Bitcoin price: will the rally push the queen of crypto to touch $30,000? Some forecasts on the digital currency and the cryptocurrency sector.
Bitcoin price trades just below $28,000 on Friday, April 7.
Investors are wondering if the world’s largest cryptocurrency could return to touch the $30,000 mark. It should be noted, in fact, that the collapse in 2022, the rebound of Bitcoin this year has made it the best performing asset in the first quarter, even as the expansion of the US regulatory crackdown and the crash of other crypto they tempered traders’ enthusiasm.
Despite the double-digit rally since December 2022 (Bitcoin was worth about $16,000, up about 75% to date), therefore, the queen of digital currencies has not recovered even half of its value from the record peak of nearly $69,000 in November 2021.
The 2023 surge brought the crypto on the verge of exceeding $30,000 for the first time since June, but that level is proving difficult to break. What to expect from Bitcoin price?
Bitcoin price towards $30.00? Forecasts
Multiple narratives helped fuel Bitcoin’s surge in the first quarter, such as the major crypto’s potential ability to offer a hedge against inflation.
Furthermore, the queen of cryptocurrencies should be able to resist the vulnerabilities found in traditional banking systems. Fundamentally, however, little has changed in the world of digital assets according to an analysis by Akshay Chinchalkar and Isabelle Lee on Bloomberg.
Added to this is the fact that cryptocurrency market liquidity and trading volumes have shrunk, as investors who had entered the market during the pandemic have remained on the sidelines following the scandals and implosions of 2022, including that of FTX in November.
After the impressive rally in March, we are now seeing a period of consolidation just below the key $30,000 threshold. Bulls are pausing for breath before the next attack on this key resistance, said Fiona Cincotta, senior financial markets analyst at City Index. However, he said, a break above $30,000 “still looks likely”.
Maybe seasonality will be a support for the crypto. April was generally a solid period for Bitcoin, ranking as the second-best month after October, according to data compiled by Bespoke Investment Group. Over the past five years, Bitcoin has seen an average gain of 15.63% in April.
Original article published on Money.it Italy 2023-04-07 13:30:08. Original title: Prezzo Bitcoin ancora in rally? Fin dove può arrivare
