Bitcoin Price Prediction as Binance Plans to Convert 1B BUSD to BTC

    Pathik Bhattacharya
    Pathik Bhattacharya
    Published on March 15, 2023 03:02 AM

    Bitcoin has been the talk of the town as it breached the $26K resistance and went beyond. Experts are suggesting for another bull run as market looking bullish.

    Bitcoin Price Prediction as Binance Plans to Convert 1B BUSD to BTC
    Source: Unsplash

    Bitcoin prices exceeded $26,000 on Tuesday, marking the cryptocurrency's highest value since May 2022. This increase in Bitcoin's price is viewed as a significant development for Bitcoin price forecast by crypto industry specialists. 

    The recent announcement by Binance, the world's largest cryptocurrency exchange, that it will convert $1 billion of Binance USD into Bitcoin, Ethereum, and other cryptocurrencies is thought to be the key cause of the price increase.

    Binance CEO Changpeng Zhao announced that the conversion will be supported by the exchange's Industry Recovery Plan, which has increased investor trust in the cryptocurrency sector. 

    This revelation, together with the current trend of huge corporations investing in Bitcoin, has helped the price increase. Many experts see this trend as a positive Bitcoin price prediction for the future.

    With other cryptocurrencies like Ethereum, Litecoin, and Cardano all witnessing big gains, the cryptocurrency industry as a whole is on an upswing as well as the price of bitcoin. The market value of cryptocurrencies has already crossed $2 trillion as a result of this trend's general rise.

    The announcement of Binance's conversion has revived hope in the cryptocurrency market. Many investors view it as a good indication of the future price of Bitcoin and a testament to the sector's tenacity in the face of governmental restrictions and market instability. Several industry professionals think that the cryptocurrency sector will continue to grow as long as Bitcoin's price keeps rising.

    Bitcoin Price Prediction

    As of the time of publication, the price of one bitcoin is $25,900.51 USD, and its 24-hour trading volume is $49,158,194,686 USD. In the past 24 hours, Bitcoin has increased by 7.14%. BTC is currently ranked first on CoinMarketCap with a market capitalization of $500,332,923,553. 19,317,493 BTC coins are currently in circulation, with a maximum supply of 21,000,000 BTC coins.


    Bitcoin price chart

    Source: CoinMarketCap

    Bitcoin Price Prediction: Event-Wise Price Fluctuation

    • Bitcoin has been very volatile for the past week. Due to macroeconomic events which affected the price of BTC and Bitcoin price prediction severely. Bitcoin's price has experienced a wild ride due to recent events in the cryptocurrency market. 

    • On March 9, industry insiders forecast a bull run for the anticipated H1 2024 Bitcoin halving. Bitcoin's value rose by 51% from the beginning of the year until February, and despite stabilizing since then, Aurelien Ohayon, a pseudonymous expert, said it may reach $50,000 before the halving and $200,000 after. But due to several other reasons like banking collapses and federal interest issues, Bitcoin fell more than 6% that day.

    • Nevertheless, with the failure of Silvergate Bank, the market plunged on March 12 to $22,000, and the value of all cryptocurrencies fell below $900 billion. A weakened US dollar caused the market to start recovering on March 13, although Nunya Bizniz cautioned that losses were still likely based on historical trends.

    • Bitcoin's recovery was bolstered on March 13 when the stablecoin market fell as a result of Silicon Valley Bank's insolvency. Circle, the issuer of the second-largest stablecoin, Dollar Coin (USDC), reassured investors that USDC was still convertible 1:1 with US dollars and that the stablecoin had reverted to its peg. This increased the market capitalization of stablecoins and caused price hikes in linked crypto trading pairs.

    • CME Group announced the inclusion of Bitcoin futures to its portfolio of event products on March 14. This move is intended to give investors a low-cost way to trade Bitcoin, leading to bullish price projections. Bitcoin's value has surpassed $24,500, and industry analysts foresee a bullish trend in the near future.


    Bitcoin price event-based chart

    Source: TradingView

    The above-mentioned events have made major changes in Bitcoin price prediction. The price analysis shows the various events in which Bitcoin fell or surged during the happening of the events.