Bitcoin Price Prediction As BTC Rally Intensifies With $20 Billion Trading Volume – Can BTC Hit $30,000 This Week?

Bitcoin, the largest cryptocurrency in the world, has seen a surge in price, rising more than 4% in the past few hours. However, Bitcoin’s price gains seem to be fading and it has lost some of its recent increases.

This could be because some experts, like Gareth Soloway of InTheMoneyStocks.com, are predicting that Bitcoin will fall below $13,000, which has negatively impacted investor sentiment and contributed to the latest modest losses.

At the same time, Bitcoin’s future still looks bright, with experts predicting a surge in prices. Balaji Srinivasan, a former Coinbase executive, bet $2 million that Bitcoin will reach a value of $1 million within 90 days.

Meanwhile, Marshall Beard, chief strategy officer of US cryptocurrency exchange Gemini, predicts that Bitcoin will hit $100,000 this year.

Therefore, this positive outlook is seen as one of the important factors that can help BTC limit its minor losses.

Impact of Unemployment Insurance Claims and GDP Growth Data on the Cryptocurrency Market

The global cryptocurrency market gained momentum and rose in value as fears of a financial crisis subsided, driving both the crypto market and other stocks higher. of the market.

In addition, investors await Friday the publication of the personal consumption expenditure (PCE) price index, which is the preferred inflation indicator of the Federal Reserve.

According to data released Thursday, jobless claims rose more than expected and fourth-quarter GDP growth was slightly lower, indicating both a cooling in the labor market and supporting the case for a Fed policy easing. As a result, the Fed’s looser policy could lead to a weaker dollar, which could benefit BTC.

Additionally, the slowing labor market and lower GDP growth may cause investors to seek alternative investments such as cryptocurrencies, which could lead to increased demand and potentially drive up BTC prices. .

On top of that, the banking instability that began earlier this month raised fears of a broader financial crisis and led to a significant shift in Fed monetary policy expectations.

Therefore, 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 had an outstanding performance this year, growing 70% and is currently trading at over $28,400. However, other experts are predicting that the value of BTC will plummet, with InTheMoneyStocks.com’s Gareth Soloway predicting a drop below $13,000. This bearish forecast could limit future Bitcoin price increases.

On the other hand, some experts have optimistic predictions about the future value of BTC, with Balaji Srinivasan betting that it will be worth $1 million within 90 days and Marshall Beard predicting that it will reach $100,000 this year.

bitcoin price

The current Bitcoin price is $28,258, with a 24-hour trading volume of $21.4 billion. Bitcoin has lost nearly 0.20% in the past 24 hours. Bitcoin is ranked first in the market, with a live market capitalization of $546.3 billion.

Based on technical analysis, the BTC/USD pair is currently exhibiting a volatile trend, with potential resistance expected around the $28,900 mark.

So far, the technical outlook remains quite stable as Bitcoin continues to fluctuate around the $27,900 price level.

If the BTC/USD pair successfully breaks through the resistance level at $28,950, it could lead to an increase in Bitcoin’s value, possibly reaching $29,200 or even $30,700.

Conversely, if a downtrend materializes, Bitcoin price should find strong support levels around $26,600 and $25,200.

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^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}

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