The price of Bitcoin is still above $27k as investors and stakeholders await monetary policy announcements from regulators worldwide.
The price of Bitcoin stayed above $27,000 on Wednesday as most of the largest cryptocurrencies remained barely changed for the most part. The crypto market is likely reacting to investors holding out for official monetary policy announcements from central banks around the world.
Earlier, BTC was unable to scale its 50-day moving average as it met with stiff resistance at $27,400. However, data from CoinMarketCap put the king coin at about $27,035, after falling 0.31% in the last 24 hours but rising over 3.5% over the past week. Ethereum has also increased 1.91% in the past week, while BNB climbed 1.99%. Of the top 5 cryptocurrencies by market cap, XRP has climbed the most, at 6.49% over 7 days.
According to FxPro Senior Market Analyst Alex Kuptsikevich, traders are weaning on central bank decisions in the next few days, especially regarding interest rates as several countries battle inflation. Although Kuptsikevich told CoinDesk that he is bearish, he said:
“All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the U.S., Switzerland, the UK and Japan.”
The Senior Market Analyst explained his bearish position, basing his conclusion on chart specifics. He said:
“The situation for Bitcoin is bearish if one looks solely at the technical pictures on the chart. The corrective bounce in BTC is formally over; the price has fallen below the moving averages, and the short-term oversold condition is complete.”
Fortunately, not all Bitcoin predictions are bearish. According to analysts at crypto platform Matrixport, the fourth quarter of the year will likely be bullish for Bitcoin. The analysts noted that in most cases, the fourth quarter is historically an upward one for Bitcoin and has been for nearly a decade. They wrote:
“Q4 traditionally represents Bitcoin’s strongest quarter, with an average of +35% return over the past nine years. If history is any guide, Bitcoin could reach $37,000 by year-end.”
Bitcoin Price Predictions
As 2023 slowly draws to a close, several stakeholders have made more than a few predictions for Bitcoin. For instance, Galaxy Digital Holdings Ltd founder Mike Novogratz said Bitcoin will hit $500,000 in 2024. According to him, the wave of adoption in the crypto market will spike prices as the industry continues to mature. Novogratz also believes that Bitcoin will become a global asset class with more institutional interest.
ARK Invest CEO Cathie Wood has an even bigger prediction for Bitcoin. According to the CEO, Bitcoin will hit $1 million next year. She based her prediction on an increase in institutional interest and the king coin’s ability to improve the financial sector. Wood also stated that Bitcoin will become more popular for its function as a store of value like gold.
Pantera Capital has a much lower but healthy prediction, at $148,000 in 2024. In a “Blockchain Letter” from last month, the investment firm said the upcoming Bitcoin halving will play a major role in the king coin’s bullish run.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
