Bitcoin price has risen significantly today and is currently on its way to the USD 30,000 mark. But how long will the fund keep the gains and how might the SEC lawsuit affect demand? Is the current increase only temporary or can it be extended? We want to answer these questions with this article.
BTC course with positive signs
Over the past 24 hours, the price of bitcoin has seen an exciting rise. It increased eight percentage points. The market capitalization increased to over USD 561.03 billion.
This boom comes at a very exciting time for Bitcoin. Due to the last few weeks, the crypto market has been operating very cautiously. Investors became concerned again and some retreated, increasing selling pressure.
The reason for the new lawsuits is the authority of the SEC. The US regulator has accused the two well-known crypto exchanges Coinbase and Binance. As with previous court proceedings, the issue is whether or not your offer is a securities trade. Investors are now afraid of significant regulations or the shutdown of the platforms.
Sometimes crypto exchanges offer customers a very large range. Some focus exclusively on cryptocurrencies, others offer NFTs or, for example, ETFs. In our broker comparison, traders learn how the leading platforms differ from each other.
When it comes to the question of how the course can develop in the coming days and weeks, opinions differ greatly. The course is performing excellently today. However, the fate of the SEC laws is far from clear.
Sideways movement or further price explosion – that’s what the experts say
Bitcoin is the first and most famous cryptocurrency. In view of this, it is always part of forecasts. Because it shows the direction of the entire crypto market. If it falls, altcoins will also lose a lot in value. If, on the other hand, it rises, the other courses usually follow suit.
For this reason, the Bitcoin forecast is very interesting at the moment. Analysis company Glassnode publishes a weekly review and forecast in video and written form.
In his forecast, the analysts stressed that times are difficult for cryptocurrencies. This was also seen in the last week. However, it is the experts who have suggested that the course may have continued to rise.
They describe bitcoin’s current performance as “pre-bull market”. A critical point is the HODL rate, as they state in their written forecast:
“These HODLers are currently accumulating coins at a rate of around 42.2K BTC per month, suggesting that the price-sensitive class is absorbing a non-trivial portion of the current supply. Comparing this behavior to previous cycles, we can see that this regime of steady, gradual accumulation began just over 2 years ago and suggests that in the next 12 months it could be ahead of us.”
So you assume the next bull market is coming. They give the history of the course as a reason for this. According to their analysis, the situation from two years ago could be repeated.
Still, they stress that long-term investors shouldn’t get too excited. They accept that they will have to show a lot of patience. This is due to the fall in the balance sheets of the exchange rate.
Traders who don’t want to wait for returns may consider another cryptocurrency. Because alternative coins can regularly bring in profits for their sellers. Interested parties can find out what needs to be considered and what they are in our article on how to buy altcoins.
Price explosion instead of sideways movement
One or the other may already speak of a price explosion with today’s development. But crypto analysts assume that there is still much more potential in the current performance.
Michael von de Poppe, CEO and Founder of MN Trading tweeted yesterday that Bitcoin is now on its way to the $38,000 mark.
#Bitcoin Shows some interesting structure.
Running above the 200-Week EMA and bouncing firmly out of that area.
Second, the previous resistance is supported, through which a new rally can begin.
We’ll see in the coming weeks, but another rally to $38K is on the cards. pic.twitter.com/q0RxP20wbl
— Michaël van de Poppe (@CryptoMichNL) June 20, 2023
“Bitcoin shows some interesting structures. It stayed above the 200 week EMA. The previous resistance becomes support, allowing a new rally to begin. We will see in the coming weeks, but another rally to $38,000 is on the way.”
He also assumes that a situation from the past may repeat itself and that the demand for Bitcoin and Co will increase significantly in the coming weeks.
It remains to be seen how the Bitcoin course will continue. The first target is for it to hold above the USD 28,800 level. It is currently doing so, however, if it falls again, the support could fall again. In addition, any news related to the crypto exchanges and the SEC lawsuit will affect the price. So it’s still exciting.
Deelance: The sale price will be increased soon
Traders who want to spend time with a new trade should look at the new Deelance project. Here the developers gathered an interesting use case with the use of cryptocurrency.
The new cryptocurrency DLANCE is a native token of the Deelance platform. There is valuable cooperation to be created here in the future. A founder should be able to publish his business ideas and strategies here and seek volunteers to help him implement them. The developers say their website should be able to create new NFT stores, metaverses or games. Both sides of that cooperation should pay a small fee. The pre-sale will start in two days in the next round. The selling price of the tires rises again.