In this Bitcoin price prediction, we’ll explore the possibility of bulls targeting the $30,000 level and discuss whether the recent momentum could signal the end of the bear market. With the cryptocurrency market witnessing a resurgence in optimism, it’s essential to assess the underlying factors contributing to these trends and consider the potential outlook for Bitcoin’s price trajectory.
Balaji Srinivasan Outlines $1M Bitcoin Bet Reasoning
At CoinDesk’s Consensus 2023 conference, entrepreneur Balaji Srinivasan discussed his bet that bitcoin could reach $1 million by June 17. Srinivasan, a former Coinbase CTO, predicted bullish prospects for bitcoin in response to the devaluing US dollar back in March.
While he acknowledges the possibility that reaching $1 million might take longer than expected, he sees his prediction as symbolic of the collapse in confidence in the US financial system due to excessive money printing.
Srinivasan believes there’s a high likelihood of a significant issue within the US economy, which could be a catalyst for Bitcoin’s value to skyrocket.
PCE Index Data Fails to Impact Markets; Focus Shifts to Federal Reserve Interest Rate Decision
The US Personal Consumption Expenditures (PCE) Index data, regarded as the macro event of the week, did not provide a performance catalyst as the numbers were largely in line with market expectations. Financial commentator Tedtalksmacro noted that the core PCE has remained steady at 4.6% since December, with the latest figures not causing any market shock.
Consequently, US equities showed little movement at the open, while Bitcoin’s Binance order book data displayed modest bid liquidity moving toward spot price, reducing potential volatility. The focus is now shifting towards next week’s macro events, headlined by the Federal Reserve interest rate decision.
The Kobeissi Letter highlighted that the already strong odds of a further rate hike have increased after the PCE report. The odds of another 25 basis points rate hike in June are now at 28%. However, at least two rate cuts are anticipated this year, although the Fed has not yet expressed support for any rate cuts.
CME Group’s FedWatch Tool indicated a 90% certainty of a 0.25% rate hike at the time of writing, a 5% increase from the previous day.
The current live Bitcoin price stands at $29,325, with a trading volume of $19.2 billion over the past 24 hours. Bitcoin has experienced a 1% decline in the last 24 hours. Its CoinMarketCap ranking is #1, featuring a live market capitalization of $567.7 billion. Presently, 19,358,687 BTC coins are in circulation, and the maximum supply is capped at 21,000,000 BTC coins.
On the technical side, Bitcoin encounters immediate resistance near the $30,000 mark, which also serves as a psychological hurdle. Conversely, substantial support can be found at the $29,000 level. On the two-hour timeframe, a descending trendline intersects with Bitcoin’s upward movement.
This specific trendline poses significant resistance around the $29,600 level. Nevertheless, prominent technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both situated in the buying zone, bolstering the likelihood of a continued bullish trend.
At the same time, the 50-day Exponential Moving Average (EMA) is situated around the $29,100 level, indicating a potential upward trend in Bitcoin. If Bitcoin can surpass the $30,000 resistance level, it could aim for the $30,400 or $30,800 resistance levels.
Conversely, if BTC drops below the $29,100 level, it may target the $28,800 or $28,200 levels.
Top 15 Cryptocurrencies to Watch in 2023
In addition to Bitcoin, the market is offering numerous promising cryptocurrencies, including emerging altcoins and presale tokens, which hold the potential for substantial returns.
In response, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each exhibiting strong prospects for both short-term and long-term growth.
This list is continually updated to include new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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