Despite regulatory concerns and the Fed rate hike, bitcoin managed to rebound with a 3.8 percent gain over the past 24 hours. This has led to an overall growth trend in the cryptocurrency market, with other altcoins also seeing their value soar.
In this article, we'll explore what's affecting Bitcoin's price right now and analyze where it might go next.
Former Coinbase Cto bets null million that bitcoin will hit null million by June 2023
Balaji Srinivasan, Coinbase's former chief technology officer, gained attention for betting null million on the future of bitcoin and believes it will hit null million by June 17, 2023.
Srinivasan asserts that the continued depreciation of the dollar will eventually lead to "hyperbitcoination," with Bitcoin replacing the digital gold standard for the global economy.
Bitcoin, the largest cryptocurrency by market capitalization, has seen scary days below its $16,000 bottom in the past. While many speculated the price would fall to $10,000, the star cryptocurrency showed a stunning recovery and soared nearly 100%. As platforms remain highly active, trading volumes have also increased dramatically, affecting the volatility of assets.
In the first few days of 2023, market sentiment reversed after a long bearish move, sending prices soaring. In addition, the recent turmoil in the US banking system has also driven much of the rebound. BTC prices recorded their biggest one-day gain of more than null,500 and have remained above positive levels.
While current conditions suggest a potential bearish breakout, BTC prices could soon reverse the bullish trend. With the rebound, prices are seen rising more than $30,000 and ending the quarter on a bullish note.
A crypto strategist who correctly called Bitcoin's floor price last year believes the crypto king is now in the early stages of a new bull market.
DonAlt, the pseudonym analyst, told his 471,000 Twitter followers that many traders still believe bitcoin is in a downtrend even after breaking out of a multi-month reversal pattern.
"All I saw was disbelief. Not sure if it's my own belief that cryptocurrencies are bound to go to zero, or the idiots who thought it was a good idea to short the banking crisis after a nine-month bull market rally and range break. ""
The popular cryptocurrency trader shows negative funding rates on various cryptocurrency exchanges, indicating that traders are still betting on a BTC decline while supporting his thesis that an incredible rally is underway.
Traditionally, incredible rallies occur at the start of a bull market, when traders affected by previous bear markets still expect prices to eventually go lower despite asset strength.