Bitcoin’s price is on track to post a quarterly increase that will be larger than any other one seen since the beginning of 2021, the year in which it went on to reach a record high. The general market consensus believes BTC acted as a hedge against problems the US and European financial sectors faced in recent times.
Factors Fuelling Bitcoin Price
After suffering a loss of $1.5 trillion in value in 2022, the crypto market is expected to have gained approximately $390 billion in value in 2023 thanks to Bitcoin’s resurgence. The recovery has occurred despite the failure of several prominent cryptocurrencies, a governmental crackdown in the United States, and the temporary de-peg of a crucial stablecoin that was intended to maintain a value of $1 at all times.
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Apart from gaining momentum from failing banks worldwide, the price of the flagship cryptocurrency benefited from the proposed Bitcoin bill which is touted to be favorable for crypto miners in the US.
Bitcoin Price To Hit $35K?
The price of Bitcoin suffered momentarily on news of Coinbase getting wells notice from the SEC, however, it soon gained steam as the Fed stuck to its 25bps rate hike as it broke past $28.5K on Thursday morning.
According to a notable cryptocurrency analyst named Michael van de Poppe, the price of Bitcoin was anticipated to decrease; but, now that it has broken through the psychological level of $28,000, Bitcoin is on its way to new all-time highs. He has earlier forecasted a price of $35K for the crypto king.
#Bitcoin bill to propose Bitcoin mining in the US is a positive thing for the markets, probably fueling the upwards rally.
Expected more downside, but broke through $27,700 and clearly going for the highs, have to see how we stand there. pic.twitter.com/d7DMn17JVs
— Michaël van de Poppe (@CryptoMichNL) March 23, 2023
Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s price tracker recommend a “Buy” position as summarised by its moving averages: recommending a “buy” at level 15 and “sell” at level 1. And, as things currently stand, the price of Bitcoin (BTC) is exchanging hands at $28,538 which represents a drop of 0.46% over the past 24 hours, in contrast to a gain of 15% recorded over the last seven days.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/bitcoin-price-eyes-new-high-35k-next/