Bitcoin Price Prediction: BTC Set to Surge 20% This Week?

Updated: 13 September 2023

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Following Bitcoin’s unexpected price drop to $25k this Monday, the coin recovered early Tuesday. However, as the day progressed, BTC price surged even further, hitting $26.21k again for the second time in the past seven days.

The coin struggled with the resistance at $26.20k, and it mostly held it from going further up, apart from one instance when it climbed to $26,302. However, this small victory resulted in a price rejection, and BTC was sent back down to $25.8k, which took the role of support that prevented its price from heading deeper down. This level has been acting as a support ever since.

Mere hours ago, however, BTC left the support behind again, climbing to $26.2k for the second time in two days. At the time of writing, the coin is just under this level, sitting at $26,194.

The upper bound of $28,000-$28,400 is worth considering, as this is the most likely central resistance area and a maximum regarding how high BTC can rise. From there, it is expected to sink back in another rejection and potentially return to $25k or lower.

Others suggest that this situation is preferable for scalping as long as the buyers carefully watch the price. One analysis shows that a bullish divergence RSI can be seen on the coin’s daily chart, with the analyst stating that they expect some upward movement from here and then leg down to the support levels.

Why is Bitcoin booming again?

So, the big question now is — why is this happening?

The most robust theory suggests that Bitcoin is wavering ahead of releasing a key US inflation metric, which will likely influence the US Fed’s path regarding interest rates. This can also impact demand for digital assets moving forward.

Analyst at broker XS.com, Ranie Gule, said: “The impact of this data on Bitcoin and other cryptocurrencies will likely depend on the overall market volatility. If there are significant surprises in inflation figures, whether higher or lower, the digital cryptocurrency market, led by Bitcoin’s price, will be greatly affected.”

Coinbase is moving to adopt Bitcoin’s Lightning Network

Updating the community on the Bitcoin Lightning Network situation, Coinbase CEO Brian Armstrong shared one of his rare praises of Bitcoin. He said, “Bitcoin is the most important asset in crypto, and we’re excited to do our part to enable faster [and] cheaper Bitcoin transactions.”

The fact that Coinbase is adopting the LN suggests its increased significance, especially as a scaling solution, which Armstrong opposed in the early days. He preferred increasing the coin’s block size and often criticized core developers for taking alternative routes.

However, it appears that they, too, became a fan of the LN, which Coinbase is now planning to integrate and use for faster consumer payments and deferred settlement.

Bitcoin BSC presale exceeds $1.5 million raised

Meanwhile, over on Binance Smart Chain, the BEP-20 version of Bitcoin — Bitcoin BSC (BTCBSC) — is holding its presale, which is advancing rapidly. The presale has nearly reached half its soft cap, and only recently, it hit another milestone — $1.5 million raised.

Unlike the current Bitcoin, the BEP-20 version mirrors the BTC from 2011, when its price was only $0.99. Anyone interested in buying BTCBSC can do so in exchange for ETH, BNB, or USDT. Once it goes live, the token will offer staking services, similar to Bitcoin’s mining, where a portion of new coins is released every 10 minutes.

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