Bitcoin Price Prediction Weekly Analysis

Pathik Bhattacharya
Pathik Bhattacharya Published on March 18, 2023 06:05 PM

Bitcoin advocates celebrate as the world's largest cryptocurrency experiences a 30% rise in just one week, driven by the recent bankruptcy of Silicon Valley Bank which highlights the vulnerabilities of the fractional-reserve banking system.

Bitcoin Price Prediction Weekly Analysis
Source: Unsplash

Bitcoin price prediction is here. The ongoing week was very hectic and Bitcoin’s bull run was one of the show stealers. Bitcoin Rise Exceeds 30% in 7 Days as Silicon Valley Bank Collapse Exposes Fractional-Reserve Banking Vulnerabilities

Bitcoin advocates are back in the spotlight after the world's largest cryptocurrency had a dramatic 30% rise in the last seven days, capping off a turbulent year for the cryptocurrency sector. 

The recent bankruptcy of Silicon Valley Bank has further confirmed their conviction in Bitcoin's decentralized architecture, which was designed to address flaws in the fractional-reserve banking system.

Bitcoin, the poster child of cryptocurrencies, has had a wild ride this year, reaching all-time highs and then plummeting dramatically in the aftermath of governmental crackdowns and Elon Musk's statements. Yet, the recent rise in Bitcoin's price has given investors renewed optimism.

Not just the SVB which atook Bitcoin to over 30% growth, but many other events related to new pilot projects and some famous personalities who supported Bitcoin took the price to the heights. We will shine some light on some of the moments where Bitcoin price prediction was supported by the events.

Bitcoin Price Prediction Market Events

Bitcoin has been on an incredible upswing in recent weeks, breaking through many major price levels and soaring to new heights. On Saturday, the world's largest cryptocurrency reached an all-time high of more than $27,000, finishing off a spectacular run in which its price has more than tripled since the beginning of the year.

This section will cover all the events that led the price of Bitcoin to place atop $27K on Saturday.

Bitcoin at $22K as Stablecoin Market Tumbled

Bitcoin, Ether, and many other altcoins rose on Monday following the collapse of the stablecoin market. This happened because USD Coin (USDC), the second most valuable stablecoin by market capitalization, suddenly lost its peg to the US dollar following the collapse of Silicon Valley Bank, which had roughly US$3 billion in deposits.

On Saturday, the USDC plummeted to US$0.8774, and its market value decreased 15% to US$36 billion from US$43 billion. Yet, the USDC issuer, Circle, indicated that it has the liquidity to keep USDC in circulation and that it would continue to be convertible 1:1 with US dollars.

Bitcoin Moves to $24K as CME Group Includes BTC Futures

As the CME Group announced the inclusion of Bitcoin futures to its portfolio of event contracts on Wednesday, the price of Bitcoin (BTC-USD) surged, breaking through the $24,500 mark. 

This move is intended to give investors a low-cost way to trade Bitcoin, resulting in an optimistic Bitcoin price forecast.

The launch of Bitcoin futures by a fully regulated exchange such as CME is a huge step forward for digital currencies such as Bitcoin, which were previously greeted with scepticism. The move reflects the rising institutional acceptance of cryptocurrencies and provides investors with a new method to participate in the digital currency market.

Bitcoin Breaking $25 Resistance as US Inflation Slowed Down

In response to the latest Bureau of Labor Statistics (BLS) data on US inflation, bitcoin prices rose to a nine-month high of $25,484. The data revealed that February inflation fell to 0.4%, as predicted, but the surprisingly higher core rate of inflation prompted worries.

Alex Thorn, Galaxy's Head of Firmwide Research, spoke at Consensus 2023 on the delicate relationship between Bitcoin and inflation. Thorn's comments were especially pertinent in light of the latest BLS data, and his research showed that Bitcoin may do well in an inflationary climate.

Despite fears about inflation, Bitcoin's price prediction has risen as traders' attention has switched to the possible systemic repercussions of several banks collapses.

Bitcoin Remains Stable on Thursday as Cathie Wood Supported

Cathie Wood, CEO of Ark Invest and a prominent investor, has attacked the Federal Reserve's decision to raise interest rates despite warnings of an inverted yield curve and credit default swaps flashing red flags.


According to Wood, many banks made incorrect assumptions about interest rates remaining low and deposits expanding, prompting them to invest in "secure" long-term bonds yielding 1-2%.

This news, on the other hand, raised spirits, and investors saw more green candles on Thursday.

Bitcoin Breaks $27K as Institutional Banks and Robert Kiyosaki Fueled BTC

  • Signature Bank, Silicon Valley Bank, and Silvergate Bank closed their doors, leading investors to flock towards alternative investments such as Bitcoin, gold, and silver.

  • Robert Kiyosaki, author of "Rich Dad, Poor Dad," urged investors to buy Bitcoin in preparation for a financial collapse.

  • Numerous financial institutions announced that they will offer Bitcoin options trading, which gave Bitcoin more credibility and assurance to sceptical investors.

  • Deribit, a crypto derivatives trading platform, launched Bitcoin volatility futures, allowing investors to gauge and trade BTC market volatility directly.

  • Fidelity Investments opened up Bitcoin and Ether trading to all of its retail dealers, filling a gap left by the recent closures of cryptocurrency-friendly banks.

At the time of writing, the price of Bitcoin is $27,476.58 USD, with a 24-hour trading volume of $43,306,912,255 USD. Bitcoin has increased by 3.43% in the previous 24 hours. BTC is now ranked first on CoinMarketCap, with a market valuation of $530,873,941,080 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,320,962 BTC coins.


bitcoin price chart

Overall Event-Based Bitcoin Chart | Source: TradingView

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