4,000 Americans predict Bitcoin’s price over the next 6 months
With a gain of around 40% in 2023, Bitcoin (BTC) is enjoying a successful start to the year. Therefore, investors hope that the crypto can maintain its gains in the coming months.
Despite the optimism, US adults surveyed in January 2023 forecast a bleak future for Bitcoin, predicting the asset is likely to trade at $15,252 over the next six months, according to research published on January 24 by Morning consultation.
The adult price estimate represents a drop of approximately 34% from Bitcoin’s value at the time of publication. Specifically, the survey results had a monthly sample size of 4,400 US adults.
From the feedback, it is clear that their confidence in Bitcoin among respondents is waning despite the asset starting the year on a positive note.
Although Bitcoin has rallied significantly in 2023, staying above the $23,000 level, the asset still faces uncertainty. It is worth noting that Bitcoin is operating under almost similar conditions that characterized last year’s bear market.
At the moment, Bitcoin seems to be recovering from the uncertainty of macroeconomic factors, but the short-term forecast remains volatile. In this case, despite an improvement in key macroeconomic factors, Bitcoin’s outlook also depends on the overall health of the economy, which is staring at a possible recession.
Bitcoin is facing possible reversal
In fact, the Bitcoin price has failed to break and hold the $24,000 resistance level despite the recent Federal Reserve policy on interest rates. Notably, the Fed raised interest rates by 0.25% as expected, a factor seen as a possible trigger for a rally among risk assets such as Bitcoin. In particular, Bitcoin reacted positively to testing $24,000 short.
However, Bitcoin’s bullish momentum faces the risk of being invalidated after the latest US unemployment data. Notably, over 500,000 jobs were added in January to beat expectations, with the unemployment rate falling to the lowest level in nearly six decades.
It’s worth noting that the robust payrolls number could dash traders’ hopes that the Fed will delay rate hikes or consider rate cuts in the coming months if the US employment situation worsens significantly.
At the same time, the jobs data bodes well for the dollar, but could potentially trigger a sell-off in risk assets such as Bitcoin.
Furthermore, regulations remain a possible reason for the gloomy Bitcoin projection. It is worth noting that several government agencies, including the White House, have made clear their plans to regulate crypto.
Bitcoin price analysis
The virgin cryptocurrency is currently trading at $23,337, representing daily losses of over 1%. On the weekly chart, BTC is up over 1%.
Elsewhere, Bitcoin’s technical analysis is largely bullish. A summary of the one-day targets is for ‘buy’ sentiment at 14, while moving averages recommend ‘strong buy’ at 13. Oscillators remain neutral with a gauge of 9.
Meanwhile, the machine learning algorithm at Price predictions indicates that Bitcoin is likely to extend its bullish momentum in the coming weeks to trade at $24,342 on February 28, 2023.
