Bitcoin Gears Up For The Next Big Leap: $36,000 Within Reach
Bitcoin has been a buzzword in the cryptocurrency world, and now, it looks like the popular digital asset is ready to take another leap forward.
According to research by Matrixport, a leading provider of cryptocurrency services, Bitcoin is poised for a significant rise of up to 20%, with its estimated value at between $35,000 and $36,000.
This bullish forecast is likely to fuel the excitement of investors, who are already keeping an eye on the performance of the ever-evolving cryptocurrency market.
Potential factors that could drive the BTC rally
Bitcoin could experience a significant recovery in the near future, as noted by matrixport on twitter. Despite the US Federal Reserve’s decision to raise interest rates by 25 basis points on Wednesday, Matrixport suggests this could be the last hike of this cycle, paving the way for a potential market rally.
#Bitcoin set to go higher with projected target of $36,000 as strong technical breakout signal #race amid positive market outlook fueled by #stockbuybacks It is #memecoins
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Subscribe to our TG for the latest news: https://t.co/56qsCZy8w0 pic.twitter.com/HqvsWkt5cG— Matrixport (@realMatrixport) May 4, 2023
Furthermore, the current banking crisis in the United States, which has required government guarantees and liquidity injections for acquiring parties, may create an opportunity for BTC to flourish.
Furthermore, the recent resurgence in share buybacks, which are expected to reach $1 trillion this year, could benefit risky assets such as cryptocurrency in addition to equities.
With several factors at play, the future of alpha cryptocurrency remains as unpredictable and exciting as ever.
Bitcoin Rebounds Slightly After Recent Drop
Bitcoin experienced a mild recovery up 0.9% over the past 24 hours to hit $29,006.37 in CoinGecko, after falling 1.5% last week. Despite the setback, the cryptocurrency’s volatility and rapid growth potential still make it an interesting option for investors willing to take the risk.
Source: CoinMarketCap
However, Bitcoin’s trading volume is decreasing despite its rebound to $29,000. On the bright side, the report suggests that there is limited resistance to Bitcoin’s upward movement. As such, many remain bullish on the coin’s future performance.
BTCUSD slightly above $29,000 on the daily chart at TradingView.com
Improving Market Sentiment
The report also noted that there has been a notable improvement in overall sentiment towards the cryptocurrency market. Investors seem to be showing a increased interest in meme coins, leading to an increase in commercial activity.
Many analysts remain bullish on their long-term prospects, citing increasing cryptocurrency adoption and rising institutional interest in Bitcoin.
While short-term fluctuations are inevitable, it is possible that we will see Bitcoin’s value continue to rise in the coming months and years.
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