As Bitcoin reaches its highest level in nine months, many are asking how far the cryptocurrency can go. Bitcoin’s price has risen in recent months, with a market valuation of over $1 trillion and a surge in demand as investors seek a safe haven amid economic turmoil.
Many people are now unsure as to whether the cryptocurrency is experiencing a long-term bull run or if a correction is imminent.
Today’s Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 28,062.32 |
Bitcoin Price Prediction
Bitcoin started trading at $27,350 on March 18. It is now worth $27,416 after rising in value by 2.75% during the previous 24 hours. The value of BTC/USD has fluctuated, reaching a high of $27,605 and a low of $27,053.
The recent news of bank failures and worries about prospective interest rate hikes have also contributed significantly to the increase in the value of Bitcoin, which has increased by more than 35% over the past week.
During a brief period of stabilisation at roughly $26,500, the price of bitcoin experienced a dramatic fall. As a result, it sank below the $25,000 and $25,500 support levels, starting a brief downward trend.
The BTC/USD pair is now trading with a strong bullish bias as of Saturday, but there is immediate resistance in the area of $27,750. The price of bitcoin may reach the $30,750 milestone if a strong breakout occurs above this level.
But, if the $27,750 level turns out to be a barrier, there may be a sell-off, which may push the price as low as $25,200 or even $23,020.
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