Bitcoin Price Prediction as Bulls Target $30,000 Level – Is the Bear Market Over
In this Bitcoin price prediction, we'll explore the possibility of bulls targeting the $30,000 level and discuss whether the recent momentum could signal the end of the bear market. With the cryptocurrency market witnessing a resurgence in optimism, it's essential to assess the underlying factors contributing to these trends and consider the potential outlook for Bitcoin's price trajectory.
At CoinDesk's Consensus 2023 conference, entrepreneur Balaji Srinivasan discussed his bet that bitcoin could reach $1 million by June 17. Srinivasan, a former Coinbase CTO, predicted bullish prospects for bitcoin in response to the devaluing US dollar back in March.
While he acknowledges the possibility that reaching $1 million might take longer than expected, he sees his prediction as symbolic of the collapse in confidence in the US financial system due to excessive money printing.
Srinivasan believes there's a high likelihood of a significant issue within the US economy, which could be a catalyst for Bitcoin's value to skyrocket.
The US Personal Consumption Expenditures (PCE) Index data, regarded as the macro event of the week, did not provide a performance catalyst as the numbers were largely in line with market expectations. Financial commentator Tedtalksmacro noted that the core PCE has remained steady at 4.6% since December, with the latest figures not causing any market shock.
Consequently, US equities showed little movement at the open, while Bitcoin's Binance order book data displayed modest bid liquidity moving toward spot price, reducing potential volatility. The focus is now shifting towards next week's macro events, headlined by the Federal Reserve interest rate decision.
The Kobeissi Letter highlighted that the already
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