Bitcoin Price Pushes Towards $24,000 - $25,000, Here We Come?

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The digital asset market has been extremely dynamic, with bitcoin being no exception. Over the past few weeks, the price of Bitcoin has experienced numerous ups and downs, but it has finally found a sense of stability.

Despite the rejection at $25,000 on Sunday, the digital asset is preparing for another push towards the coveted level. The quick recovery above $24,000 after a dip shows a significant level of strength in the 24-hour chart and the ability to maintain its bullish trend.

Bitcoin Nears $24k Gaining 50% Since Last Bottom

The price of Bitcoin, the world’s largest cryptocurrency by market value, has seen a sharp increase in the last few months, rising from a low of around $15,600 in November to a current value of $23,950. This marks a 53% increase from its November low and a 40% increase since the start of the year when it was valued at close to $16,500. The gains made by Bitcoin in the last few months have earned it the title of the best-performing asset of 2023 by Goldman Sachs after conducting an analysis earlier this month.

Despite the ongoing challenges in the cryptocurrency and blockchain space, including the collapse of troubled exchange FTX and the upcoming trial of its founder and former CEO, Sam Bankman-Fried, Bitcoin has been able to experience these sharp gains.

In November, the price of Bitcoin fell to its lowest point in two years, around $15,625, in response to the news that Binance, a rival exchange, would not be purchasing FTX.

Since then, cryptocurrency has been on the rise, even as the market participants learn about the implications of FTX’s collapse and the number of industry firms that were exposed to FTX when it filed for bankruptcy protection. Major players in the crypto space, including Binance and Coinbase, have revealed their exposure to FTX.

Introduction Of a Global Currency To Drive Bitcoin’s Price Up

There is a growing global movement against the US dollar and it could have a significant impact on the demand for Bitcoin. The battle is taking place on both geopolitical and economic fronts, with Russia and China leading the charge in the creation of a new global currency called BRICS.

If this new currency gains traction and becomes widely accepted, it could lead to a decrease in demand for the US dollar and put it on a path to further depreciation. This could drive up demand for Bitcoin as people seek alternative means of holding value. The current debt situation and recession fears in the US may also add to the pressure on the dollar.

There have been reports that banks in BRICS member countries are exploring blockchain implementation, which could be a strong move for the new currency. This would not only offer BRICS a competitive advantage but also make it easier to use as a reserve.

Not adopting blockchain technology could put BRICS at a disadvantage compared to other countries that are exploring this technology. The potential implications of this for Bitcoin are intriguing, particularly for its long-term outlook.

Bitcoin To Possibly Touch $25k Over The Next Few Days

Bank of America strategists predict a reversal in the growth of speculative assets such as Bitcoin if the recent increase in oil, wages, and consumer prices leads to a shift from a “soft landing” view to a “no landing” view.

Meanwhile, Fed Chair Jerome Powell may also mention the plan to keep interest rates elevated for an extended period, following an expected quarter-point hike this week. Some areas of the global market are also raising concerns, such as a record-high bearish bet on bond futures by hedge funds, contradicting the belief that the peak of rate hikes is near.

Bitcoin is currently experiencing a bullish start to 2023 and has demonstrated resilience against downside risks. Its latest rally confirms the strong demand and low sell pressure among investors who are opting to hold on to their coins. The Bitcoin price has pushed closer to the $24,000 range and traded at $23,086 at the time of writing.

The lack of support for the bears and the expected push upward during US trading hours could lead to an easy breakthrough at the next resistance of $24,765. This opens the door for bitcoin to reach its main target of $25,000. However, it is important to note that the digital asset market is highly unpredictable, and the next few days will be crucial in determining the direction of bitcoin’s price.

It is important for investors to be cautious and consider the potential risks involved in any investment decisions. It is always advisable to seek professional guidance and conduct thorough research before making any investment decisions in the digital asset market.

Amidst these challenges, the overall sentiment in the market remains optimistic, and the possibility of reaching $25,000 is a tantalizing prospect for many. The only way to know is to wait and see how this plays out.

Altcoins To Compete With Market Leaders For Exponential Gains

Bitcoin is undoubtedly a great investment asset, but it’s not ideal for investors entering the market to make outsized gains. Altcoins, on the other hand, offer the liberty to enter the market with minimal investment and possibly make gains of 10x to 100x. Here are a few altcoins, currently in their presale stage, which we believe have the potential to make it big.

Meta Masters Guild (MMG) is a platform for decentralized play-to-earn mobile games, currently including Meta Masters World, Raid NFTs, and Meta Karts. The presale has raised more than $2.08 million, with the final stage of the sale featuring a price of $0.023, a 43.75% increase from stage 4. As of now, the MEMAG token is selling for 0.016 USDT, which will increase to 0.019 USDT in the next round of the presale.

MMG is a cost-conscious project with a goal of $4.97 million, seeking to redefine the gaming space with its novel “play-and-earn” approach. The highly anticipated game Meta Kart Racers is set to be released in the second half of the year by blockchain developer Gamearound, with players interacting with the platform using the MEMAG token. The P2E industry has the potential for billions in revenue, making MEMAG an attractive buying opportunity.

FightOut combines the concept of Move-to-Earn (M2E) and metaverse to create a health and fitness platform. It leverages crypto technology to incentivize users to be active and healthy. The platform includes a mobile app that connects the real world to the virtual world, measuring users’ fitness progress and providing bespoke training programs. The project also plans to roll out a chain of gyms as fitness community hubs.

The platform’s FGHT token provides access to the mobile app and is available for sale now, with the presale ending on March 31st. The token price increases gradually over the presale period and are expected to see a significant uplift when it lists on its first centralized exchange on April 5th. The team is also running a $250,000 FGHT token giveaway for investors.

C+Charge is a new crypto project aimed at improving the electric vehicle (EV) charging space by incorporating carbon credits. The platform intends to make EV charging more efficient and reward EV owners who charge their vehicles at C+Charge stations with carbon credits. The CCHG token, the platform’s native asset, will operate on the BNB Smart Chain and be limited to C+Charge stations initially. The deflationary CCHG token will become scarcer over time and increase in value as the number of charging stations grows.

The C+Charge app will also allow users to track balances and rewards, perform diagnostics on their vehicles, and order parts for repair. The CCHG token is available for presale and has already raised over $460k so far.

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