Bitcoin Price Prediction: BTC Blasts past $24,000 – Is there a new bull market starting?
Bitcoin is on an upward trend as it surpasses the $24,000 mark. Investors are now wondering if a new bull markets is in place. Bitcoin reached an all-time high of $24,000 in December 2017. It suffered a major crash, and has struggled to recover its former heights since.
Recent events, such as institutional adoption and major companies investing in Bitcoin, have caused a spike in prices. Many speculate that there is a new bullish market.
The recent creation of a new Bank of New York Mellon unit aimed at helping customers hold, transfer and issue digital assets is also a contributing factor to Bitcoin’s recent rise in value.
Let’s have a closer look at the factors that are driving Bitcoin’s rise, and what analysts think about Bitcoin’s future price predictions.
Crypto Market Gains Despite Strong Retail Sales Data in the USA and Adoption
Today’s surge in cryptocurrency trading is largely due to institutional adoption and increased interest from large companies. The robust US retail sales data has been a positive sign for investors, and is not seen as a concern about interest rate rises but rather good news for earnings.
The market’s upward trend has been aided by the January 2023 launch of non-fungible tokens (NFTs), protocol Ordinals.
The global crypto market cap reached $1.11 trillion. This is an 8.55 percent increase in just 24 hours.
Bitcoin’s average block size has seen a sharp increase
Bitcoin’s average block size, which has surpassed 2.5 gigabytes (MB), has reached an all time high. This is the first time that the cryptocurrency was created in 2009. This is due to the introduction of non-fungible tokens (NFTs), protocol Ordinals by Casey Rodarmor, a software engineer. It was introduced in January 2023.
This protocol allows Bitcoin network users to create digital artifacts such as JPEG photos and PDF documents. In the few weeks after the protocol was launched, block sizes increased more than 2MB. This indicates significant growth in Bitcoin network activity.
This is a significant development in Bitcoin’s rise, since it can stimulate network activity without the traditional transfer cash volume for financial reasons.
The US Dollar is losing its strength
The US dollar has been declining lately after a surge to 104.11 in just six weeks. After this week’s impressive gains, profit-taking has resulted in a decrease in the US Dollar against a basket currency.
The dollar index has fallen by 0.2%, as have futures and futures. Markets are uncertain where interest rates will peak in 2019, despite positive signs of an improvement in the US labor markets and inflation. This has led to traders being more cautious about placing higher-risk bets on Asian currencies.
US Weekly: Initial Jobless Claims Falling Below Expected, Down to 194K
On Thursday, the US Department of Labor published an update indicating that 194,000 people applied for unemployment benefits during the week ended February 11. This reading is slightly higher than the 190,000. It’s also comparable to the 195,000 from the previous week.
The report showed that the insured unemployment rate in advance was 1.2%. However, the four-week moving mean stood at 189.500, which is a slight rise of 500 over the adjusted average for the previous week.
The figures also show that the adjusted seasonally for the number people with jobs in the U.S. was 156,000, compared to the revised figure of 146,000 the week before.
The current Bitcoin price is $22,974. It has seen a $25 billion trading volume in the past 24 hours. The price of Bitcoin has risen by almost 4% over this time. It maintains its top spot in CoinMarketCap with a market capitalization of $443 million.
Bitcoin has passed the $24,300 double top resistance level on a technical level. The current candles closing above that level suggest that there is more chance of a bullish continuation in Bitcoin. Bitcoin’s immediate resistance levels are at $25,450 and $26,000.
Bitcoin could drop to $22,500 if it experiences a bearish breakout below $24,300. This is supported by an upward channel.
The MACD and RSI indicators are still in the buying zone. Bitcoin also has an upward channel which indicates a strong likelihood of bullish trading beyond the $24,300 mark.
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