• Bitcoin prices have been on the rise but experts are predicting a drop to below $13,000.
• Positive outlooks from experts like Balaji Srinivasan and Marshall Beard suggest BTC could reach $100,000 this year.
• The global cryptocurrency market is gaining momentum due to easing financial crisis fears and investors awaiting the release of the Personal Consumption Expenditures (PCE) price index.
Bitcoin Prices Rising
Bitcoin, the world’s largest cryptocurrency, has been experiencing an uptick in its price, surging by over 4% in the last few hours. However, the gains in Bitcoin’s price seem to be fading and it has lost some of its recent increases. This could be because some experts predict that Bitcoin will drop to below $13,000 which has had a negative impact on investor sentiment and contributed to the latest modest losses.
Positive Outlooks for Bitcoin
At the same time, future of Bitcoin still appears bright with experts forecasting a price surge. Balaji Srinivasan, former Coinbase executive has bet $2 million that Bitcoin will reach a value of $1 million within 90 days. Marshall Beard, Chief Strategy Officer of US cryptocurrency exchange Gemini anticipates that Bitcoin will reach $100,000 this year. Consequently this positive outlook is considered one of important factors that may help BTC limit its minor losses.
Impact of Jobless Claims & GDP Growth Data
The global cryptocurrency market has gained momentum and experienced a spike in value as fears about a financial crisis have eased leading to increases both in crypto market & other market stocks. Furthermore investors are awaiting release of Personal Consumption Expenditures (PCE) price index which is Federal Reserve’s preferred inflation gauge on Friday. According to data released Thursday jobless claims rose more than expected & fourth-quarter GDP growth was slightly lower both indicating cooling labor market & supporting case for softer Fed policy .As result softer Fed policy could lead to weaker dollar which may benefit BTC .Cooling labor market & lower GDP growth may lead investors seek alternative investments such as cryptocurrencies which could lead increase demand & potentially drive up BTC prices .In addition banking instability earlier month raised fears broader financial crisis resulted significant shift Fed’s monetary policy expectations .Consequently impact news on bitcoin uncertain as it vary depending various factors such investor sentiment ,market trends ,macroeconomic conditions .
Mixed Predictions for Bitcoin
Bitcoins future outlook remains mixed with predictions ranging from a potential dip below $13k all way up reaching values as high $100k this year .Investors must take into consideration wide range factors when attempting predict where bitcoin heading next week or even months down line . Factors include investor sentiment ,market trends ,macroeconomic conditions & banking instability amongst others all having potential affect btc’s movement near future
Conclusion
Overall while there no sure way tell where bitcoin headed next near term outlook remains bright with many industry experts predicting further increases in value long run . Investors should remain vigilant taking into account all relevant variables before making their decisions investing