Are you looking to be ahead of the curve with your Bitcoin investment? Find out what 4,000 Americans think about BTC prices in the next 6 months.
Bitcoin (BTC) is off to a good start this year, with gains of almost 40% expected in 2023. As a result, investors are expecting that the cryptocurrency can maintain its gains in the next months.
Despite their optimism, US respondents polled in January 2023 expect a bleak future for Bitcoin, believing that the currency will likely trade around $15,252 in the next 6 months, according to Morning Consult study published on January 24.
The adult price forecast indicates a 34% reduction from Bitcoin’s value at the time of publication. Notably, the survey results were based on a monthly sample size of 4,400 individuals in the United States.
According to the responses, respondents’ faith in Bitcoin is dwindling, despite the asset began the year on a high note.
Although Bitcoin has gained tremendously in 2023, remaining over the $23,000 mark, the market remains volatile. It is worth noting that Bitcoin is functioning in almost identical conditions to last year’s bear market.
Bitcoin appears to be rebounding from the uncertainties of macroeconomic issues at the moment, but the short-term forecast remains fragile. In this situation, despite an increase in key macroeconomic indicators, Bitcoin prospects are also dependent on the overall health of the economy, which is on the verge of a recession.
Bitcoin may experience a reversal.
Despite the new Federal Reserve interest rate policy, Bitcoin price has failed to breach and hold the $24,000 resistance level. The Fed, in particular, hiked rates by 0.25% as expected, which was seen as a probable catalyst for a rise in risk assets such as Bitcoin. Notably, Bitcoin reacted well to a brief test of $24,000.
However, Bitcoin’s upward momentum is under threat as a result of the new US unemployment figures. Notably, more than 500,000 jobs were added in January, exceeding predictions, and unemployment rates fell to their lowest level in nearly six decades.
It is worth mentioning that the strong payrolls report may dash speculators’ hopes that the Fed will postpone rate hikes or explore rate cuts in the coming months if the US job picture deteriorates dramatically.
At the same time, while the jobs report is positive for the dollar, it may cause a sell-off in risky assets such as Bitcoin.
Furthermore, restrictions remain a possible factor for Bitcoin’s bleak outlook. It’s worth mentioning that various governmental authorities, including the White House, have stated their intention to regulate cryptocurrency.
Analysis of the Bitcoin price
The first cryptocurrency is presently trading at $23,337, reflecting a daily loss of more over 1%. BTC is up more than 1% on a weekly basis.
Other than that, Bitcoin’s technical analysis is generally optimistic. The one-day indicators suggest a ‘buy’ attitude at 14, while moving averages suggest a’strong buy’ at 13. With a gauge of 9, oscillators remain neutral.
Meanwhile, PricePredictions’ machine learning system predicts that Bitcoin will likely extend its bullish trend in the coming weeks, reaching $24,342 on February 28, 2023.
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