On Jan. 29, bitcoin price is up over 2.5%, with the leading cryptocurrency hitting a price above $23,500. The surge in bitcoin price has been fueled by institutional buying and anticipation of further adoption.
The technical outlook points to bullish predictions for BTC going forward, but it remains unclear how high the asset will go. In this article, we examine how far BTC could climb in the near future and what factors will influence its path.
Institutional investors announce their Bitcoin predictions: 65% expect BTC to hit $100,000 in 2023
According to a recent survey, institutional investors are confident in Bitcoin’s future and firmly believe that it could even reach $100,000. This strong mood is also reflected in their expectations for the coming year.
The opinions of major institutional investors on the future price of Bitcoin were published in a poll by Nickel Digital Asset Management on Thursday. The UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission authorize and regulate the London based Investment Manager (CFTC).
Nickel recently commissioned Pureprofile, a market research firm, to conduct a global survey of institutional investors and wealth managers in the United States, United Kingdom, Germany, Singapore, Switzerland, United Arab Emirates and Brazil. It was determined from the study of more than $2.85 trillion in AUM.
Nickel presented the results of the survey in detail.
Professional investors are predicting a strong year for Bitcoin and are bullish on its long-term valuation. Almost nine out of ten professional investors predict Bitcoin prices to rise this year. Two in three agree a $100,000 valuation is possible, but only for long-term investors.
The asset manager’s study revealed strong belief in Bitcoin’s price action for the foreseeable future; In fact, 23% of participants believed it will surpass $30,000 by 2023.
Also, according to a survey, two-thirds of institutional investors believe Bitcoin could potentially reach $100,000 in the long term. Among them, almost 60% believe that the price level will be reached in 3-5 years, while 25% say it will take more than five years.
According to a survey, 39% of respondents believe Bitcoin’s value will reach its record-breaking high of $69,000 in 3 years, while 76% said it will happen within 5 years. According to a recent survey by an asset management firm, only 3% of people doubted Bitcoin could revisit its all-time high.
Fed rate hikes
Investors will tune in to Jerome Powell’s press conference after the policy session for more insight into how much more interest rates could rise and when the Federal Reserve may halt its hikes.
Industry experts expect the federal funds rate to rise 0.25%, bringing it to a range of 4.5% to 4.75% when the Federal Reserve meets on Wednesday. This would be the second consecutive increase in this rate, albeit more slowly than before.
In addition, the official report from the Department of Labor, due to be released on Friday, is likely to show that 185,000 jobs were added in January – down from December’s 223,000.
The unemployment rate is likely to have risen slightly to 3.6%. There are forecasts that hourly wages will decrease compared to the previous month.
bitcoin price
Currently, the price of Bitcoin is $23,526 and it has recorded a positive increase of 2.50% in the last 24 hours. Its market size is estimated at $22 billion, while its market cap is an impressive $453 billion and ranks #1 on CoinMarketCap.
In the 4-hour period, BTC/USD price broke the triple top level of $23,400 and now has the potential to move towards $24,066. If the price surges above $24,066, it could rally even higher to $25,150.
The breakout of a symmetrical triangle pattern typically drives an uptrend in Bitcoin. So, we can expect a continuation of the uptrend in BTC price.
Bitcoin price chart – Source: Tradingview
On the upside, Bitcoin’s immediate support remains at $23,350 and a break above this level can extend the sell trend to $22,800 or $22,350.
Buy BTC now
Bitcoin alternatives
CryptoNews just listed the 15 most promising cryptocurrencies for 2023. If you’re looking to invest, there are alternative ventures out there that could yield a nice return if you do your homework.
Cryptocurrency investors and traders are constantly monitoring altcoins and ICOs in the digital asset space to stay abreast of any emerging trends and opportunities.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
Find the best price to buy/sell cryptocurrency
Cryptocurrency Price Tracker – Source: crypto news
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.