Bitcoin, the leading cryptocurrency in the market, is experiencing a period of consolidation, where its price is range bound and showing limited volatility.
Traders and investors eagerly anticipate a breakout from this consolidation phase, as it could potentially signal a significant price increase.
In this bitcoin price prediction, we will explore the factors and indicators that can help unlock the timing of a consolidation breakout and provide insight into the potential price movement of bitcoin.
Get ready to delve into the exciting world of bitcoin price prediction and uncover the keys to unlocking its next big move.
President Biden Unveils Budget Proposal: Additional $1 Trillion in Spending Cuts
In addition to the previously proposed deficit reduction of nearly $3 trillion, achieved through a combination of spending cuts and increased revenue, President Biden announced news conference that his latest budget proposal would reduce spending by more than a trillion dollars.
He clarified his stance: “I will not agree to a deal that protects wealthy tax evaders and cryptocurrency traders at the cost of food aid for nearly 1 million Americans.”
President’s $6.9 trillion budget proposal Emphasizes the importance of modernizing regulations specifically for digital assets.
He has called for the implementation of wash sale rules for digital assets and regulating related party transactions, with the aim of subjecting crypto assets to the same oversight as more traditional investments.
Comments made by Biden may have contributed to the drop in bitcoin prices on Monday. According to Kiyosaki, bitcoin and gold are the best protection against fraud and inefficiency.
Despite politicians insisting a smooth landing, experts are raising concerns about ongoing discussions over the US debt ceiling potentially triggering a significant global financial disaster.
However, Robert Kiyosaki disagrees with this claim and advises investors to protect themselves by investing in gold, silver and bitcoin.
Republicans and Democrats disagree on whether the US should raise the debt ceiling, raising concerns about the possibility of the US defaulting on its debt for the first time.
Even if an agreement is reached, the damage to the world’s largest economy can be huge.
As a result, despite President Biden’s lack of concern, Rich Dad, Poor Dad author Robert Kiyosaki, known for his pessimistic views on the current global economy and its future, said there would be no “soft landing”.
Robert Kiyosaki criticizes Biden as “outdated, corrupt and incompetent” in tweet
Kiyosaki also criticized the country’s leaders for their high level of corruption. According to him, investors can protect themselves by buying three assets, one of which is the largest cryptocurrency by market cap.
Kiyosaki expressed his disagreement with Biden in a separate tweet, calling the current US president the most “outdated, corrupt and incompetent” leader in the nation’s history.
Bitcoin-based payment software Stryk has taken a significant step forward by relocating its global headquarters to El Salvador and expanding its acceptance of bitcoin payments to an additional 65 countries.
Since its launch in 2019, Strike has aimed to become the world’s equivalent of Venmo or Cash, with operations currently in the United States, El Salvador and Argentina. Led by 29-year-old entrepreneur Jack Mollers, the company on Friday announced its expansion to a total of 65 countries around the world.
Increased access to cryptocurrency payments through the Strike app contributed to a fall in bitcoin price on Monday.
bitcoin price
current price of Bitcoin $26,875, with a trading volume of $10 billion in the last 24 hours.
In the same time frame, bitcoin has experienced a decrease of 0.71%. It currently holds the top position on CoinMarketCap with a market capitalization of $520 billion.
There are currently 19,380,362 BTC coins in circulation out of a maximum supply of 21,000,000 BTC coins.
bitcoin price prediction
On the technical front, bitcoin is showing signs of support near $26,600, with the closing of the candle forming a triple bottom pattern.
This signals a possible bullish reversal in the near term, targeting the $27,200 level.
However, on the higher time frame, such as the four-hour chart, there is resistance near 27,200 and support near 26,600.
Additionally, the 50-day exponential moving average at $26,700 has acted as a support, supporting the upside potential for BTC.
Therefore, it is important to watch the $26,600 level, as a break above it could lead to a bullish move towards $27,200, and potentially even $27,500.
Top 15 Cryptocurrencies to Watch in 2023
cryptonews Industry Talk introduces an attractive selection of cryptocurrencies positioned for a promising trajectory in 2023.
These digital assets have been carefully selected due to their positive outlook, demonstrating significant potential for both short-term and long-term growth.
With their unique features and cutting edge technologies, these cryptocurrencies are well positioned to flourish and make significant progress in the future.
Be ready to start exploring the exciting opportunities that await you with these digital currencies.
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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