$30,000 for Bitcoin in April 2023: Experts Debate Price Predictions
The end of April is much anticipated by investors, as they hope Bitcoin will regain momentum and reach a higher level. Since 2023 took off, the value of Bitcoin has risen by nearly 65 % alongside other popular crypto assets. Bitcoin's price has spiked over 20% from March 1, when it was trading roughly above $23,000, and briefly passing $29,000 on March 30. This is part of a larger trend toward reclaiming the psychological $30,000 mark.
Currently, a portion of the industry's optimistic outlook on Bitcoin stems from the asset's performance during the banking turmoil caused by the failure of Silicon Valley Bank and two crypto-friendly lenders, Silvergate Capital and Signature Bank. Instead of collapsing, Bitcoin appreciated. This could be interpreted as proof that Bitcoin provides an alternative to the traditional banking system as a safe place for people to store their money.
Some industry experts believe the world's largest cryptocurrency could reach new heights due to its impressive growth. In November 2021, Bitcoin previously reached its all-time high of $68,990.90. Since then, it has decreased by approximately 60%, but now is a time of growth.
Former Coinbase CTO and investor Balaji Srinivasan staked $2 million on the prediction that Bitcoin's value will reach $1 million within 90 days. He made the wager in response to a tweeter who offered $1 million on the proposition that the United States will avoid hyperinflation. Srinivasan thinks hyperinflation will lead to widespread purchases of Bitcoin, which he compares to physical gold.
The anticipated Bitcoin halving event in 2024 is another potential reason why analysts are positive about Bitcoin. This happens every four years and results in a reduction of the mining reward from 6.25 BTC to 3.125 BTC. The halving of the Bitcoin mining supply is typically viewed as beneficial to the price of Bitcoin because it has been historically linked to a surge in momentum. Another well-known pseudonymous crypto trading expert, PlanB, similarly predicted in October that the upcoming halving event would increase the price of BTC based on an examination of historical pricing trends and anticipated growth in DeFi assets.
The emerging AI technologies also have a say in Bitcoin price prediction. According to the research made by Finbold using AI-powered crypto monitoring platform PricePredictions, Bitcoin is expected to trade above $30,000 by the end of next month.
Source and Copyright: © PricePredictions
Despite the charts' optimism, Gareth Soloway, chief market strategist of InTheMoneyStocks.com, said in an interview with Kitco News that Bitcoin would fall to levels not seen since November 2020, maybe reaching as low as $9,000 in 2023. According to Soloway's theory, despite the current banking crisis and possible stock market sell-off, Bitcoin would eventually recover and resume its long-term growth trajectory after an initial downturn.
Bitcoin's value has fluctuated wildly since the cryptocurrency was first introduced in 2009, but the last several months have been especially exciting. Despite concerns, many traders remain optimistic about Bitcoin's future. It remains to be seen if the cryptocurrency will reach $100,000 as some analysts anticipate, but Bitcoin will undoubtedly remain a prominent component in the global financial system the coming years.