Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The timeline of 2022 unfurled as a turbulent era for the domain of digital currency, with Bitcoin, the world’s paramount cryptocurrency, relinquishing close to 65% of its market footprint. Unanticipated adversities, such as Terra UST’s disastrous depreciation and the disintegration of the FTX exchange, combined with some other factors, blindsided the crypto realm.
Yet, in the present year, Bitcoin has displayed an assertive rebound, escalating by over 80% relative to the benchmarks of the former year. But despite this optimistic rally, the path towards complete recovery for Bitcoin is a daunting endeavor, as it currently hovers at a level that’s a stark 50% less than its peak of $69,000.
Considering the uncertain nature of Bitcoin, market participants need to tread cautiously and vigilantly to achieve optimal results. In this regard, one viable option for individuals is to explore the potential benefits of crypto CFDs offered by reputable platforms like First Invest Capital. By utilizing crypto CFDs, traders can seize opportunities presented by both upward and downward market movements, thereby potentially maximizing their gains.
A mixed performance in the past few months – Is the Bitcoin winter over?
Bitcoin is currently charting a trajectory of revival. As of this moment, the crypto-giant is experiencing a surge, confronting the $30,000 resistance line. A variety of circumstances have spurred this resurgence, including a deepening banking crisis, a dwindling dollar index, subsiding inflation, a hiatus in US interest rate hikes, the enthusiasm generated by BlackRock’s ETF submission, and a stream of safe haven investments.
These factors have collectively repositioned Bitcoin and its digital kin at the forefront of market resistance this year. To put it differently, the allure of these cryptocurrencies has intensified as they are increasingly perceived as a viable alternative to traditional banking systems.
Launching into 2023, Bitcoin found itself swimming in somewhat troubled waters, with valuations teetering around the $16,000 to $17,000 mark. Nevertheless, it was not long before it leaped upward, breaching the $25,000 threshold, only to then dance back and forth with its value.
Come April, the digital gold brushed against the notable resistance boundary of $30,000, a feat not accomplished since June 2022. Post that encounter, the virtual currency has regularly waded through the $28,000-$31,000 range, making recurrent appearances in this spectrum throughout April, May, June, and the present timeline.
Where can the Bitcoin price go in Q3, 2023?
The global cryptocurrency industry is abuzz with anticipation as it prepares to witness the remarkable pinnacle of the world’s largest digital currency, with hopes of even more to come.
After enduring scrutiny from the SEC regarding specific cryptocurrency exchanges and the classification of various digital assets as commodities, the market has shown resilience and managed to restore institutional investors’ confidence.
As a result, if the resistance at the $30,000 level is successfully overcome, Bitcoin’s price is expected to surge past the $35,000 mark. Paolo Ardoino, the chief technology officer at Tether, echoes this positive sentiment toward Bitcoin, expressing his belief that the cryptocurrency may reach a “retest” of its all-time high, nearing $69,000 later this year.
Moreover, examining the price dynamics of Bitcoin’s three halving cycles across two-year spans unveils astonishing findings: the halving event in 2012 witnessed a staggering surge of 39,200% in the price, followed by a substantial upturn of 786% during the 2016 halving and an additional 712% increase in the aftermath of the 2020 halving.
These statistics suggest a potential BTC ascent, with prices reaching $220,000 by 2025 halving. However, it is imperative to bear in mind that historical performance alone cannot guarantee future outcomes, given the multifaceted nature of influences impacting Bitcoin’s price.
As we are venturing into uncharted territory where things remain uncertain, it is crucial for traders to consider alternative options such as crypto CFDs. First Invest Capital is a reliable platform offering a trading system where users can access Bitcoin and several other coins amid efficient conditions. By opting for this forum, traders can navigate the volatile crypto landscape with greater confidence.
Images: Pixabay, Gettyimages
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.