Crypto News: After a very rewarding first quarter of 2023 for Bitcoin (BTC), favorable macroeconomic conditions and positive momentum in the web 3.0 space are giving traders more reasons to be optimistic in the coming months. The US regional banking crisis came as a much-needed scenario for a surge in crypto prices amid renewed hopes for the US Federal Reserve’s pivot of the rate hike. This week, both the consumer price index (CPI) and the producer price index (PPI) for the month of March came in lower than expected, raising new hopes that the central bank would prefer a no-hike scenario in the coming months.
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Thus, as the leading economic indicators point to a possible slowdown in the rate hike, the crypto market could be bullish with increasing clarity going forward. The web 3.0 ecosystem is also gaining momentum with, among other things, the collaboration between Twitter and multi-asset investment company eToro for displaying stocks and crypto information. Meanwhile, Bitcoin’s price continues to climb after crossing the crucial USD 30,000 mark.
When does BTC reach $100K
Earlier on Friday, Bitcoin price reached a new 10-month high of USD 30,800, sparking hopes of breaking the next resistance level at USD 32,150 and USD 35,200. The top cryptocurrency started at $16,600 in Q1 and ended at $28,000, with a whopping 70% total change. If the same momentum continues, BTC could potentially reach the $100,000 mark in the last quarter of 2023. From its current range, BTC needs a 53% increase every quarter for the rest of the year.
According to Ali Charts on Twitter, the adjusted Spent Output Profit Ratio (SOPR) for BTC took a pivot above 1, meaning it clearly signals a bull market. The traders said, “aSORP recently moved above 1, suggesting that $BTC is poised to go parabolic.” The SOPR indicates the profit ratio of all market participants (Bitcoin investors) to the value of output at the time of investment. Essentially, it means whether all investors collectively make a profit or not.
Even if it fails to reach that level in 2023, traders are hoping for such a jump at least by April 2024, when the Bitcoin halving is expected.
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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