Bitcoin Price Prediction: In recent weeks, Bitcoin has experienced a significant rally, surging 19% in just one month, leading many to question whether the bear market is finally over.
Bitcoin Price Prediction as BTC Rallies 19% in a Month – Is the Bear Market Over:
This update delves into Bitcoin price predictions and analyzes various factors contributing to the cryptocurrency’s recent gains, while also assessing the likelihood of a sustained upward trend.
Will Bitcoin’s Hash Rate Growth Slow Down in April:
Bitcoin Price Prediction: Bitcoin’s one-day mean hash Rate reached 398EH/s last weekend, sparking speculation on social media. However, it’s important to remember that Bitcoin’s hash Rate is back-calculated from block production, and luck plays a more significant role in short periods than in longer timeframes, making one-day data less accurate.
Net spending on property, plant, and equipment (PP&E) by North American public mining companies began shrinking in Q3’22, as shown in data from 18 companies. With only 12 companies reporting cash flow activities for Q4’22, the trend seems to have continued. These 12 companies saw net PP&E spending decrease from Q1 to Q4.
US Economic Data
Bitcoin Price Prediction: Investors are closely monitoring a series of US economic reports this week, beginning with manufacturing activity data, set to be released later today. Nonetheless, it is anticipated that the results will reveal the US manufacturing sector has stayed in a contraction phase for the fifth straight month.
In the meantime, the primary attention will be on nonfarm payroll data, scheduled for release on Thursday. Traders will be seeking additional signs of labor market fragility, which could lead to a less aggressive Federal Reserve stance this year.
Due to forthcoming economic data from the United States, traders appear reluctant to make substantial bids. Moreover, macroeconomic elements like inflation, financial instability, and regulatory shifts may influence the Bitcoin market, resulting in notable price fluctuations.
Bitcoin Price
Bitcoin Price Prediction: The current price of Bitcoin stands at $28,150, with a trading volume of $10.1 billion over the past 24 hours. In the last day, Bitcoin’s value has declined by 0.20%. As per Coin Market Cap, Bitcoin holds the #1 position, boasting a market capitalization of $548 billion.
On the other hand, if the market faces a downturn, the immediate support level for Bitcoin lies at $27,600. A decisive breakout from the trading range between $28,200 and $28,900 will be critical in establishing the future trajectory of Bitcoin’s price movement.
Top 15 Cryptocurrencies to Watch in 2023
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