may vary depending on various factors such as investor sentiment, market trends and macroeconomic conditions.
Bitcoin Future Outlook: Mixed Predictions for Bitcoin
Bitcoin (BTC) has performed exceptionally well this year, surging by 70% and currently trading at over $28,400. However, other experts predict that the value of BTC will drop, with Gareth Soloway of InTheMoneyStocks.com expecting a drop below $13,000. This bearish forecast could limit further price gains for bitcoin in the future.
On the other hand, some experts have made optimistic predictions for the future value of BTC, with Balaji Srinivasan betting it will hit $1 million within 90 days and Marshall Beard estimating it will reach $100,000 this year.
bitcoin price
the current bitcoin price $28,258, with a 24-hour trading volume of $21.4 billion. Bitcoin is down about 0.20% in the last 24 hours. Bitcoin ranks first in the market with a live market cap of $546.3 billion.
Based on the technical analysis, the BTC/USD pair is currently displaying a volatile downtrend with a potential resistance around the $28,900 mark.
So far, the technical outlook remains fairly bullish as bitcoin continues to fluctuate around the $27,900 price level.
If the BTC/USD pair successfully breaks the $28,950 resistance, it could result in an increase in the value of bitcoin, potentially reaching $29,200 or $30,700.
Conversely, if there is a downside move, bitcoin price is expected to find strong support near the $26,600 and $25,200 levels.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to regularly consult our expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023.
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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