New Bitcoin Price Prediction. BTC Slips as We Head into the Weekend

As the stock market rises, Bitcoin is in decline, but it may not be for much longer thanks to some promising factors.

Bitcoin may be down for now, but that might not last long.

Quick overview

  • Bitcoin (BTC) recently peaked at $107,931 but has since dropped to $106,821 as the weekend begins.
  • Despite a slight decline, Bitcoin may rebound this weekend due to favorable market conditions and recent regulatory news.
  • The passing of a stablecoin regulation bill in the U.S. Senate could enhance market stability and investor confidence.
  • Historical data suggests that long-term Bitcoin holders are not selling, indicating potential for a bullish trend in the near future.

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Bitcoin (BTC) climbed to $107,931 (BTC/USD) on Thursday but has since fallen to $106,821 as the weekend starts. Can this leading cryptocurrency token hold onto its gains and set a new record?

Bitcoin's recent price drop should not worry investors.
Bitcoin’s recent price drop should not worry investors.

Bitcoin has slipped slightly from its recent high and could be in trouble, as it is not mimicking the bullish stock market but is instead retreating. As the S&P 500 prepares to set a new record, and Nvidia and Microsoft are at all-time highs, Bitcoin is having trouble getting back to its record high and has started to decline.

 BTC/USD

There Could Be a Weekend Resurgence

Bitcoin may be able to come out of its small slump and move rapidly upward this weekend thanks to a few key factors. The entire market should benefit from recent news that a stablecoin regulation bill has passed the United States Senate and could become law in the near future. This would open the door for a freer and better regulated market with a modern framework of government oversight attached to it.

Bitcoin could also benefit from the peace agreement between Israel and Iran that promises to open investor wallets. Whenever there is a war going on that involves the United States, investors hold on tighter to their leisure funds. However, as the U.S. withdraws from military engagements, investors tend to open their pockets more and become freer in their spending.

As investors and the market process these developments, we could easily see a bullish trend develop throughout the weekend that pushes Bitcoin much higher. Despite the current downtrend, we do not think the coin will remain bearish for long. In fact, the data shows that the oldest Bitcoin holders are not selling their coins right now and are waiting out the decline of BTC’s price.

Bitcoin is down 0.27% for the day so far but has climbed 0.70% over the last week. The wider trend is likely to overpower the smaller one, and we could see a record high by next week. 

 

ABOUT THE AUTHOR See More
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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