Expert predicts another bull run as Bitcoin reaches $30,000
As Bitcoin hits $30,000, experts weigh in on what this bullish news has in store for the crypto sector.
Bitcoin (BTC) has reached the $30,000 price range for the first time since June 2022. According to data from Coinglass, a 7% pump has liquidated over $174.2 million worth of trades in the last 24 hours.
Of the total liquidation amount, 87.34% was liquidated from short positions. And a total of 31,864 traders were liquidated.
Additionally, MicroStrategy, one of the largest BTC holders, is in profit after 10 months of holding Bitcoin with unrealized losses in the millions. According to Saylor Tracker, a website that tracks the Bitcoin holdings of MicroStrategy, the company has 140,000 BTC at an average price of $30,129. It has an unrealized profit of $7.8 million.
Bitcoin to $50,000 in the next six months?
Gaurav Dahake, CEO of the BNS exchange, told BeInCrypto that they are extremely positive for 2023.
He explains,
“We are only 12 months away from the Bitcoin halving event, which has previously fueled Bitcoin’s momentum as also seen in the last three cycles. BNS remains highly optimistic about Bitcoin’s long-term potential, and we consistently advise investors to adopt a systematic investment plan ( SIP) approach to it.”
Dahake predicts that BTC will hit $50,000 this year. He says, “We expect this rally to persist for a few more quarters and are confident that Bitcoin will surpass the $50,000 milestone within the next six months.”
Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, is also bullish on the upcoming Bitcoin halving. He told BeInCrypto,
“If we look at BTC’s historical price cycles, we are almost a year away from the next reward halving, which typically marks the start of a bull run that lasts for at least a year after the halving. We can expect further growth in Bitcoin prices.”
Check out BeInCrypto’s chain analysis on BTC price halving after 2024 here.
A viable alternative in today’s climate
Bitcoin has been the best performing asset class in 2023, up over 80% this year. While there has been chaos in global macroeconomics, with notable banks collapsing.
Dahake believes that the rally indicates “how investors have come to view Bitcoin as a viable alternative in today’s climate. Its popularity is growing alongside traditional assets such as gold and silver around the world.”
He adds: “This bull run further underscores the faith investors have in the resilience of the global macro economy, particularly that of the US.”
Chaturvedi also supports the narrative that Bitcoin is a viable alternative. He says: “Despite the banking challenges crypto companies face in the US, the rise in Bitcoin prices persists and there is indeed a ‘disconnect’ from traditional finance.”
On the other hand, Fakhul Miah, CEO of CreDa and Head of Growth for Elastos, believes that: “The Bitcoin price rise above $30,000 foreshadows the likelihood of easing monetary policy by the Fed and other central banks due to the recent banking stress.”
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
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