Bitcoin Price Touches $29,300 – What Can We Expect Next Week?

Bitcoin price looks relentless and keeps pushing despite the fluctuations and other events in the industry. The market sentiment of the cryptocurrency hits a multi-month high, with its price briefly touching $29k in the last 24 hours. However, as of March 23, 2023, BTC closed its trade at $28,333.

The price action of the crypto asset since March 20, 2023, gives a solid bullish sentiment. Investors and traders can expect the crypto’s price to reach $30,100 in the coming week. Although BTC is down by 2.35% and trading at $27,568 at the time of writing, it’s likely to take a bullish run by next week.

However, Bitcoin’s price prediction and analysis can depict what to expect in the coming day. 

Bitcoin Price Trend

January was an eventful month for Bitcoin. On January 1, 2023, the cryptocurrency traded at $16,547 and climbed to $20,977 after 15 days (January 15, 2023). The price kept rising, but the fluctuations and bearish sentiment of the market caused it to stop at $23,774 on January 30, 2023. 

After the fall at the end of January, the bulls picked up again on February 1, which caused BTC prices to hit $23,137 and later to $24,833 after 21 days (February 21, 2023). Due to some following fluctuations in March, the coin did not perform well till March 14, when it began at $24,201. Since then, BTC has faced more rallies and reached $27,301 in 8 days (March 23, 2023).

As of today, the coin is trading at $27,572 after touching $29,300 earlier before dipping to the current price. 

Bitcoin Price Prediction

Bitcoin has rallied almost 70% in three months and is expected to break more records. As of today, March 25, Bitcoin is up by 2.12% and trading at $27,446 at the time of writing. Investors can expect $30k by next week. The Fear & Greed Index indicates 64 (GREED). Bitcoin prices may spike throughout the weekend.

Bitcoin trades above its 50-Day Simple Moving Average (SMA), indicating the crypto’s bullish market sentiment. Also trading above its 200-Day SMA, BTC has indicated BUY since March 10, 2023 (15 days ago).

BTC’s Relative Strength Index (RSI) value at 63.42 shows it is heading towards the overbought region (above 70). This indicates that more investors are buying the asset, which supports the greed index of the crypto market.

BTC’s Moving Average Convergence/Divergence (MACD) is above its signal line. The positive value expresses a bullish sentiment and confirms BTC’s current price.

Bitcoin’s support levels are $25,653, $26,382, and $26,899, while its resistance levels are $28,145, $28,873, and $29,390. Over time, the asset could trade above its lowest support level of $25,653. By next week, BTC is expected to spike drastically.

Cryptocurrencies are highly volatile, and their prices can change from predicted trends. Thus, comprehensive technical analysis and risk management strategies are vital for investors.

Factors affecting the Price of Bitcoin

Bitcoin price is subject to changes due to crypto-related developments, crypto bank failures, investor sentiments, etc. However, let’s look at some latest events with a huge impact on the crypto’s price and performance.

German Banks Accept Bitcoin Trading

More than 1,200 German banks can offer retail customers Bitcoin trading via the new platform, wpNex, launched by Deutsche WertpapierService Bank AG (dwpbank). Dwpbank is a German Securities processing giant managing more than 5.3 million accounts. Its wpNex platform intends to integrate crypto trading into customers’ online banking experience seamlessly.

As reported by Btc-echo.de, customers will see their crypto holdings, as well as their traditional securities, without pre-funding. Several banks, including MLP Banking AG and DZ Bank, have taken the first step toward adopting Bitcoin into their system.

According to a Twitter post by EU Strategy and Policy Director in a crypto-centered firm, Patrick Hansen, this event is “great news for the adoption and access of BTC in Germany.” 

According to the announcement, the wpNex platform by dwpbank is making Germany a leading player in the crypto world. The firm also confirmed that tokenized securities and other digital assets would be integrated soon.

A move like this will pressurize other German banks and depositories to meet the rising demand for reasonable access to cryptocurrency investing and trading.

The launching of Nasdaq’s crypto custody 

Nasdaq Inc, an exchange operator, intends to launch its custody service for crypto by the end of quarter 2. This is the firm’s first step in the crypto world. Irrespective of the incessant bankruptcies within the industries, the exchange operator, Nasdaq, furthers its step into the world of digital assets. 

According to Bloomberg, Nasdaq will be the middleman in the crypto industry to provide custody services for all digital assets. The exchange operator strives to ensure every technical infrastructure and regulatory authorization is set, as Ira Auerbach (senior vice president and head of Nasdaq Digital Assets) stated during an interview in Paris. 

Auerbach further said that the protection of Ether and Bitcoin would be the initial move to developing various services for the digital asset section of Nasdaq. The firm would eventually introduce the execution for depositories. 

Nasdaq emphasizes working with crypto exchanges for more efficient Ether and Bitcoin trading. This wave of revolution will dry mass institutional adoption and bring more trust and market prominence shortly.

Bitcoin Alternatives

The current price behavior of Bitcoin shows a promising future for trading and is likely to increase in the near days. Notwithstanding, there are a few alternatives in the cryptocurrency market to consider.

Love Hate Inu (LHINU)

Love Hate Inu is revolutionizing the voting system with its blockchain-driven platform. The platform fetches the latest events for users and allows them to share their opinions anonymously while earning tokens.

The platform rewards users with its native token (LHINU) for engaging in voting polls. It operates on smart contracts and blockchain to provide genuine results at the end of each voting session. 

Love Hate Inu has raised over $1.8 million since the token’s presale commenced. The Love Hate Inu token (LHINU) is in its 2nd presale stage with 1 $LHINU equivalent to $0.00009. According to the platform’s official site, the launch price for 1 LHINU will be $0.000145. 

Meanwhile, the token’s price will increase in the next presale stage and is expected to spike after listing on several exchanges. 

RobotEra (TARO)

RobotEra is the next leading P2E platform indicating a promising future for early investors. It’s revolutionizing the gaming sector with its play-to-earn blockchain technology. RobotEra aims to build a sandbox-like terrestrial reconstruction metaverse where game enthusiasts will enter to play and earn TARO, a native platform token.

RobotEra’s TARO is in its first presale stage and has raised over $1 million since the presale began. Currently, 1 TARO equal $0.020, and in the 2nd presale stage, the price will increase to $0.025. At the end of the presale, the token’s price will increase as more investors join the platform.

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