Bitcoin Price Prediction: Bulls Push BTC Higher Than $23,000 – How High Could BTC Go?
Bitcoin’s price soared by more than 2.5% on January 29. The leading cryptocurrency reached a high of $23,500. Institutional buying and expectations of more adoption have fueled the bitcoin price surge.
Although the technical outlook suggests bullish predictions about BTC’s future it is still unclear what BTC will do in the future. This article will explore the potential future trajectory of Bitcoin and discuss factors that could influence it.
Institutional Investors Share Their Bitcoin Predictions: 65% of them Expect BTC To Reach $100K In 2023
A recent survey found that institutional investors are optimistic about Bitcoin’s future and believe it could reach $100,000. They also expect strong returns in the next year.
Nickel Digital Asset Management conducted a poll on Thursday to find out the opinions of institutional investors about Bitcoin’s future value. The Financial Conduct Authority (FCA), United Kingdom, and the Commodity Futures Trading Commission (USA) both approve and regulate the London-based investment management (CFTC).
Nickel recently hired Pureprofile, an international market research firm to conduct a global survey of institutional investors and wealth managers in the United States and other countries. The study involved more than $2.85 trillion of AUM.
Nickel presented in detail the results of the survey.
Professional investors see a strong year ahead of bitcoin and are optimistic about its long-term value. Nearly nine in ten professional investors expect bitcoin to rise this year. Two thirds of the three experts agree that a $100,000 valuation is possible, but only for long-term investors.
According to the asset manager’s survey, there was strong belief that bitcoin will continue its price trend in the future. In fact, 23% believed it would surpass $30,000 by 2023.
A survey also found that two-thirds (or more) of institutional investors believe Bitcoin could reach $100,000 over the long-term. Nearly 60% believe that Bitcoin will reach its current price in three to five years, while 25% think it will take more than five years.
A survey found that 39% believe Bitcoin’s record-breaking price of $69,000 will be reached in three years, while 76% think it will occur within five years. A recent survey from an asset management company found that only 3% believed bitcoin could again reach its all-time peak.
Fed Interest Rate Increases
Investors will tune in to Jerome Powell’s press conference following the policy meeting to get more insight into the potential increase in interest rates and when the Federal Reserve might stop them.
According to industry experts, the Federal Reserve will increase the federal funds rate by 0.25 percent, which would bring it to 4.5% to 4.75% when they meet on Wednesday. This would be the second consecutive increase in this rate, though it will happen at a slower pace than usual.
The official Labor Department report, due to be released Friday, will likely show that January saw an increase of 185,000 jobs – a decrease in comparison to December’s 223,000.
Expectedly, the unemployment rate will have risen slightly to 3.6%. Hourly wages are expected to decrease compared with the previous month.
The current price of Bitcoin is $23,526. It has experienced a positive gain in value of 2.50% in the past 24 hours. Its market volume is $22 billion, while its market capital stands at $453 billion. CoinMarketCap ranks it at number 1.
The BTC/USD price broke through the $33,400 mark in the last 4 hours and could move higher to $24,066. It could rise to $25,150 if the price breaks through $24,066.
The usual driver of Bitcoin’s uptrend is the breakout of symmetrical triangular patterns. We can expect an increase in Bitcoin’s price.
Bitcoin’s immediate support remains at $23,350. A breakout of this level could extend the selling trend to $22.800 or $22,350.
Buy Bitcoin Now
CryptoNews has just published a list of the top 15 cryptocurrencies in 2023. There are many other ventures that can offer a good return on your investment.
To stay on top of all the emerging trends and opportunities, cryptocurrency traders and investors are constantly monitoring altcoins as well as ICOs within the digital asset space.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.