Bitcoin Price Prediction: Analysts Foresee Significant Volatility in Near Future, with Potential Drop to $25,000
In this Bitcoin price prediction, we will delve into the perspectives of analysts who foresee significant volatility in the near future, with the potential for a drop to the $25,000 level. As the cryptocurrency market constantly evolves and fluctuates, understanding the factors that influence price movements becomes crucial for traders and investors.
In this update, we aim to provide insights into the possible short-term trends and key levels to watch in the Bitcoin market.
Since the beginning of March, US regulators have closed and sold three mid-sized US banks: Silicon Valley Bank, Signature Bank, and First Republic. The number of failures represents the highest to impact the US since the financial crisis of 2008.
In Europe, Credit Suisse, a major global player in financial turmoil, is being forced into a rescue plan with competitor UBS. Customers withdrew money in large quantities due to concerns about the security of their funds, which led to the crashes.
Banks in the USA, Europe, and the UK are collapsing, causing people's trust in them to wane and driving more people towards crypto because of its decentralized nature. Furthermore, US Secretary Janet Yellen stated that the US would reach its debt ceiling in June, which added further pressure on the US dollar and supported BTC/USD prices.
Bitcoin recently set a new record for daily transactions as interest in Ordinals, a protocol that expands the applications of the blockchain, has grown. According to data from BitInfoCharts, the daily volume of Bitcoin transactions rose to 682,009 on Monday, surpassing the previous record of 568,300 set the day before. This figure was approximately 78,000 higher than the previous peak reached during the 2017 bull market.
A majority of
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