Bitcoin Price Prediction after Bulls Take Charge

Bitcoin (BTC) is surging upward once more, climbing by 5% since this time Wednesday.

The token has managed to get back up to $66,728 (BTC/USD) after falling to $60,976 at its lowest point for the week on Wednesday. It looks like things have turned around for the coin and it is recovering.

How long can Bitcoin keep up its bullish momentum? Is this a temporary reprieve or an indication that the coin is healthy again?

Why Bitcoin Is Turning Around

To understand where Bitcoin might be headed over the next few days and weeks, it will help to analyze why it turned around in the first place.

It is worth noting that the BTC price began to swing up after the FOMC meeting on Wednesday. The Fed said they would not be issuing interest rate cuts just yet, and that allows the economy a chance to recover on its own more. The goal is to get the inflation rate from 3.2% down to 2%, and the US economy still has a long way to go to get there.

That is not the only reason why Bitcoin is now moving quickly back toward its all time high. The token also has its whales to thank, including MicroStrategy, a company that has bought up millions in bitcoins over the last few years.

These two factors are not likely to change anytime soon, so Bitcoin should continue to stay strong and healthy over the next few weeks. We may see a retracement back toward $60,000, but it is unlikely that Bitcoin will fall below that level for a long time.

The recent downturn has hurt Bitcoin’s chances of hitting $100,000 before the halving event, which is set to take place near the end of April. We estimate now that Bitcoin will reach that milestone after the halving takes place and that it may struggle to achieve $150,000 by the end of the year.