Potential for Bitcoin's Upcoming Bullish Surge Under Investigation
Crypto Optimism: Bitcoin's Second Chance in 2023?
Some experts are saying the second act for Bitcoin might just be around the corner, with a new bull market possible this year. But hold on tight, as it's not all smooth sailing.
The next Bitcoin bull market might not take off till 2024, following the next halving event. But don't count Bitcoin out yet. Here's why.
Surprising Stability Post-FTX Crash
First up, Bitcoin's resilience has left many market observers scratching their heads. Despite the colossal FTX crash, the exchange that was once the second-biggest, Bitcoin stood firm with only a minor dip to $15,000.
Risky Stocks and Tech Sector Ties
But it's not just its robustness that's caught attention. Bitcoin's correlation with tech stocks, particularly the risky ones in the sector, is notable. Although Bitcoin's reliance on unprofitable tech stocks is high, these same stocks could see a resurgence if interest rate hikes come to a halt, which could boost Bitcoin right along with them.
Trading volumes have been steadily climbing, especially since the start of the year. This rise in activity has helped Bitcoin push past the $23,000 mark again, forming solid chart support.
Buckle Up, Turbulence Ahead
But investors need to keep their eyes wide open, as the crypto world still carries some whispers of impending crisis. The insolvency of crypto lender Genesis and its parent company DCG, and the possible demise of the Grayscale Bitcoin Trust, could spark the next major meltdown following FTX's collapse.
Although these issues are currently up in the air, the crypto landscape seems precariously poised. So, keep your fingers crossed and fingers on the pulse.
For those who want to make a long-term play in the crypto market, the BÖRSE ONLINE Best of Krypto Index offers an enticing entry point. This Germany-traded certificate allows investors to dive into the growth of ten major coins like Bitcoin, Ethereum, Cardano, and more.
Conflict of Interest Disclaimer The author holds direct positions in the financial instruments mentioned in the publication or related derivatives that could benefit from the potential price development as a result of the publication: Bitcoin
Conflict of Interest Disclaimer The CEO and majority shareholder of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has entered into direct and indirect positions in the financial instruments mentioned in the publication or related derivatives that could benefit from the potential price development resulting from the publication: Bitcoin
Conflict of Interest Disclaimer: The price of the financial instruments is derived from an index developed by the Börsenmedien AG, which holds the rights to it. The Börsenmedien AG has a cooperation agreement with the issuer of the presented securities, granting them a license to use the index. In return, the Börsenmedien AG receives remuneration from the issuer.
While the anticipation of a $30,000 Bitcoin is buoying optimism, it's essential to recognize that near-term volatility remains a significant risk factor. Analysts advise adopting a cautiously optimistic stance while closely monitoring market developments. The interplay of these factors is creating a unique paradox of cautious optimism.
- In 2023, Bitcoin's resilience has been surprising, stemming from its minor dip to $15,000 following the colossal FTX crash.
- Bitcoin's correlation with risky tech stocks has caught attention, as these stocks could see a resurgence if interest rate hikes come to a halt, potentially boosting Bitcoin.
- The BÖRSE ONLINE Best of Krypto Index offers an enticing entry point for long-term investors to dive into the growth of major cryptocurrencies like Bitcoin, Ethereum, Cardano, and more.
- The crypto market still carries whispers of impending crisis with issues such as the insolvency of crypto lender Genesis and the possible demise of the Grayscale Bitcoin Trust, which could spark the next major meltdown.
