Bitcoin Price Prediction: Experts predict explosive growth as BTC breaks above $17,000
Bitcoin price prediction is neutral, as it remains in a narrow trading range of $16,850 to $17,250. Investors are waiting for a solid fundamental reason to trigger a breakout, but once it breaks out of this range, there will likely be an incredible trade opportunity.
So it's important to keep an eye on the fundamentals that can influence BTC price action.
On the day, the total market capitalization of all cryptocurrencies increased by 0.92% to $859.91 billion, with major cryptocurrencies trading primarily in green. Several well-known and well-known cryptocurrencies rose unexpectedly this morning, even as the market continues to deal with the aftermath of the FTX.
The reason for the bullish rally, however, could be attributed to Fed Chair Jerome Powell's dovish comments, which suggest the central bank will slow the pace of its interest rate hikes.
On the other hand, it was thought that the weaker US dollar, which recently hit a three-month low, was a significant factor in keeping Bitcoin prices high, because BTC has a strong negative correlation with the US Dollar Index.
The FTX company's collapse has caused the entire cryptocurrency market to struggle in recent days. Since FTX, one of the world's largest cryptocurrency exchanges, filed for bankruptcy and it was revealed that Sam Bankman-Fried, the former CEO, may have been involved in severely fraudulent activities, the cryptocurrency market has been dwindling.
Furthermore, BlockFi and other significant cryptocurrency businesses recently declared bankruptcy, further depressing the cryptocurrency market.
Despite this, it was able to reverse its downward trend and make a small recovery on the day. This occurred when the valuations of the two most valuable cryptocurrencies,
Read more on cryptonews.com
