Bitcoin Price Prediction as Balaji Closes Bet on BTC

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 03, 2023 11:41 PM

According to Srinivasan, the American economy will suffer hyperinflation, and Bitcoin will become a safe haven, eventually reaching a market valuation of $19.3 trillion.

Bitcoin price prediction as Balaji closes bet on BTC
Source: Unsplash

Bitcoin price prediction loses momentum on Wednesday consolidating between $29,500 and $27,757. The latest buzz made by Coinbase Ex CTO Srinivasana Balaji who wagered a bet on Bitcoin to reach $1M in 90 Days has closed his bet today. 

Balaji Srinivasan said today that he had settled a high-profile Bitcoin bet from March by giving $1.5 million of his own money. And he did it to demonstrate, he claims, that the US economy is in such horrible shape that people will flock to cryptocurrencies instead.

Srinivasan first launched a $1 million bet in March, stating that the world economy is on the verge of fast transformation and that as a result, Bitcoin will experience quick adoption—what he refers to as "hyperbitcoinization." 

Balaji shared a very crucial message stating "I just burned a million to tell you they're printing trillions", which directly indicates the current economic state of US. Let's see how Bitcoin price predictions moved after the news came in.

Bitcoin Price Prediction as BTC Reached ATH for Daily Transaction

Bitcoin has recently set a new daily transaction record, owing to increased interest in Ordinals, a protocol that extends the blockchain's use case. 

According to statistics source BitInfoCharts, the daily number of Bitcoin transactions increased to 682,300 on Monday, up from 568,300 the day before. According to historical data, this was roughly 78,000 higher than its previous peak during the 2017 bull market.

bitcoin daily transaction chart

Source: BitInfoCharts

The spike in transactions was observed as a part of Bitcoin ordinals. Recently, the Bitcoin ordinals barrel soared to $2.5M transaction counts in a single day contributing to the May 1 Rise in transactions count.

Bitcoin Price Prediction: Daily Chart

At the press time, Bitcoin's (BTC) price is $28,662.81, with a 24-hour trading volume of $16,964,352,989. This is a 2.41% rise in the previous 24 hours and a 1.11% increase in the last 7 days. Bitcoin has a market valuation of $554,996,881,480 with a circulating supply of 19 million BTC.

On the daily chart, Bitcoin price prediction shows that bullish momentum is strong, and a further price gain is likely in the next hours as bulls continue their surge. As more investors enter the market, purchasing pressure has increased. 

Despite a modest retreat over the previous several days, the main technical indicators continue to exhibit strong bullish signals, indicating that BTC/USD has lots of upward potential in the immediate future. The moving average (MA) is around $28,770, and the MACD is indicating growing purchasing pressure, implying that the price of Bitcoin might rise further in the next few days. 

The relative strength indicator (RSI) is trading on an upward trend at 51.65, indicating that the market is purchasing.

Bitcoin Price Daily Chart

Source: TradingView


The overall Bitcoin price prediction is optimistic for the medium term, as BTC/USD remains above $28,000. The token is seeking to break past the barrier at $28,786 and this might be a sign of more momentum. More investors will enter the market as optimistic sentiment grows, driving prices higher. Technical indicators also point to a positive bias; nevertheless, traders should keep a watch on price action as it continues to rise.

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