Bitcoin Price Prediction as Balaji Switches $1M Bet on BTC

Bitcoin price prediction sees an uptrend and then a decline on late Friday after Balaji retracts from 90 days Bitcoin challenge. Entrepreneur Balaji Srinivasan discussed the reasoning for his wager that bitcoin (BTC) would hit $1 million in value by June 17 while speaking remotely at Consensus 2023 conference in Austin, Texas.

Many credit Srinivasan, a former chief technology officer of cryptocurrency exchange Coinbase, with foreseeing the effects of COVID-19 earlier than most. In reaction to the depreciation of the US dollar, he forecasted stupendously bright possibilities for Bitcoin in March. He predicted that the price will hit $1 million within 90 days after March 17.

Bitcoin Price Prediction as Experts Pointing to a Crucial Breakout

Srinivasan highlighted his Bitcoin price prediction as a "symbol" of the "collapse in full faith and credit in the United States financial system" as a result of the government's expansion of money creation to prop up a weak banking sector.

"I may be wrong, but I'm burning a million to tell you they're printing trillions."

When comparing the chances of Bitcoin reaching $1 million to the likelihood of a Black Swan event in the US economy, Srinivasan believes there is a 10% chance in months, a 70% chance in years, a 19% chance in decades, and a 1% chance in a century or more.

Bitcoin price predictions according to crypto analyst and trader Crypto Rover are set to break a crucial resistance point. The analyst posted a Tweet reading:

"Once #Bitcoin breaks out of this pattern! We will see a lot of volatility!"

The trader has joined BTC highs of $30,050, $30,292 and $29,565 to make an ascending triangle pattern which mainly results in a bullish stance. According to his Bitcoin price predictions, the market will soon rally.

Bitcoin Price Prediction: Daily Chart

At the time of writing, the price of Bitcoin is $29,278.68, with a 24-hour trading volume of $14,560,268,613. Bitcoin has increased by 0.02% in the previous 24 hours. The current market capitalization is $566,812,638,527.

The 1-day price chart for Bitcoin price analysis indicates optimistic price activity, with the price of BTC recovering to $29,293 at the time of writing, representing a 1.7% gain today. The 24-hour chart indicates that the bulls have retaken complete control of the market, with a significant break over $29,000 recorded yesterday. BTC is currently trading at its immediate resistance level of $29,871, and if the bulls can push it higher, we may expect significant price increases.

The Bollinger bands have broadened, indicating that the price of BTC is likely to stay volatile in the coming sessions. The upper Bollinger band is around $31,258 while the lower Bollinger band is approximately $26,956. The general market attitude is optimistic, as shown by the MACD indicator, which is in positive territory with a positive crossing. The RSI indicator, which now stands at 55.02, provides similar signs and shows that buyers are in charge of the market.

Source: TradingView

Conclusion

Overall, Bitcoin price prediction indicates a bullish trend today, with BTC regaining bullish momentum at $29,293. The recent price movement suggests that the bulls have taken control of the market, and if they can continue to push higher, we may anticipate BTC to break above $30K in the coming sessions.