The value of Bitcoin (BTC) has been rising in 2023, with the asset targeting new levels despite the prevailing impact of the banking crisis. With recent gains, the future price of Bitcoin is in focus, as investors monitor whether the gains will hold.
In this regard, Finbold leveraged CoinCodex’s self-learning machine platform to determine Bitcoin’s price during Easter 2023. According to the platform, Bitcoin’s momentum is likely to stagnate, and it might trade at $27,845 on Easter day, April 9, according to data retrieved on March 19.
The estimated price of Bitcoin represents gains of about 2% from the cryptocurrency’s valuation at the time of publishing.
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It is worth noting that Finbold previously reported that another AI-based tool, CoinPriceForecast, indicated that Bitcoin is likely to reclaim $30,000 by the end of the year. The platform estimates that BTC will trade at $33,047 at the end of 2023.
Bitcoin price analysis
By press time, Bitcoin was trading at $27,324 after days of sustained capital inflow. On the weekly chart, Bitcoin has gained by over 30%, despite slightly correcting by about 1% in the last 24 hours, with a market cap of $526.8 billion.
Although Bitcoin has slightly corrected, crypto trading expert and analyst Michaël van de Poppe, in a tweet on March 18, remained optimistic about BTC’s prospects in the short term.
“Just like previously asked on Bitcoin, we got the answer now as well. Are we staying above $26,800? The answer is clear; yes. This means the trend will continue to last until $26,800 is lost. Looking for a final sweep into $28,300-28,900 and then reversal,” he said.
Elsewhere, Bitcoin’s one-week technical analysis retrieved from TradingView is dominated by a bullish outlook. A summary and moving averages of the gauges recommend a ‘strong buy’ sentiment at 16 and 12, respectively.
Bitcoin fundamentals
Bitcoin’s momentum has translated into a growing belief that the asset is experiencing a change in its narrative due to the ongoing banking crisis. Despite this, the value of the cryptocurrency continues to be greatly affected by inflation and Federal Reserve rate increases.
With the inflation data showing slowed growth, the chances of increasing interest rates are diminishing, an aspect that is likely to act as a bullish catalyst for Bitcoin to possibly reclaim the $30,000 position.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
