Crypto enthusiasts are keeping a close eye as the weekend approaches bitcoin (btc) And Ethereum (ETH)Wondering if these leading digital assets will manage to break free from their recent tight trading limits.
Both BTC and ETH have experienced limited volatility, with investors and traders keen to see if these cryptocurrencies can shake off the shackles and start a decisive price move.
In this update, we’ll delve into the latest price predictions for Bitcoin and Ethereum, exploring the factors that could potentially trigger a breakout in either direction.
Outlook of Cryptocurrency Fundamentals
Bitcoin, the world’s largest cryptocurrency, is trading on a bullish path and has seen significant growth this year, gaining more than 70% since the start of 2022. BTC is currently trading above the $28,250 level, which touched a nine-month high of $29,000. ,
Meanwhile, Ethereum, the second most popular cryptocurrency, has also seen significant gains climbing above the $1,800 mark. The global cryptocurrency market capitalization is $1.18 trillion with a 24-hour gain of 2.43%.
However, the reason for this upward trend can be attributed to several factors, including the upcoming bitcoin halving event in 2024, which will benefit the bitcoin price by reducing the supply and creating long-term positive factors.
Furthermore, the rise in bitcoin prices was also linked to large investors, known as “Bitcoin whales”, hoarding BTC and wallets containing 1,000-10,000 BTC, indicating a possible price rally for Bitcoin. suggest.
It is worth noting that bitcoin has outperformed many cryptocurrencies with its unprecedented growth and has provided great returns to those who bought it at a discount. according to experts ‘ predictionsBitcoin may surpass its all-time high of $69,000 to reach $100,000.
Bloomberg Strategist Predicts Strong Performance for Bitcoin in 2024 Due to Halving and Fundamental Developments
According to Bloomberg Intelligence Senior Macro Analyst Mike McGloneBitcoin will do well in 2024. This is due to a number of factors, including the upcoming four-year halving event, which has generally been viewed as a positive event for the bitcoin markets.
McGlone also notes that bitcoin is showing signs of becoming a global digital reserve commodity and potentially a store of value, especially during periods of high stock market volatility.
McGlone believes that bitcoin will continue to climb and could eventually reach $100,000. Bitcoin’s rise may continue in future years, with large investors accumulating BTC and popular companies and groups increasingly adopting the cryptocurrency.
Short-Term Traders and Whales Fuel BTC Price Rally
On the other hand, the upward rally of bitcoin can also be linked to the activities of short-term traders and whales. Short-term holders took advantage of the opportunity to redeem their investments and some holders exited their positions at their actual value.
However, the short-term holder SOPR for bitcoin holders had crossed the value of one, indicating a potential new support level. With the increase in spending activity since March, whales spent their bitcoin holdings.
The number of bitcoin addresses with more than 10 BTC has increased, indicating that more large investors are hoarding bitcoin.
However, accumulation is likely a hedge against inflation or a long-term investment strategy. These factors have contributed to the current BTC price rally, with a potential new support level emerging.
Upbeat Crypto Market – Tracking the Core PCE Price Index
Global cryptocurrency markets saw significant gains on Friday, as evidenced by the sharp rise in bitcoin prices. Meanwhile, the broad-based US currency weakened on concerns over the labor market.
Going forward, investors are keeping their eyes on a reading of the Federal Reserve’s favorite inflation gauge, which is expected to be released later in the day.
During the first quarter of 2023, fears of a possible financial crisis affecting the value of the dollar led to higher trading volumes in many cryptocurrencies, fueling speculation that the Federal Reserve may reduce its accommodative stance.
The dollar has dropped 1% over the past three months, and some experts believe the Federal Reserve may reduce its pace in raising interest rates.
However, if inflation continues to decline, personal consumption spending, the Fed’s favorite inflation measure, is expected to impact the value of the dollar and boost demand for cryptocurrencies.
bitcoin price
The BTC/USD pair is trading the most volatile, holding a narrow range from $28,000 to $29,000. It currently exhibits a neutral trend based on technical analysis. Nevertheless, it may face resistance when it reaches the $28,950 level.
In case of a bearish trend, the $27,500 and $26,500 support levels are expected to provide a significant reinforcement. Alternatively, if bitcoin successfully breaks the $28,950 resistance, its price could potentially increase to $29,250 or even $30,500.
ethereum price
Currently, Ethereum is trading in a tight range of $1,700 to $1,850 and it is struggling to overcome the $1,850 resistance as it constantly hovers near the $1,700 support area.
If the ETH/USD pair manages to climb above the $1,800 level, it is anticipated to face resistance at the $1,900 mark.
Top 15 Cryptocurrencies to Watch in 2023
Keep yourself informed about the latest ICO projects and altcoins by referring to our handpicked selection of the 15 most promising cryptocurrencies to monitor in 2023, suggested by experts from Industry Talk and Cryptonews.
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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