“Hmmm how long will it take for BTC to go past $31,000?”
Following speculation that the bear market may be over, the price of cryptocurrency king Bitcoin (BTC) has finally regained its position above the $29,000 level amid banking sector woes.
On April 26, 2023, the price of BTC saw a 10% drop as traders in the futures market took profits while Ethereum (ETH) investors did the same after the Shanghai upgrade.
Despite this, the price of BTC has now managed to jump by 0.78% to $29,500 in the last 24 hours with a market capitalization of $571 billion and recorded an increase of around 4.18% over the last week.
This is because traders have started to open long positions and spending activities by whales are increasing, where there are whales that have been quiet for a long time and are suddenly active lately.
At the moment, traders are waiting for two important events, namely Friday's monthly expiry* and the Federal Open Market Committee (FOMC) meeting which will be scheduled on May 2, following which it will be an important sign in determining whether the price of BTC will go up or down.
*The expiration date for US listed stock options is usually the third Friday of the contract month or the month the contract expires
The weakening of the United States (US) dollar coupled with the fact that the Republicans are actively trying to get the national debt ceiling approved will also be the reason why the price of BTC has the potential to jump higher.
Please note that ChatGPT predicts that the price of the digital asset may cross the $135,000 level shortly after the BTC halving takes place in April 2024.
