Bitcoin Price Prediction: Another Upcoming Bull Run for BTC?

Bitcoin price prediction reveals that there's scope for another BTC bull rally if the price follows the recent trend. Bitcoin is up more than 7% this week. The best-performing asset in Q1 2023 with a 72% hike is now dealing with US economic FUDs. 

Despite solid consumer spending, US economic growth fell substantially in the first quarter of 2023 as the Federal Reserve continued its unprecedented monetary tightening campaign. 

The US slowdown signals that the Fed's year-long fight against high inflation is starting to bear fruit. Since March of last year, the Federal Reserve of the United States has raised its benchmark policy rate from near zero to just under 5%, the quickest increase in decades. However, this led many investors facing towards other options to invest rather than putting funds into US-based stocks. Most of individuals chose Bitcoin over traditional assets due to the recent banking crisis and Fed interest rate hikes. 

Officials are expected to give another quarter-point rate increase next week, bringing the federal funds rate to a new target range of 5% to 5.25 %. They are then anticipated to contemplate pausing their campaign of tightening. Let's see how Bitcoin price prediction will be impacted by this.

Bitcoin Price Prediction as US Economic Growth Slowed Down

A day after crypto markets took a wild trip, bitcoin (BTC) stayed firm at $29,500 as investors assessed weak US economic growth figures and the new banking sector worries.

BTC fell marginally on Thursday morning trade in the United States after the Commerce Department announced a lacklustre 1.1% increase in GDP for the first quarter - below estimates of 2% annualised - and dismal personal consumption figures, before recovering.

Source: TradingEconomics | US Bureau of Economic Analysis

The Federal Reserve of the United States is likely to change its policies since the central bank's current monetary hawkishness "risks inflicting serious damage." The CME FedWatch Tool now predicts a 25-basis-point interest rate increase at next week's Federal Open Market Committee (FOMC) monetary policy meeting. 

It has been noted that whenever FED has hiked interest rates, Bitcoin prices have surged significantly in that specific quarter. Let's see where Bitcoin price prediction can potentially move according to technical indicators.

Bitcoin Price Prediction: Daily Chart

At the press time, the price of bitcoin is $29,471.39, with a 24-hour trading volume of $22,753,893,290. Bitcoin has increased by 1.97% in the previous 24 hours. The current market capitalization is $570,513,849,420. 

Following a multi-month advance, Bitcoin surpassed the key $30K barrier level but failed to hold it. However, following a brief correction stage that resulted in a 14% drop, Bitcoin found support at the 50-day moving average of $27.3K.

According to Bitcoin price predictions, this resulted in another upswing, offering a favourable signal for the cryptocurrency's overall outlook and showing that bulls are in charge. However, BTC is presently attempting to break through a key and decisive resistance level near the $30K price zone.

If it is effective, it might kick off a strong bullish surge into the $40K price channel. If the price fails to break through this critical level, a double-top pattern will emerge, perhaps leading to another bearish run.

Source: TradingView

Conclusion

In conclusion, The Bitcoin price prediction reveals that the overall market condition is optimistic and bulls are taking positions to take the price above the resistance. Overall, the technical indicators are signalling a "BUY" market with RSI moving towards the overbought region.