Has Bitcoin potentially positioned itself for an impending bull market?
Here's a Punchy Peek at the Potential Bitcoin Bull Market in 2023
Bitcoin, the digital currency giant, may surprise the naysayers this year and see another bull run to $30,000 or more. Here's a lowdown on why this might happen.
Steady as She Goes: Bitcoin Post-FTX Crash
Despite the fall of FTX, the second-largest crypto exchange at the time, Bitcoin kept its cool. Instead of plummeting, it dipped only slightly to $15,000, stunning financial watchers.
Tech Stocks and Bitcoin: A Risky Romance
Bitcoin has shown a clear link to risky stocks, especially in the tech sector. While its ties to these unprofitable tech stocks are high, a revival of these stocks due to an end to interest rate hikes could also give Bitcoin a boost.
Trading volumes have been on the rise since the beginning of the year, helping Bitcoin breach the $23,000 mark and establish robust chart support.
Cautious Optimism Ahead
But hold your horses—storm clouds are gathering on the crypto horizon. Crypto lender Genesis and its parent company DCG are on shaky ground, and the potential demise of the Grayscale Bitcoin Trust could be the next big fire after FTX's collapse.
While the dust hasn't settled yet, smart investors keep a weather eye on these developments.
For crypto enthusiasts keen on long-term investment, the BÖRSE ONLINE Best of Krypto Index might be the ticket. With easy participation in the value development of ten major coins including Bitcoin, Ethereum, Cardano, and more, it's like hitting the jackpot in crypto land.
Disclosure: The author and the CEO and majority shareholder of the publisher Börsenmedien AG have direct and indirect positions in the financial instruments mentioned, which could benefit from the potential price development resulting from the publication. The price of the financial instruments is derived from an index developed by Börsenmedien AG, for which it holds the rights. The issuer of the displayed securities entered into a cooperation agreement with Börsenmedien AG, granting it a license to use the index, and Börsenmedien AG receives remuneration from the issuer.
Disclosure: The broader cryptocurrency market may witness instability in the short term due to ongoing events, so keep your crypto radar peeled and stay informed!
- Given the stability displayed by Bitcoin post-FTX crash, it definitely seems plausible that cryptocurrencies, including Bitcoin, may find their footing again in 2024.
- The tech sector's performance could significantly impact Bitcoin, especially if rising trading volumes and the potential end of interest rate hikes cause a revival in tech stocks.
- The crypto market may continue to face challenges in the short term with incidents like the potential demise of the Grayscale Bitcoin Trust adding to the instability.
- For those interested in long-term investing in cryptocurrencies, the BÖRSE ONLINE Best of Krypto Index could offer a promising opportunity, enabling easy participation in the value development of ten major coins like Bitcoin, Ethereum, Cardano, and more.
