like Bitcoin reaches $30,000, and experts ponder what this bullish news holds for the cryptocurrency sector.
Bitcoin (BTC) has reached the $30,000 price range for the first time since June 2022. According to data from Coinglassa pump of 7% that monetized over $174.2 million in deals over the past 24 hours.
Of the total liquidation amount, 87.34% of short positions are liquidated. 31,864 traders were liquidated.
Additionally, MicroStrategy, one of the largest holders of bitcoin, is profitable after 10 months of holding bitcoin with unrealized losses in the millions. according to Saylor Tracker, a website that tracks Bitcoin holdings at MicroStrategy, the company holds 140,000 BTC at an average price of $30,129. It has an unrealized profit of $7.8 million.
Bitcoin at $50,000 in the next six months?
Gaurav Dahake, CEO at BNS exchange, told BeInCrypto that they are very optimistic for 2023.
“We are only 12 months away from the Bitcoin Halving event, which in the past has driven Bitcoin’s momentum as we have also seen in the past three cycles. BNS remains very bullish on Bitcoin’s long-term potential and continues to advise investors to adopt a Systematic Investment Plan (SIP) approach towards it. “.
Dahake expects BTC to reach $50,000 this year. “We expect this rally to continue for a few more quarters and remain confident that Bitcoin will cross $50,000 within the next six months,” he says.
Barth Chaturvedi, Lead of the Crypto Ecosystem at CoinSwitch, is also bullish regarding the upcoming bitcoin halving. He told BeInCrypto,
“If we look at BTC’s historical price cycles, we are about a year away from the next reward halving, which usually marks the beginning of a bull run that will last at least a year after the halving. We can expect further growth in the Bitcoin price.”
Check out BeInCrypto’s on-chain analysis on BTC price after the 2024 halving here.
A viable alternative in the current climate
Bitcoin was the best performing asset class in 2023, up over 80% this year. While there was global macroeconomic chaos, with the collapse of prominent banks.
Dahake believes that the rally indicates “how investors have come to view Bitcoin as a viable alternative in the current climate. Its popularity is growing alongside traditional assets such as gold and silver around the world.”
He adds, “This bullish trend further underscores investors’ belief in the resilience of the global macro economy, particularly that of the United States.”
Chaturvedi also supports the narrative that Bitcoin is a viable alternative. He says, “Despite the banking challenges faced by crypto companies in the US, the bitcoin price rally continues, and it really is ‘breaking off’ from traditional finance.”
On the other side, Vakhol Miah, CEO of CreDa and Head of Growth at Elastos, believes: “Bitcoin’s rally above $30,000 anticipates the potential for monetary policy easing by the Federal Reserve and other central banks due to the recent banking squeeze.”
Get the latest version of BeInCrypto bitcoin (BTC) analysis, click here.
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