{"id":354127,"date":"2022-10-27T11:45:22","date_gmt":"2022-10-27T15:45:22","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=354127"},"modified":"2022-10-27T11:45:22","modified_gmt":"2022-10-27T15:45:22","slug":"heres-why-the-bitcoin-price-can-reach-30k-in-2022","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/heres-why-the-bitcoin-price-can-reach-30k-in-2022","title":{"rendered":"Here’s Why the Bitcoin price Can Reach $30k in 2022"},"content":{"rendered":"

Bitcoin has been on an impressive rally after 7% gains over the past two days. At the time of writing, Bitcoin was trading at $20,592. As traders get excited about a possible bull run as the year ends, there is a possibility that Bitcoin could head to $30K.<\/p>\n

Bitcoin price analysis<\/h2>\n

During the past 24 hours, Bitcoin has traded between\u00a0 $20,430 and $20,938, indicating a spike in volatility. Over the past few weeks, Bitcoin’s volatility has been notably low, with the Bitcoin Volatility Index dropping to multi-year lows. However, volatility has spiked, as seen in the chart below, showing that the coin could be in for significant swings.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin is currently holding a crucial level of $20,500. If it retraces below this level, $20K will likely be tested again. Bitcoin will likely plunge again to the $20K levels if this support level fails to hold.<\/p>\n

Nevertheless, there are top reasons that could see Bitcoin’s bull rally being formed during the last two months of 2022, and the coin could close the year above $30K.<\/p>\n

Macro factors are in Bitcoin’s favor<\/h2>\n

Investors could gain confidence in Bitcoin and accumulate due to expectations<\/a> that the US Federal Reserve could start slowing interest rate hikes. A report by MacroMicro<\/a> anticipates that the change in interest rates will be lower in the future than earlier expected.<\/p>\n

With traders believing that rates will fall in the future, the crypto markets may recover from a rough bearish trend that saw some of the largest coins losing a significant amount of their value.<\/p>\n

If the interest rates ease, risk assets such as Bitcoin will be back under the radar of investors. Bitcoin could continue to rally in the coming months. A friendly policy will also be friendly for the stock markets, and the growing correlation between Bitcoin and stocks is also good news for the asset.<\/p>\n

UK gets a crypto-friendly Prime Minister<\/h2>\n

Rishi Sunak was picked as the new Prime Minister of the United Kingdom. The ascent of Rishi Sunak to the position has boosted investor sentiment, given that he is a major crypto advocate<\/a>.<\/p>\n

Sunak has made efforts in the web 3.0 & crypto<\/a> space, having earlier commissioned a royal non-fungible token (NFT). Therefore, it is expected that he will make reforms in the UKL crypto market. Earlier this year, Sunak revealed his plans to transform the UK into a crypto assets hub.<\/p>\n

Q3 earnings reports<\/h2>\n

Companies are starting to release their third-quarter earnings reports. The reports’ content is bound to affect Bitcoin’s price movement, given the growing institutional investments in the asset.<\/p>\n

The S&P 500 index is primarily used to assess the state of financial markets. Therefore, if the earnings reports positively affect the index, it is likely that Bitcoin will rally to $30K as investors will have a positive overview of the economy.<\/p>\n

Related<\/h3>\n