The technical analysis reveals that Bitcoin’s price is currently $27,005. Going by the current trend, experts predict that the cryptocurrency can hit a high of $28,192.35. On average, people will likely trade around $35,014.48. However, Bitcoin prices can fluctuate significantly. Therefore, experts expect Bitcoin’s average rate to be $27,827.22. To protect your digital savings when trading cryptocurrencies, it’s critical to pick a reliable platform like Bitsoft360.
2023 was a rough year for Bitcoin and other cryptocurrencies. In particular, Bitcoin lost almost 65% of its market value. Unfortunate events like the Terra Luna crash caught many crypto enthusiasts off-guard. Also, the looming macroeconomic conditions and the fall of crypto exchanges affected the cryptocurrency market. For this reason, many investors want to know whether the most prominent cryptocurrency will rise again.
Will Bitcoin Rise Again?
After its plunging movement, Bitcoin regained its levels of around $27,000. Since May 5, 2023, Bitcoin has traded at about 10% against high transaction fees and halted withdrawals.
The upside momentum and recovery are visible due to the favorable macroeconomic situations in various places. Bitcoin users and traders are hopeful that the Federal Reserve in the U.S. will likely pause the increase in interest rates since the inflation data hints at moderation. As inflation cools gradually, crypto investors are getting the hope that Bitcoin might bounce back.
Additionally, the U.S. banking system has a deteriorating condition has propelled investors to consider alternative investments instead of traditional financial instruments. According to crypto experts, Bitcoin will soon cross the $30,000 mark and increase to $35,000 towards the end of May. The recovery journey is still long since Bitcoin is almost 50% down from its all-time high.
When writing this blog post, the global crypto market capitalization was around $1.14 trillion. The CoinMarketCap notes that the stable coins’ volume is $22.22 billion. Bitcoin’s dominance is 46.40%. While Bitcoin recently plunged under $20,000, it has rebounded and shows a positive trend.
Should You Invest in Bitcoin?
Bitcoin’s future remains uncertain due to its volatility. Therefore, investors should be cautious and watchful about Bitcoin’s price movements. Several factors affect Bitcoin’s price. Unlike altcoins, Bitcoin sets the trend without relying heavily on the crypto market.
Nevertheless, Bitcoin seems responsible for the factors affecting all markets, such as rising interest rates and crypto news. Also, non-crypto information, like price actions, affects its price. Technological breakthroughs and mass adoption news affect Bitcoin’s price positively. However, uncertainty about Bitcoin’s future can plummet its value.
The crypto market is developing as more businesses introduce crypto-related services and products. At the same time, some experts are questioning the long-term viability of the technology. Many crypto experts explain the public pushback against this technology as misunderstanding and fear. However, the increasing regulations mean investors should be cautious when investing.
Unlike Solana or Ethereum, Bitcoin lacks the benefit of establishing a sprawling ecosystem of various services and products. It’s only a digital currency. Also, its non-eco-friendly proof-of-work and slow reaction to change make it a less attractive investment for some people. Nevertheless, Bitcoin has gained significant popularity and adoption worldwide. And this will likely cause a surge in its price.
Bitcoin is in an uptrend, and experts predict it will continue to rise. Therefore, investing in this crypto asset now is a wise decision. However, please consider the risks of investing in cryptocurrency and do your due diligence. This Bitcoin prediction is conservative and may not capture the impact of unexpected regulations or random media hype that may happen in the future. Such factors are unpredictable, yet they may affect Bitcoin’s price. Nevertheless, preparing for wild price fluctuations and researching the market can help you decide when and whether to invest in Bitcoin. Remember, all cryptocurrencies are relatively more unpredictable and unstable than conventional investments.