Bitcoin Price Prediction as Bloomberg Analyst Says BTC Could Hit $100,000 if History is Right – Time to Buy?
As the crypto market continues to evolve, many are looking for reliable Bitcoin price predictions to help guide their investment decisions. A recent statement by a Bloomberg analyst suggests that BTC could reach $100,000 if historical trends hold true.
This raises the question – is now the right time to buy Bitcoin and capitalize on this potential price surge?
Bitcoin Approaches Record for Most Consecutive Monthly Increases Since 2021
Bitcoin is on track for its fourth consecutive monthly increase, the longest streak since March 2021. During the US session, cryptocurrency was trading at around $27,900, with other digital assets like Ether, Binance Coin, and Cardano also rising.
Historically, four-month winning streaks have led to an average 260% surge in Bitcoin's value over the following year, according to Bloomberg data. If this trend continues, the largest digital asset could reach a record $105,000.
Bitcoin's 80% rebound in 2023 has been influenced by factors like the Federal Reserve's potential shift to looser monetary policy, concerns about fiat currency stability, and the upcoming halving event.
Recently, Standard Chartered Bank, BCA Research, and Bloomberg Intelligence have all highlighted the possibility of Bitcoin reaching at least $100,000.
Bitcoin Resumes Upside Movement as Crypto Winter is Finally Over
The crypto winter has finally ended, and according to a research report by Standard Chartered Bank, Bitcoin (BTC), the world's largest cryptocurrency, could potentially reach $100,000 by the end of the year.
Factors contributing to this growth may include the recent banking sector crisis, which has reinforced Bitcoin's role as a decentralized, scarce digital asset.
The report, published on Monday, highlights Bitcoin's reputation as a safe haven, a perceived store of value, and a means of remittance, as noted by analyst Geoff Kendrick. Since the beginning of the year, Bitcoin has experienced a 65% increase.
The current live Bitcoin price stands at $27,969.10, with a trading volume of $18.4 billion over the last 24 hours. In the past 24 hours, Bitcoin has experienced a 5% decrease. CoinMarketCap ranks it at #1, with a live market capitalization of $541 billion.
Bitcoin prices experienced a significant drop from $29,600 to $27,640. On the four-hour chart, Bitcoin has fallen below the 50-day exponential moving average, which previously served as a support zone near the 28,800 mark.
The candlestick patterns indicate a prevailing bearish sentiment in the market, while the RSI and MACD indicators suggest a potential downtrend for Bitcoin's price today.
On the downside, Bitcoin may encounter immediate support near the 27,600 level, which is marked by a trendline visible on the 4-hour chart. If the price breaks below this crucial 27,600 level, BTC could be headed toward the next support level at 27,200.
Top 15 Cryptocurrencies to Watch in 2023
In addition to Bitcoin, the market offers a variety of promising cryptocurrencies, including emerging altcoins and presale tokens with the potential for substantial returns.
Consequently, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each exhibiting strong potential for both short-term and long-term growth.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Find The Best Price to Buy/Sell Cryptocurrency