Bitcoin is again on a rising course since the beginning of the year. But the last two weeks have been particularly tough. The price once again rose above key support levels. In this article, we want to ask if BTC could rise to $30,000 in the coming weeks.
Since the beginning of the year, the crypto sector is recovering. Finally, matters recovered from last year and gathered important support again.
So far, the price of bitcoin has increased by more than 30 percentage points. Within the last 14 days he managed another plus of 15 percent. That makes the value today $28,207. Market capitalization increased to $544.57 billion.
An increase despite an impending financial crisis
The increases at the beginning of the year are primarily due to the more stable macroeconomic conditions. Inflation is slowly changing direction and the FED may be reconsidering its stance on raising interest rates.
So there have already been a few positive weeks for Bitcoin and Co., which had a lasting impact on the prices.
However, the recent increases over the past week are due to the looming financial crisis in the US. After Silicon Valley Bank went bankrupt, people lost faith in the banking system. This could lead to many new investors moving to the crypto sector.
They now seem to see bitcoin and other coins as an alternative to previously known investments. Because the current situation in the financial market does not seem to be stable for a long time. Some experts even accept that the bankruptcy of Silicon Valley Bank is only the beginning of a long and difficult phase for the US.
So the crypto market could take advantage of the unstable situation of the banks in the USA in the long term and emerge as the winner of the situation. But how high can Bitcoin rise and how long will the bull run last?
Bitcoin Finds Support Again: How High Can It Go Now?
If you look at the price of Bitcoin over the past two years, you can assume that the coin is currently undervalued. Currently he is miles away from his all time high. However, that does not mean investors and traders stop believing in it.
The market was initially put under pressure in 2021 due to the consequences of the corona pandemic and the associated delivery obstacles and restrictions.
Last year, the war in Ukraine made things difficult for the price. Due to developments in Europe, inflation rates rose worldwide. At the same time, the prime interest rate in the US was increased regularly and significantly.
As a result, many small investors had to withdraw from the market altogether. At the same time, difficult circumstances arose for investors, as the entire crypto and stock market suffered from the consequences of the coming economic crisis.
The original values are preserved
So if one takes seriously that investors and supporters continue to believe in the fundamental values of bitcoin, it would rise to an all-time high this year imaginable.
First, however, the price would have to break additional resistance levels. If it breaks the USD 28,500 mark in the coming week, it may reach USD 30,000 again in April.
However, the support and buying power of the traders is not only dependent on whether or not they believe in the future of bitcoin. Macroeconomic considerations also continue to play a major role. If the FED does not raise interest rates again this week, this could have a positive effect on the price. In the past, the data on the main interest rate and the inflation data were especially noticeable in the price of BTC.
For example, if the authority announced an unexpected high rise, the price dropped significantly just a few minutes after this news. That could be the end of this year. So if there is further stability from this perspective, the entire crypto market could go on a recovery course.
The FED’s decision today to raise interest rates could provide the first impetus for a renewed hike. On Twitter, most investors agree that Bitcoin will definitely return to its old strength.
Michael Sayler, CEO of Microstrategy is a self-confessed Bitcoin supporter. Crypto analyst Cathie Wood also remains positive about the coin and calls for stocking up now to take advantage of a rise in the coming years. In a tweet last week, she emphasized that cryptocurrencies should not be underestimated and should be supported by the government.
“Instead of blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure, regulators should have targeted the centralized and opaque points of failure that exist in the traditional banking system.”
While the US banking system was seizing in response to bank runs that threatened regional banks, Bitcoin, Ethereum, and other crypto networks did not take a beating. Instability in the banking system threatened stablecoins, the ramps to DeFi, in stark contrast to the regulator’s rhetoric https://t.co/r5xwC96Pdj
— Cathie Wood (@CathieDWood) March 15, 2023
The crypto expert gets a lot of support on Twitter. Some of its followers expect Bitcoin to rise above USD 35,000 in the next 24 hours.
Many possibilities: There remains one risk
The crypto market seems to be getting a lot of support from both retail investors and pundits at the moment. However, it remains to be seen whether the price of BTC will rise above the USD 30,000 mark in the coming days or weeks, but there is the possibility of a real reversal.
The first strong signs could already emerge today after the FED published the new information on the main interest rate. Further increases could come from that in the coming weeks.
However, Bitcoin and Co. trading is high risk. History shows that the course responds very quickly to sensitive news from around the world. This means that losses can also occur quickly.
The Love Hate Inu meme base is sending much stronger signals right now. The developers are currently working on a project that aims to combine transparent and simple surveys with their own cryptocurrency. The pre-sale of LHINU tokens has been very popular so far, which has developed within a very short time.
Photo by Brian Wangenheim
