Bitcoin’s Price Surge and Potential for $35K?

Bitcoin’s price is set to post a quarterly increase that will surpass any other seen since the beginning of 2021, which was the year when the cryptocurrency went on to reach its all-time high. This surge in Bitcoin’s value has been attributed to its ability to act as a hedge against the problems faced by the US and European financial sectors. In this article, we will explore the factors that have fueled Bitcoin’s price surge, the proposed Bitcoin bill, and the potential for Bitcoin to hit $35K.

Factors Fueling Bitcoin Price

Despite the crypto market suffering a loss of $1.5 trillion in value in 2022, it is expected to have gained approximately $390 billion in value in 2023, thanks to Bitcoin’s resurgence. This recovery has occurred despite the failure of several prominent cryptocurrencies, a governmental crackdown in the United States, and the temporary de-peg of a crucial stablecoin that was intended to maintain a value of $1 at all times.

One of the key factors that have fueled Bitcoin’s price surge is its ability to act as a hedge against the problems faced by the US and European financial sectors. As banks worldwide continue to fail, investors are increasingly turning to Bitcoin as a safer alternative.

Apart from gaining momentum from failing banks worldwide, the price of Bitcoin also benefited from the proposed Bitcoin bill, which is touted to be favorable for crypto miners in the US. The bill proposes to provide tax exemptions for crypto miners, which could further fuel Bitcoin’s price.

Bitcoin Price to Hit $35K?

Although the price of Bitcoin suffered momentarily on news of Coinbase getting a wells notice from the SEC, it soon gained steam as the Fed stuck to its 25bps rate hike, breaking past $28.5K on Thursday morning. According to Michael van de Poppe, a notable cryptocurrency analyst, the price of Bitcoin was anticipated to decrease, but now that it has broken through the psychological level of $28,000, it is on its way to new all-time highs. He has earlier forecasted a price of $35K for the crypto king.

It should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s price tracker recommend a “Buy” position as summarized by its moving averages: recommending a “buy” at level 15 and “sell” at level 1. Currently, the price of Bitcoin (BTC) is exchanging hands at $28,538, representing a drop of 0.46% over the past 24 hours, in contrast to a gain of 15% recorded over the last seven days.

Conclusion

Bitcoin’s resurgence has surprised many in the crypto market, given the challenges it has faced in recent times. However, its ability to act as a hedge against the problems faced by the US and European financial sectors has fueled its price surge. The proposed Bitcoin bill, which is touted to be favorable for crypto miners in the US, could further fuel its price. As things currently stand, Bitcoin is on its way to new all-time highs, and analysts are predicting a potential price of $35K.

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