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Bitcoin Price Prediction: BTC Rockets 5% in Just 7 Days – Will the Weekend Bring Even More Gains?

Arslan Butt
Last updated: | 3 min read

In the world of cryptocurrencies, the spotlight is once again on Bitcoin as it surges 5% in merely a week, leaving investors and traders wondering if the weekend holds the potential for even more gains. As market sentiment shifts and volatility remains high, BTC price predictions become increasingly important in navigating the ever-changing landscape of digital currencies. 

In this Bitcoin price prediction, we’ll explore the factors contributing to Bitcoin’s recent rally and delve into whether the weekend could bring additional upward momentum.

As Monthly CME Bitcoin Options Reach Expiration Today, Is BTC’s Momentum in Jeopardy?

Today marks the expiration of the monthly CME Bitcoin options, an event that has been known to impact the price of the leading cryptocurrency. With 105,000 BTC contracts set to expire on April 28th, there is a max pain point at $27,000 and a notional value amounting to $3.1 billion.

In the past, Bitcoin’s momentum has been influenced by the expiration of these options, sometimes resulting in price volatility and shifts in market sentiment. With Bitcoin recently experiencing a 5% surge in just 7 days, market participants are closely monitoring the potential effects of this expiration on the cryptocurrency’s continued upward momentum.

The expiration of CME Bitcoin options could increase trading activity, as investors adjust their positions to manage risk and capitalize on potential price movements. While some traders may view the expiration as an opportunity to take profits, others might see it as a chance to enter new positions, anticipating further gains in the coming days. 

As the market reacts to the expiration, the direction of Bitcoin’s price movement remains uncertain, leaving investors to weigh the potential risks and rewards in this dynamic market environment.

South African CEO Fined $3.4B by CFTC for Bitcoin MLM Scheme

The case involves Cornelius Johannes Steynberg, a South African CEO who founded Mirror Trading International Proprietary Limited (MTI). Steynberg orchestrated an international multi-level marketing (MLM) scheme to attract Bitcoin investments from the public. 

Steynberg and MTI falsely claimed that an unregistered commodity pool with bot-operated trading activity would offer investors significant returns, when in reality, they traded off-exchange retail forex and misappropriated all the invested Bitcoin. 

Starting in May 2018, Steynberg solicited funds from over 23,000 individuals worldwide, amassing nearly 30,000 BTC, worth $1.7 billion at the scheme’s end in March 2021. According to the US commodities regulator, a Texas federal judge has instructed the leader of a South African company to pay a staggering $3.4 billion in the largest-ever fraud case involving Bitcoin. 

Cornelius Johannes Steynberg was mandated to pay $1.7 billion in restitution to the victims of the fraudulent scheme and an additional $1.7 billion as a civil penalty, setting a record for any Commodity Futures Trading Commission case, as stated in the regulator’s announcement on Thursday.

Bitcoin Price

On the technical front, Bitcoin is facing immediate resistance around the $30,000 level, which also acts as a psychological barrier. On the downside, significant support is found at the $29,000 level. On the two-hour timeframe, there is a downward trendline that intersects with Bitcoin’s upward momentum. 

This particular trendline presents significant resistance around the $29,600 level. However, leading technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both in the buying zone, supporting the chances of a bullish trend continuation.
 

Bitcoin Price Chart – Source: Tradingview


Simultaneously, the 50-day Exponential Moving Average (EMA) is holding around the $29,100 level, also suggesting a possibility of an upward movement in Bitcoin. If Bitcoin manages to break through the $30,000 resistance level, it has the potential to target $30,400 or $30,800 resistance levels. Alternatively, if BTC breaks below the $29,100 level, it may target $28,800 or $28,200 levels.

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Top 15 Cryptocurrencies to Watch in 2023

In addition to Bitcoin, the market is offering numerous promising cryptocurrencies, including emerging altcoins and presale tokens, which hold the potential for substantial returns.

In response, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each exhibiting strong prospects for both short-term and long-term growth. 

This list is continually updated to include new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

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Cryptocurrency Price Tracker – Source: Cryptonews