Bitcoin Price Prediction 2023: Can BTC Keep Its Momentum Towards $50,000?

Updated: 30 June 2023

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Bitcoin has spent the last week trying to breach a resistance level at $31k, but each time when its price came near, it got strongly rejected. One of the sharpest rejections took place on Wednesday, with the price being pushed down to the support at $30k. Fortunately, the support managed to hold.

Over the last two days — June 29 and 30 — the price started surging again. On Thursday, it could not move past a resistance at $30.75k, but it fell early on June’s last day. Not only that, but BTC managed to skyrocket past $31k, nearly reaching $31,250.

The sharp surge was followed by a brief correction to $30.75k, only for the price to go back up after a few hours. At the time of writing, BTC sits at $30,932, which continues to climb.

Analysts are still looking toward technical indicators for answers, and some believe that BTC has more room to grow. That said, they are skeptical about the coin’s potential to hit or exceed $45k.

One of the experts expects that Bitcoin will reach $32k soon and potentially drop down. If it manages to stay at $32k for a longer period, then it will likely continue to climb up. As for how far it can get, the opinions seem to be quite varied.

Some expect that the asset could go up to $40k, while the most optimistic predictions even claim that the coin could maintain its momentum until $50,000 per BTC.

Bitcoin price skyrockets as $5 billion BTC options expire

Over the last few weeks, Bitcoin has been skyrocketing over ETF speculation. However, this newest and sharpest surge is believed to be caused by the expiration of $5 billion BTC options.

Around 159 BTC options worth $4.8 billion will expire today. This will be one of the largest mass expiries this year due to investors’ increased interest in the derivatives market, supported by the spike in ETF filings.

159k BTC options are about to expire with a Put Call Ratio of 0.56, a max pain point of $26,500 and a notional value of $4.9 billion.
1.25m ETH options are about to expire, with a Put Call Ratio of 0.57, a max pain point of $1,700 and a notional value of $2.3 billion.…

— Wu Blockchain (@WuBlockchain) June 30, 2023

Experts believe that Bitcoin is bound to see some volatility as a result of this and that the anticipation might have played a role in the new price surge.

Bitcoin and altcoins rise as investors look ahead to key US inflation data

Another reason behind Bitcoin’s new price surge — that also extends to many altcoins — is believed to be the upcoming US inflation data. Because of it, traders are becoming increasingly bullish, and are betting that crypto prices will continue to surge.

Expectations that the Fed would stop tightening financial conditions was a tailwind or BTC. The Fed did stop, of course, although not indefinitely, announcing that further interest rate hikes would come eventually. The announcement dampened demand for risk assets. But, crypto traders remained bullish and doubled down on the asset.

Bitcoin bulls also started buying massive quantities a few weeks ago, and as they accumulated around $3.5 billion, mass Bitcoin ETF filings started, sending the price up. Now, investors are waiting for the new inflation data to set the stage for the next period.

ChimpZee presale raised over half a million

While the Bitcoin price continues to promise new achievements post-crypto winter, a new cryptocurrency has come to the investors’ attention. The crypto in question is ChimpZee (CHMPZ), which offers users to earn income while fighting climate change and saving animals.

The project recently started a presale, offering CHMPZ at a price of $0.00067 per token. So far, the project has sold over 1.17 billion CHMPZ, raising $652,011 as of the time of writing. The presale is currently in stage 6, which will continue for another 7 days, and after that, it will enter the next phase, when the token price will increase to $0.0007.

The price will increase gradually through several more stages, resulting in a listing at a price of $0.00185. The token can be purchased in exchange for ETH, USDT, or via credit card.

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