Bitcoin Price and Ethereum Prediction: BTC Rises Towards $24K
Bitcoin’s price has risen towards $24,500 and many are wondering how far it can go. At the same time, Ethereum’s value has increased, albeit at a slower pace than Bitcoin’s. In this article, we will look at how both cryptocurrencies are doing now and try to predict how they might do in the future.
Hong Kong’s crypto initiatives lead Bitcoin to break 8-month highs
Today, the cryptocurrency markets have experienced a significant increase in value, mainly due to positive news from Hong Kong. The Asian financial hub has announced that it will open its doors to digital assets and investors, with plans to become a leading crypto hub in the region.
From June this year, buying, selling and trading crypto will be fully legal for all Hong Kong citizens, including mainland Chinese institutions.
This development has given a positive response from the markets, with prices rising by as much as 9% in just one day. Hong Kong’s decision to embrace digital assets means that money from China can now easily flow back into the crypto markets, despite the ban on crypto for individuals in the country.
This development stems from an announcement in January by Paul Chan, the financial secretary of Hong Kong, in which he declared that the city aims to become a crypto hub with a strong regulatory framework.
Mike Novogratz Bullish on Bitcoin, predicts it could reach $30K this quarter
Galaxy Digital’s founder and CEO, Mike Novogratz, has expressed his belief that Bitcoin prices will reach $30,000 by the end of March. Speaking at a Bank of America conference on Feb. 15, Novogratz highlighted the price action and excitement among clients, stating that rising FOMO, or Fear Of Missing Out, is building to make his prediction come true.
With Bitcoin’s biggest daily gain in over a month, up 12% in the last 24 hours, the cryptocurrency only needs to climb another 21.5% from current levels to reach Novogratz’s target.
The prominent venture capitalist has previously predicted that Bitcoin prices will reach $500,000 for one BTC in 2024 and still sees the asset reaching that level, albeit not within the next five years.
Texas-based ‘Bitcoin Embassy’ created by El Salvador to drive digital asset adoption
El Salvador has become the first country in the world to adopt Bitcoin as legal tender, and now it has taken another step towards promoting the use of digital assets. The country has announced plans to open a “Bitcoin embassy” in Texas, with the aim of driving the adoption of cryptocurrencies.
Milena Mayorga, El Salvador’s US ambassador, revealed this development on Twitter on February 17. This initiative follows a similar move by Switzerland last year, which aimed to support the use of digital assets. By creating a “Bitcoin Embassy” in Texas, El Salvador hopes to further its efforts to promote the use of cryptocurrencies globally.
According to a tweet from El Salvador’s US ambassador, Milena Mayorga, the country, which became the first in the world to adopt Bitcoin as legal tender, plans to establish a “Bitcoin embassy” in Texas. This move follows a similar initiative by the country of Switzerland last year, which aimed to promote the use of cryptocurrencies.
Bitcoin price
The current price of Bitcoin is $24,643, with a trading volume of $37 billion in the last 24 hours. In the last 24 hours, Bitcoin has increased by almost 11%. It is currently ranked #1 on CoinMarketCap, with a market cap of $475 billion.
From a technical perspective, Bitcoin has recently broken above a significant double top resistance level at $24,300. The current closing candles above this level have increased the likelihood of a bullish trend continuation in BTC. In terms of immediate resistance levels, Bitcoin is currently facing resistance at $25,450 and $26,000.
On the other hand, if there is a bearish breakout of the $24,300 level, the BTC price may decline towards the $22,500 level, which is supported by an ascending channel. Since the RSI and MACD indicators are in the buy zone, and BTC has also formed an upward channel, there is a high chance that BTC will continue to trade bullishly above the $24,300 level.
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Ethereum price
As of now, the live price of Ethereum is at $1,680 with a trading volume of $12 billion in the last 24 hours. Ethereum has experienced an increase of almost 9% in the last 24 hours. It currently holds the #2 ranking in CoinMarketCap with a live market cap of $205 billion.
The ETH/USD pair is currently showing a bullish bias from a technical perspective, bouncing above the $1,490 level, which is a significant support mark at the 38.2% Fibonacci retracement level.
A bullish breakout above the $1700 double top resistance level could delay the ETH price to reach $1785. A further breakout to the upside could also see the price climb towards $1,890.
However, on the downside, Ethereum’s immediate support is currently at the $1,575 mark. A breach of this level could lead to further selling pressure and push the price towards $1,495 or even $1,365.
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Bitcoin and Ethereum alternatives
We have listed the top 15 cryptocurrencies for 2023 based on their expected market capitalization, but there are many other promising options to consider if you are looking to invest in cryptocurrencies. It is worth noting that new cryptocurrencies and ICOs appear regularly.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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