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Bitcoin has enjoyed positive price form in the past week and looks set for a breakthrough. However, with the recent regulatory clampdown and scrutiny of cryptocurrencies, there are doubts about how long they will rally.
Bitcoin remains the most influential cryptocurrency, with most altcoins correlating to its price. A sustained rally could spark a bull run in the crypto market for other cryptocurrency projects.
Bitcoin Price Performance in 2023
Bitcoin started the year at $16,521 on January 1, 2023; it consolidated on its gains to trade at $20,976 on January 14. BTC’s price spiked to $23 on January 31, pushing the asset to record price volatility in February.
Bitcoin’s price has shown signs of revival in March, with a rally to the $24k price level on March 13. Bitcoin hit $28k on March 19, sparking hope of a bull run. However, the coin seems to have entered a consolidation phase, trading between $27k and $28k for the last few days.
Bitcoin Price Prediction
BTC is gaining in the market today after trading $26k – $27k for the last few days, after reaching $28k. This price range implies the bull pushing the asset to break above the $28k resistance level for good.
The coin trades a bullish signal above its 50-day and 200-day Simple Moving Average (SMA). The 50-day SMA formed a golden cross earlier on the daily chart, indicating that bullish pressure is rising. Also, the Relative Strength Index (RSI) is at 64.78, approaching the oversold region of 70.
BTC’s Moving Average Convergence/Divergence (MACD) is above its signal line and shows a positive value. This also confirms that the bulls are in control. Bitcoin’s support levels are $26,040, $26,358, and $26,809; resistance levels are $27,578, $27,897, and $28,347.
Currently, Bitcoin is trading above its strongest resistance of $28,347. It implies that the asset will likely continue to increase in value. Bitcoin is not yet in the overbought zone and will record more price increases, expect BTC to test the $29k level in the coming days.
Bitcoin Price Forecast By Top Crypto Analysts For 2023
Binance CEO Bullish On BTC
Changpeng Zhao, Binance CEO, is bullish on Bitcoin’s future chances. He stated that BTC’s price increases historically by two digits (100 times) every four years. However, despite his statistical proof, he added that history does not predict the future, and his thoughts are not financial advice.
CoinsKid Also Bullish On BTC
CoinsKid, a social media influencer, reports that ChatGPT has given the January price of Bitcoin for the past 13 years. The AI software has predicted that Bitcoin’s price will be $142,514 by January 2024.
Factors Influencing Bitcoin’s Price
Several factors are behind Bitcoin’s latest price surge. The apex cryptocurrency seems to have shaken off the effects of the banking crisis. Also, the recent regulatory pressure on Binance and Coinbase is a concern in the crypto space.
However, BTC has continued to rise in the face of these events. Here are some events that might influence BTC’s price.
Former Coinbase Executive Wagers $1 million On BTC
Balaji Srinivasan, Coinbase’s former Chief Technology Officer (CTO), placed a bet on Bitcoin to attain $1 million by June 17. He announced this audacious bid on his Twitter handle, offering to pay $2 million USDC to James Medlock and another anonymous person if BTC does not hit $1 million on the date.
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… https://t.co/hhPr522PQu pic.twitter.com/6Aav9KeJpe— Balaji (@balajis) March 17, 2023
Srinivasan believes that the global economic landscape is changing with a rise in BTC adoption. He views BTC mainstream use as the solution to a failing banking system. Also, Srinivasan compared banks’ investments in long-dated US Treasuries to the investments made by Sam Bankman-Fried.
He believes the dollar is about to go into hyperinflation. However, James Medlock stated that such an event would not occur soon. Medlock originally made the wager of $1 million that the US dollar would not undergo hyperinflation.
Ark Invest Executive Provides Bitcoin Stats
Yassine Elmandjra, an analyst at ArkInvest, provided some interesting statistics on the Bitcoin network. He stated that Bitcoin facilitated over 600,000 transactions in one weekend worth over $33 billion and issued 2,037 new BTC tokens.
Also, 1 million new addresses were created, and miners earned $43 million for producing 326 blocks. He believes these figures underline Bitcoin’s relevance, especially with the recent crisis in the banking sector.
Bitcoin Alternative
As Bitcoin rallies, it might be expensive for investors to acquire its tokens. However, there are promising altcoin presales with great potential.
Metropoly (METRO)
Metropoly is a platform that provides real estate solutions powered by blockchain technology. Real estate investment can be a challenge for first-time investors and is cost intensive. The global real estate market is estimated at $6.8 trillion, with an annual growth rate of 1.9%.
Therefore, Metropoly comes when the market is ripe for massive investment. It offers a unique feature called fraction ownership. With this feature, users can claim a portion of the property for as low as $100. This significantly lowers the entry barrier for potential property owners.
There is a $1 million giveaway where the winner will receive a lavish apartment cited in Burj Khalifa. This apartment is worth up to $100,000 in annual rental income. The METRO token powers the ecosystem and is an ERC-20 token. The presale is at the tenth stage, with each token worth $0.0714. The launch price for 1 METRO is $0.1.
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