Bitcoin has long been a buzzword in the world of cryptocurrency, and now, it seems that the popular digital asset is set to take yet another leap forward.
According to research from Matrixport, a leading provider of cryptocurrency services, Bitcoin is primed for a significant surge of up to 20%, with its value predicted to soar to between $35,000 and $36,000.
This optimistic forecast is likely to fuel excitement among investors, who are already keeping a close eye on the crypto’s ever-evolving market performance.
Potential Factors That Could Drive BTC’s Rally
Bitcoin could potentially experience a significant rally in the near future, as noted by Matrixport on Twitter. Despite the US Federal Reserve’s decision to raise interest rates by 25 basis points on Wednesday, Matrixport suggests that this may be the last hike for this cycle, paving the way for a potential market surge.
#Bitcoin set to soar with projected target of $36,000 as technical breakout signals strong #rally amidst positive market outlook fueled by #stockbuybacks and #memecoins
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Sub to our TG for the latest: https://t.co/56qsCZy8w0 pic.twitter.com/HqvsWkt5cG— Matrixport (@realMatrixport) May 4, 2023
Furthermore, the ongoing banking crisis in the United States, which has required government guarantees and liquidity injections for acquiring parties, may create an opportunity for BTC to flourish.
Additionally, the recent resurgence of stock buybacks, which are expected to reach $1 trillion this year, could potentially benefit risk assets such as cryptocurrency, in addition to stocks.
With various factors at play, the alpha crypto’s future remains as unpredictable and exciting as ever.
Bitcoin Rebounds Slightly After Recent Dip
Bitcoin experienced a slight recovery with a 0.9% increase in the last 24 hours, hitting $29,006.37 on CoinGecko, after a 1.5% decline in the past week. Despite the setback, the cryptocurrency’s volatility and potential for rapid growth still make it an exciting option for investors willing to take on the risk.
Source: CoinMarketCap
However, Bitcoin’s trading volume has been declining despite its rebound to $29,000. On the bright side, the report suggests that there is limited resistance for Bitcoin’s upward movement. As such, many remain optimistic about the coin’s future performance.
BTCUSD slightly above $29,000 on the daily chart at TradingView.com
Improving Market Sentiment
The report also noted there has been a noticeable improvement in the overall sentiment towards the cryptocurrency market. Investors seem to be showing an increased interest in meme coins, leading to a surge in trading activity.
Many analysts remain bullish on its long-term prospects, citing the growing mainstream adoption of cryptocurrency and the increasing institutional interest in Bitcoin.
While short-term fluctuations are inevitable, it’s possible that we’ll see Bitcoin continue to climb in value over the coming months and years.
-Featured image from Shutterstock
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Author: Christian Encila
