According to information gathered by Finbold on March 19, Bitcoin’s momentum is projected to stall on Easter Sunday, April 9, trading at a price of $27,845. Finbold used CoinCodex’s self-learning machine technology to predict Bitcoin’s price on Easter 2023.
Political pressure, technological setbacks, and media coverage centered on the idea of FUD—any news coverage intended to create « Fear, Uncertainty, and Doubt »—are eventually to blame for the price decrease of bitcoin.
While That’s Going On, Volatility Rules
In recent days, the price of Bitcoin has stayed constant around $28,000. Profit-taking by long-term Bitcoin investors is occurring, and whale activity is dwindling. Can the bulls maintain their grip? Bulls encounter stiff resistance at $28,500 as long-term investors dump their Bitcoin.
We may anticipate large price hikes as well as significant price drops until Bitcoin is widely used. The price of Bitcoin has been seen to be lowest on Friday mornings at roughly 6 a.m. UTC for the previous two years.
Bitcoin is a volatile currency, so you can make a lot of money rapidly. Expert experts claim that trading is most effective in the UTC time zone between midnight and one in the afternoon. During this time, you should start intraday deals.
Expecting Bitcoin price stability « may be illogical »
Many people are not sure that Bitcoin’s price will continue to rise or even maintain its present level around $30,000. This is despite the 70% increase in Q1 prices. Global central bank liquidity levels and cryptocurrency performance are closely related, according to Bloomberg Intelligence’s research of the macroeconomic environment.
Cryptocurrencies and other risky assets have decreased as banks reduce their liquidity investments in the economy due to inflation. The Federal Reserve’s quantitative tightening (QT) policy, which started late in 2021, and the present all-time high price of Bitcoin, are related.
Bitcoin led all asset classes in terms of performance for the first quarter of 2023. The ongoing auction of 40,000 Bitcoins by US prosecutors and significant negative on-chain indications, however, provide obstacles to price increases.
According to data from IntoTheBlock, BTC’s journey to $30k may be difficult. The In/Out of Money Around Price (IOMAP) data indicates that BTC holders might anticipate another fall below $27,000 in the upcoming weeks.
Bitcoin’s Operating Regulations
Like with fiat currencies like the Euro and the US Dollar, the value of Bitcoin (BTC) is not based on a single organization, such as the central bank. The price is determined by supply and demand, or what consumers are willing to pay.
Particularly around the $28,500 to $35,000 region, Bitcoin is seeing significant resistance. 1.37 million addresses have profited from 821,000 coins, according to statistics. If the sell-off persists, it’s possible that BTC may retrace to find support at $26,800. This is the average price based on 310,000 addresses purchasing 250,000 Bitcoins.
Bulls may get more certain if BTC goes beyond $28,700. The 1.37 million members of the resistance army had bought 821,000 bitcoins at the highest possible price. If BTC breaks above that range, it may easily hit $30,300.
In the end, the factors that caused Bitcoin’s price decrease are:
- Politics-related pressure,
- Errors in technology,
- The spread of « Fear, Uncertainty, and Doubt » (FUD) in the news
Bitcoin’s Future: A Mixed Prediction
Despite this, some industry insiders have bullish forecasts for the value of Bitcoin, with Balaji Srinivasan predicting it would reach $1 million within 90 days and Marshall Beard forecasting it will reach $100,000 this year.
With a 70% increase and a current price of nearly $27,912, Bitcoin (BTC) has fared incredibly well this year. Nevertheless, Gareth Soloway of InTheMoneyStocks.com forecasts that Bitcoin will fall to less than $13,000. The pessimistic outlook may restrict future price hikes for bitcoin.
