Bitcoin has surged past $28k, reaching a seven-month high and setting its sights on $35k. Investors are bullish on the leading cryptocurrency, which has been steadily climbing in value amid economic uncertainty and increased institutional interest. This latest milestone marks a significant milestone in Bitcoin’s journey towards mainstream acceptance and adoption. With its growing appeal as a safe-haven asset and potential hedge against inflation, many experts predict that Bitcoin could reach even higher heights in the coming months. Stay tuned for updates as this exciting development continues to unfold.
Bitcoin Prices Increase Over 20% in Just One Month
Bitcoin, the world’s leading cryptocurrency, has been in a bullish trend lately, surging by over 20% in the last month. At the time of writing this article, the price of Bitcoin is around $28,344. It is important to note that this is the first time that Bitcoin has crossed the $28K threshold since June 2022.
In December 2022, Bitcoin was trading close to its 52-week low, but it bounced back from a low of $16K at the beginning of this year. The rally has been attributed to speculation that the Federal Reserve may pause its rate hike this year due to the regional bank-related crisis currently happening in the USA.
Popular financial institution Credit Suisse has become a victim of this crisis, alongside the shutdown of Silicon Valley Bank and Signature Bank due to a lack of liquidity. The crypto community is expecting another major rally if the ongoing US banking collapse continues in the next few months.
On the other hand, the Federal Reserve has announced coordination with the European Central Bank, Bank of Japan, Bank of Canada, Swiss National Bank, and Bank of England to enhance the US dollar liquidity issue.
According to Bitcoin future predictions by experts, the bullish trend will continue till the resistance of $38K, consolidating around that level. In fact, the candlesticks are currently over the 50 days, 100 days, and 200 days moving average lines, which suggest a strong bullish momentum for the short term.
Furthermore, Bitcoin experts forecast a higher price level, suggesting the momentum will continue in the next few weeks. Therefore, now may be the right time to invest in Bitcoin and hold it for the next few years. With effective SEO techniques, investors can stay on top of Bitcoin trends and make informed decisions about buying and selling.