Bitcoin (BTC) has surged in value in 2023, with the asset heading for new heights despite the prevailing impact of the banking crisis. Given the recent gains, Bitcoin’s future price is in focus as investors monitor whether the gains will continue.
In this regard, Finbold used CoinCodex self-learning machine platform to determine the price of bitcoin at Easter 2023. According to the platform, bitcoin’s momentum is likely to stagnate and it could trade at $27,845 on Easter day, April 9, according to data retrieved on March 19.
Bitcoin’s estimated price represents a gain of about 2% over the cryptocurrency’s valuation at the time of publication.
It’s worth noting that Finbold previously reported that another AI-based tool, CoinPriceForecast, indicated that Bitcoin is likely to reclaim $30,000 by the end of the year. The platform estimates that BTC will trade at $33,047 by the end of 2023.
Bitcoin price analysis
At press time, Bitcoin is trading at $27,324 after days of sustained capital inflows. On the weekly chart, Bitcoin is up over 30% despite a slight correction of around 1% over the past 24 hours, with a market cap of $526.8 billion.
Although Bitcoin has corrected slightly, crypto trading expert and analyst Michaël van de Poppe, in a tweet on March 18, remained bullish on BTC’s near-term prospects.
“Just like we asked about Bitcoin before, we have now got the answer. Do we stay above $26,800? The answer is clear; Yes. This means that the trend will continue until $26,800 is lost. Looking for a final swing into $28,300-28,900 and then a reversal,” he said.
Sourced elsewhere is Bitcoin’s week-long technical analysis trading view is dominated by a bullish outlook. A summary and gauge moving averages suggest a “strong buy” sentiment at 16 and 12, respectively.
Bitcoin’s momentum has led to a growing belief that the asset is undergoing a change in narrative due to the ongoing banking crisis. Despite this, the cryptocurrency’s value continues to be heavily impacted by inflation and rate hikes by the Federal Reserve.
As inflation data shows slowing growth, the odds of rising interest rates are diminishing, an aspect likely to act as a bullish catalyst for Bitcoin to potentially retake the $30,000 position.
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