Bitcoin, the world’s largest cryptocurrency by market cap, recently made headlines when it broke through $27,000 for the first time. This price surge has reignited speculation about where Bitcoin is headed next, with many analysts and investors making their predictions.
Similarly, Ethereum also drew strong buying interest, with its value surging 24.75% to hit the $1,794 mark. However, the reason for this upward rally can be attributed to the impact of inflation in the United States rather than hyperinflation.
This suggests that the value of the US dollar is declining, which is likely to encourage investors to look for alternative forms of currency to protect their wealth.
As a result, Bitcoin, which is decentralized and not tied to any government, could be viewed as a more stable investment option, increasing demand and driving the price even higher.
Additionally, former Coinbase Chief Technology Officer Balaji Srinivasan’s optimistic prediction that Bitcoin’s value will reach $1 million in the next 90 days has been seen as a major driver of the cryptocurrency’s price.
This bullish comment is expected to motivate more investors to buy Bitcoin, boosting demand and driving the price even higher.
Risk-on wave in cryptocurrency market amid US financial crisis
The global cryptocurrency market continues to show bullish sentiment and is still on the rise, surpassing $1.16 trillion. However, the ongoing financial crisis in the United States, particularly the upheaval in the banking industry, has prompted investors to turn to cryptocurrency as an alternative.
It is worth noting that the recent bankruptcy of Silvergate, a financial services provider to cryptocurrency companies, along with government takeovers of insolvent banks such as Silicon Valley Bank and Signature Bank, has created cryptocurrency-related challenges for banking firms.
Hence, these crises have highlighted the effectiveness of cryptocurrencies, which have emerged as a safe haven during the ongoing financial crisis in the United States.
It is important to note that investors are looking for alternative options to protect their funds and Bitcoin, being decentralized and not governed by any government, appears to meet these criteria and is seen as a more trustworthy investment option.
As a result, the crypto market is in an uptrend, with Bitcoin and other cryptocurrencies making new multi-month highs.
Bitcoin continues to rise, analyzes point to potential for further growth
Since Wednesday, the price of bitcoin has continued to rise, recently surpassing $27,000, which has led to an increase in profitable transactions on the BTC network compared to unprofitable ones.
Additionally, a new research report by CryptoQuant author and analyst Ankur Banerjee, using the Elliott Waves analysis approach, shows that Bitcoin, the world’s largest cryptocurrency, has the potential for further growth in value.
This optimistic forecast is likely to increase demand for Bitcoin and push up its price, as investors may see it as a potentially profitable investment option.
Ex-Coinbase CTO Places $2M Bet On Bitcoin Hitting $1M
Balaji Srinivasan has placed a $2 million bet on the price of Bitcoin reaching $1 million by June 17th. Balaji S. Srinivasan is a businessman and investor from the United States. He was the former Chief Technical Officer of Coinbase and co-founder of Counsyl.
Balaji Srinivasan has placed a $2 million bet on Bitcoin that reaches $1 million in value, citing his belief that hyperinflation in the United States will make BTC more attractive. If bitcoin fails to hit the $1 million mark, Srinivasan will lose the bet and will have to pay 1 BTC and $1 million in USDC to the person who placed the bet.
However, if the price of Bitcoin reaches $1 million, Srinivasan will receive 1 BTC and $1 million in USDC, potentially attracting more investors to the cryptocurrency.
Bitcoin is currently trading at $27,200 with a 24-hour trading volume of $32.3 billion. Bitcoin is down 0.64% in the past 24 hours. On the technical front, the BTC/USD pair is trading with a bullish bias and is facing immediate resistance at the $27,740 level.
Bitcoin price chart – Source: Tradingview
On the upside, a bullish breakout above $27,740 could potentially propel the price of BTC towards the $29,000 or $30,700 levels. Meanwhile, the support levels are holding steady around $26,600 and $25,200.
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Top 15 Cryptocurrencies to Watch in 2023
Industry Talk has compiled a list of the top 15 cryptocurrencies to watch in 2023, with insights from the experts at Cryptonews. Whether you’re a seasoned crypto investor or new to the market, this list contains valuable information on promising altcoins that could potentially have a significant impact on the industry.
Stay up to date on new ICO projects and altcoins by checking back regularly.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
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