The BTC price has benefited greatly from the recent insolvencies of large banks in the United States. After falling below $20,000, the Bitcoin price has recently risen dramatically. What is the Bitcoin price forecast for the next few weeks? Can Bitcoin price return to $35,000 soon? Let’s take a look at it in more detail.
How has the Bitcoin price moved in the last few days?
Bitcoin Price: BTC/USD Weekly chart showing the price – GoCharting
In the last few days, the Bitcoin price experienced a sharp drop and then recovered very well. The price began a crash last week, triggered by the US banking crisis. The price dropped from $22,300 to under $20,000.
The crash, however, was brief. Bitcoin’s price has risen above $20,000 once more. Following a brief period of stability, the BTC price surged and surpassed the $22,000 mark. The rally then continued, first breaking through $23,000 and then crossing $24,000. At the time of writing this, the BTC price is trading at $27,393.39.
The recent price increases have reinforced bitcoin’s position as a reserve currency and alternative to the FIAT system. As a result, the Bitcoin forecast for the coming weeks is expected to be extremely positive.
What is the Bitcoin price forecast for the coming weeks?
Bitcoin was able to emerge stronger from the bank crisis in the United States. Bitcoin’s position as a FIAT currency substitute has grown stronger. Momentum has now emerged, which could bring the Bitcoin price back above the $30,000 mark in the coming days and weeks.
After breaking through the resistance level of $25,000, the price could skyrocket, significantly improving the Bitcoin forecast for the coming weeks. The tailwind from the bank crash could result in a significant price increase shortly.
How high can the Bitcoin price rise in our forecast?
Nothing can stop the Bitcoin price from breaking through the $29,000 resistance level in the coming days. If this price is reached in a few weeks, it may again touch the $35,000 mark in the future.
The price of Bitcoin should be determined primarily by the Federal Reserve’s decision to raise the key interest rate despite the banking crisis or to refrain from raising the key interest rate at all. Should the latter happen, this could further improve the Bitcoin forecast. At the moment, a BTC price of $35,000 appears overly optimistic. However, Bitcoin may approach this price target again in the second quarter of 2023. We anticipate a Bitcoin forecast of 27,500 to 31,000 US dollars in the next 6 to 8 weeks.
Bitcoin will eventually return to $50,000. What is unknown is the time and date. It will not occur overnight. The conditions are in place for it to continue rising.
Some notable bank failures have occurred recently. People are less confident in their government as we’re seeing with protests across countries like France. We are also seeing the US dollar’s dominance as a global reserve currency at historic lows. Regulators may try to stifle its adoption, but there are far too many factors working in Bitcoin’s favor right now.
When discussing the value of Bitcoin, it’s important to recognize that its worth goes beyond its current cryptocurrency market price. Value is subjective and can differ from person to person.
For instance, owning Bitcoin can provide a sense of security, as it’s nearly impossible for the government to confiscate it without voluntary disclosure. This is just one example of Bitcoin’s value proposition.
The price of Bitcoin, on the other hand, is influenced by a range of factors, including supply and demand. Given Bitcoin’s potential to excel in these areas, some experts predict that it may reach unprecedented heights. As the world observes the ongoing banking turmoil in the USA and Europe, more people are turning to Bitcoin as a reliable and secure option, further highlighting its value as a haven asset.
Conclusion
The value of Bitcoin remains constant as there are no changes made to the consensus and protocol. However, the price of Bitcoin fluctuates based on supply and demand. While Bitcoin is not typically used as a store of value, it serves as a currency that allows for transactions without requiring permission from banks.
If you’re concerned about Bitcoin’s price decreasing during a bear market, why not also worry about fiat currency values decreasing due to inflation?
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Source: https://cryptoticker.io/en/bitcoin-price-break-35000-mark/