According to the charts, BTC is now trading in the space between a $31,000 top and a $25,000 bottom.
Data from CoinMarketCap suggests that the biggest cryptocurrency by market capitalization traded at $30,234 on 9 July and was down by almost 0.29% over the 24 hour time frame.
Overall, analysts suggest that there's a high likelihood that the upcoming FOMC meeting will raise interest rates. The possibility of another rate rise could have a negative or positive effect on BTC depending on the macro economic conditions.
This would be similar to the Fed's decision from March, which was accompanied by the series of issues in the US banking industry that plagued the month.
However, despite the larger setbacks for BTC price throughout the first two quarters of the year, the year end price predictions for the asset appear favourable.
BTC price has been the focus of considerable debate among crypto enthusiasts, investors and traders recently, after its period of volatility between $27,000 and $31,000 between late April to early May.
In a recent study published by Finder, professionals were asked to offer their opinions on how Bitcoin is expected to perform over the long term, as the cryptocurrency draws close to the next bull cycle.
Almost 32 fintech and cryptocurrency specialists were asked to forecast the price of Bitcoin by the end of 2023, and the results are quite interesting.
The experts predict that Bitcoin will increase as the year goes on, even if it is unlikely to reach its all-time high around the $69,000 zone.
These analysts predicted that Bitcoin may close for the year 2023 at around $35,459.
Additionally, some other noteworthy predictions from these analysts are that Bitcoin may climb to as high as $99,781 by 2025 and a whopping $297,848 by 2030.
The consensus view among experts, including Damian Chmiel, senior analyst and editor at Finance Magnates, is that a higher Bitcoin price is quite likely to occur in the near- to medium-term.
According to him, a rise to $50,000 looks more like a formality than a wild forecast.
He continued by saying that the current financial crisis has demonstrated that Bitcoin may really be a haven in uncertain times.
We, he says, will see greater values on the BTC chart as soon as this is understood by more people, which will happen sooner, rather than later.
The justification for Bitcoin's existence has never been more compelling, according to StandardDAO CEO and co-founder Aaron Rafferty. People are starting to recognize banks' lack of security.
According to GroveToken Limited COO Carlo Di Clemente, "the loss of trust in banks has had a positive effect on Bitcoin adoption in 2023." People are beginning to consider Bitcoin as a credible alternative to banks.
According to Di Clemente, "Bitcoin could also continue to experience significant price appreciation over the next decade as more institutional investors and corporations adopt [an] increasing mainstream acceptance [of] Bitcoin as a form of payment."
Crypto expert PlanB is certain that in November 2022, Bitcoin reached a cyclical bottom of $15,500. This was a capitulation event that coincided with the crash of the cryptocurrency exchange FTX.
In preparation for the 2024 halving event, the expert thinks that Bitcoin reaching the $32,000 mark in the near future will validate the probability of reaching $60,000 this year.
According to PlanB, following the halving, the $100,000 threshold will be reached in 2025.
Overall, most of the price predictions for the cryptocurrency lie around the $35,000 – $60,000 zone, and most seem to agree that Bitcoin may not break through its $69,000 all-time high this year at all.
On the weekly timeframe, we can see that Bitcoin is testing one of its strongest resistance levels around $30,000.
If the cryptocurrency breaks through this zone, the next resistance zone would be the $42,000 – $52,000 range, in which the price of the cryptocurrency is expected to consolidate.
If Bitcoin does rise to the $42,000 zone and manages to break through, the price of Bitcoin is expected to end the year within this range.
Conversely, if Bitcoin fails to break through $42,000 but goes above $30,000, the cryptocurrency is more likely to range between $42,000 and $30,000 over the long term.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.