Can Bitcoin Sustain Its Bullish Trend? New Price Prediction
Bitcoin is climbing fast after new regulations for stablecoins advanced through the approval process.
Quick overview
- Bitcoin reached a new all-time high of $111,545, marking a significant milestone for the cryptocurrency.
- Trade volume surged by 70% as investors reacted to the record price, with some cashing in profits while others anticipate further gains.
- The market is currently volatile due to mixed influences, including new stablecoin regulations and concerns over the U.S. budget deficit.
- While a drop back to around $106,657 is possible, it is unlikely that Bitcoin will fall below $100,000 in the near term.
Live BTC/USD Chart
A surge to $111,545 (BTC/USD) today brought Bitcoin (BTC) higher than ever before. A new record is big news, but the coin could be about to fall, and investors need to be aware.
Bitcoin’s trade volume jumped 70% in the early hours of Thursday’s trading, helping the coin reach a new all-time high. Bitcoin is now above $111K and climbing, having added 4.54% to its value in the last 24 hours.
BTC/USDA Highly Volatile Market
Right now, Bitcoin is being pushed and pulled with tremendous pressure. There are many investors selling off right now to cash in on their profits since Bitcoin has hit a new record high. At the same time, some investors are doubling down and expecting Bitcoin to climb much higher. The fact that the coin was able to set a new record has widened its market appeal and brought in new investors.
On one side, the new stablecoin regulatory framework that is advancing through a process of government approval is boosting the cryptocurrency market to new heights. This is the kind of framework that crypto enthusiasts were hoping Trump would introduce once he was elected President.
One the other side, there is tremendous pressure being created by deficit fears related to the new U.S. government budget bill that passed the House of Representatives on Wednesday. The stock markets are already dipping as a result, and the cryptocurrency market could be next.
These two forces are creating a fragile, volatile market that could easily go either way very quickly. Bitcoin may be sky high right now, but that probably will not last. Investors should be ready for the coin to fall back, but how far?
Before its last surge, Bitcoin was sitting at $106,657, having just dropped from a recent high. It is probable that the coin will fall back to that level or close to it in the next day or so. Of course, BTC could surprise us and keep climbing higher, setting an even bigger record.
The new stablecoin regulations are creating a solid foundation for new growth for the market. It is unlikely that Bitcoin and other crypto coins will fall too hard, and this is why we do not suspect BTC will drop below $100K, at least not for now.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
