Bitcoin Price Prediction As BTC Rally Intensifies With $20 Billion Trade Volume – Can BTC Hit $30,000 This Week?

Bitcoin, the world’s largest cryptocurrency, has seen its price surge by over 4% in the past few hours. However, bitcoin’s gains appear to be flagging and it has shed some of its recent gains.

This could be because some experts, such as InTheMoneyStocks.com’s Gareth Soloway, are predicting that Bitcoin will fall below $13,000, which has weighed on investor sentiment and contributed to the modest recent losses.

At the same time, Bitcoin’s future still looks bright, with experts predicting a price surge. Balaji Srinivasan, a former Coinbase executive, has bet $2 million that Bitcoin will reach $1 million in value within 90 days.

Meanwhile, Marshall Beard, chief strategy officer at US cryptocurrency exchange Gemini, expects Bitcoin to hit $100,000 this year.

Consequently, this positive outlook is seen as one of the important factors that could help BTC limit its minor losses.

Impact of Unemployment Claims and GDP Growth Data on the Cryptocurrency Market

The global cryptocurrency market has gained momentum and seen an increase in value as fears of a financial crisis have eased, leading to a surge in both the crypto market and other market stocks.

Investors are also awaiting Friday’s release of the Personal Consumption Expenditure (PCE) price index, the Federal Reserve’s preferred measure of inflation.

According to data released Thursday, jobless claims rose more-than-expected and fourth-quarter GDP growth was slightly lower, both pointing to a slowing labor market and supporting the case for softer Fed policy. As a result, softer Fed policy could result in a weaker dollar, which could benefit BTC.

Additionally, the cooling labor market and slower GDP growth could prompt investors to seek alternative assets such as cryptocurrencies, which could lead to increased demand and potentially push BTC prices higher.

In addition, the banking instability that began earlier this month fueled fears of a broader financial crisis and led to a significant shift in the Fed’s monetary policy expectations.

As a result, the impact of this news on Bitcoin is uncertain as it may vary depending on various factors such as investor sentiment, market trends and macroeconomic conditions.

Bitcoin’s Future Outlook: Mixed predictions for Bitcoin

Bitcoin (BTC) has performed exceptionally well this year, up 70% and is currently trading above $28,400. However, other experts are predicting BTC’s value to fall, with InTheMoneyStocks.com’s Gareth Soloway expecting a drop to less than $13,000. This bearish forecast could limit future price increases in bitcoin.

On the other hand, some experts have bullish predictions for the future value of BTC, with Balaji Srinivasan betting it will be worth $1 million within 90 days and Marshall Beard predicting it will hit $100,000 this year.

bitcoin price

The current bitcoin price is $28,258, with a 24-hour trading volume of $21.4 billion. Bitcoin has lost nearly 0.20% over the past 24 hours. Bitcoin tops the market with a live market cap of $546.3 billion.

Based on technical analysis, the BTC/USD pair is currently exhibiting a volatile trend with potential resistance expected around $28,900.

So far, the technical outlook remains fairly stable as Bitcoin continues to fluctuate around the $27,900 price level.

Bitcoin price chart – Source: Tradingview

If the BTC/USD pair successfully breaks the $28,950 resistance level, it could result in an increase in Bitcoin value and potentially reach $29,200 or even $30,700.

Conversely, if a downtrend is established, the price of bitcoin is likely to find strong support levels around $26,600 and $25,200.

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To keep up to date with the latest ICO projects and altcoins, it is advisable to regularly consult the expert-curated list of the top 15 cryptocurrencies in 2023.

Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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