Bitcoin Price Prediction as BTC Spikes Up 4% From Recent Bottom – Where is the Next BTC Target?
Bitcoin, the leading cryptocurrency, has experienced a significant spike of 4% from its recent bottom.
This upward movement has sparked curiosity among investors and traders who are now eager to know where Bitcoin's price is heading next.
As market participants closely monitor the ongoing price action, they seek insights and predictions to identify potential target levels for Bitcoin.
In this Bitcoin price prediction, we will analyze the current market conditions and trends to provide a Bitcoin price prediction and discuss the possible next target for BTC.
The recent flow of regulatory news has significantly influenced investors' risk appetite as governments worldwide strive for increased control over the cryptocurrency sector.
Democrats in the United States legislature have circulated a memo among committee members, aiming to solidify the Securities and Exchange Commission's (SEC) authority over crypto.
The document, made public on May 10, argues that the majority of digital assets should be classified as securities. SEC Chairman Gary Gensler even suggests that network nodes could be in violation of securities laws.
Similarly, the United Kingdom's Treasury Committee has strongly recommended the regulation of retail crypto trading and investment as gambling, aligning with the principle of "same risk, same regulatory outcome."
Treasury Committee Chair Harriett Baldwin highlights Bitcoin and Ether, accounting for two-thirds of the total crypto market capitalization, as "unbacked" assets.
Additionally, the upcoming $735 million Bitcoin weekly options expiry on May 19 may play a crucial role in determining whether the price will drop below $26,000.
The current price of Bitcoin stands at $27,134, accompanied by a 24-hour trading
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