Bitcoin gears up for next big leap: $36,000 within reach
Bitcoin has long been a buzzword in the world of cryptocurrency, and now it seems that the popular digital asset is set to take another leap forward.
According to research by Matrixport, a leading cryptocurrency services provider, Bitcoin is slated for a significant increase of up to 20%, with its value predicted to rise to between $35,000 and $36,000.
This optimistic forecast is likely to create excitement among investors, who are already keeping an eye on the crypto’s ever-evolving market performance.
Potential factors that could drive BTC’s rally
Bitcoin could potentially experience a significant increase 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 increase for this cycle, paving the way for a potential market rally.
#Bitcoin set to rise with an estimated target of $36,000 as technical breakout signals strong #rally amid positive market outlook driven by #share purchase and #memecoins
🧵👇
Sign up to our TG for the latest news: pic.twitter.com/HqvsWkt5cG— Matrixport (@realMatrixport) 4 May 2023
Furthermore, the ongoing banking crisis in the US, which has required government guarantees and liquidity subsidies for acquirers, may create an opportunity for BTC to flourish.
In addition, the recent resurgence of share buybacks, which are expected to reach $1 trillion this year, could potentially benefit risk assets such as cryptocurrency, in addition to stocks.
With various factors at play, the future of alphacrypt remains as unpredictable and exciting as ever.
Bitcoin bounces back a bit after recent drop
Bitcoin saw a slight recovery with a 0.9% increase in the last 24 hours, reaching $29,006.37 on CoinGecko, after a 1.5% decline in the past week. Despite the setback, the cryptocurrency’s volatility and potential for rapid growth still make it an exciting option for investors willing to take on the risk.
Source: CoinMarketCap
However, Bitcoin’s trading volume has decreased despite the retreat to $29,000. On the bright side, the report suggests that there is limited resistance for Bitcoin’s upward movement. As such, many remain optimistic about the coin’s future performance.
BTCUSD slightly above $29,000 on the daily chart at TradingView.com
Improvement in market sentiment
The report also noted that there has been a noticeable improvement in the overall sentiment towards the cryptocurrency market. Investors seem to show one increased interest in meme coinss, leading to an increase in trading activity.
Many analysts remain bullish on the long-term outlook, citing the growing mainstream adoption of cryptocurrency and the growing institutional interest in Bitcoin.
While short-term fluctuations are inevitable, it is possible that we will see Bitcoin continue to rise in value over the coming months and years.
– Featured image from Shutterstock
