Arslan Butt
Bitcoin has been one of the most volatile assets over the past decade. With its price reaching an all-time high in 2021, many investors and traders are wondering if it can hit a new all-time high in 2023. With a $35 billion trading volume coming into the market, Bitcoin’s price prediction is becoming increasingly important.
In this article, we’ll discuss what factors could affect Bitcoin’s price prediction and whether or not it can reach a new all-time high in 2023.
Explaining Bitcoin Difficulty’s All-Time High: What Does It Mean For Investors?
The difficulty of Bitcoin reached a new all-time high on January 29 with a block height of 774,144. The difficulty of the network increased by 4.68%, reaching an all-time high of 39.35 trillion from 37.59 trillion.
Furthermore, the most recent Bitcoin mining difficulty measurement was approximately 48% higher than it was on January 21 of last year, when it was 26.64 trillion.
#Bitcoin Difficulty Set to Rise 3.82% to All-Time High of 39 Trillion Following Recent Increase pic.twitter.com/ktkWY5a2XM
— ⚡ Mr. Crypto Giants (@CryptoGiants_) January 28, 2023
A more difficult blockchain is more secure because it requires more effort to attack the network. Furthermore, as the difficulty increases in relation to the global hashrate, it becomes more difficult to mine new blocks.
Mining difficulty increases indicate that the network is more secure, even if miners must work harder. Furthermore, as more miners participate in the effort, the network grows, which benefits the long-term value of BTC/USD.
Core Scientific requests Bitmain coupon sales of over $6 million
According to court documents, Core Scientific, a bankrupt Bitcoin mining company, filed an emergency petition on January 25 requesting the sale of $6.6 million in Bitmain coupons. Core Scientific has requested permission from the court to sell Bitmain coupons.
The company filed a petition with the Houston Division of the Southern District of Texas Bankruptcy Court to dispose of the expired coupons.
Breaking: Core Scientific files motion to sell over $6M in Bitmain coupons pic.twitter.com/VudmGoAXIm
— Metaw3bs (@metaw3bs) January 30, 2023
Under difficult conditions, Core Scientific has $6 million in Bitmain coupons. Bitmain does not allow the exchange of product-specific coupons for cash. Holders can only use their coupons to purchase S19 miners from Bitmain. Given Core Scientific’s current state, several of these requirements render the coupons useless.
Furthermore, the Bitmain coupons will expire in March or April 2023, when the company expects to emerge from its Chapter 11 bankruptcy reorganization. The company also stated that it would not acquire any more S19 miners during or after Chapter 11.
Core Scientific, one of the largest cryptocurrency mining firms in the United States, filed for Chapter 11 bankruptcy on December 21, 2022, citing increased energy costs, decreased income, and a decline in BTC/USD rates.
Everything You Need To Know About The Fed’s Interest Rate Hikes
According to a recent working paper by Daniel Ringo, which Fortune Magazine cited in a tweet on January 29, the Federal Reserve’s aggressive interest rate hikes may be exacerbating inequality in its efforts to control inflation.
As a result, investors are watching Jerome Powell’s press conference after the policy meeting to learn more about the potential future direction of interest rates and when the Federal Reserve may decide to stop raising rates.
After this week’s expected quarter-point interest rate increase, will there still be ‘ongoing’ Fed rate hikes ahead? Via @Reuters https://t.co/nAABGbt2fc
— Ann Saphir (@annsaphir) January 30, 2023
Analysts predict that the Federal Reserve will raise the federal funds rate by 0.25% when it meets on February 1st, putting it in a range of 4.5% to 4.75%. It would cause the rate to rise for the second time in a row, albeit more slowly than before.
Furthermore, the official Labor Department report, due out on February 3, is expected to show 185,000 new jobs added in January, down from 223,000 in December. Positive economic data will support BTC/USD prices.
Bitcoin Price Prediction
The BTC/USD began trading at $23,746 and has seen a decrease of 0.92% in the last 24 hours, resulting in its current value of $23,238. Over the past day, BTC/USD has ranged between a maximum price of $23,784 and a low of $23,110. Additionally, it has grown by more than 2% over the past week.
The BTC/USD pair in the 4-hour timeframe has been unable to surpass the $23,500 resistance and is currently attempting to regain its foothold at the $22,700 support level.
The price of Bitcoin might drop to $22,600 or $22,350 if it closes below the 4-hour timeframe’s 50-day moving average of $22,700. However, a bullish reversal may be seen in the BTC/USD market if the closing candles remain above this resistance level.
If you’re looking to invest, you should consider buying positions with prices that exceed $22,700 and target $23,550 or $24,000. On the other hand, selling positions can be taken if the support level of $22,700 gets broken.
MEMAG presale is doing extremely well and is worth exploring, alongside Bitcoin.
Meta Masters Guild (MEMAG)
MEMAG, a new mobile gaming guild, aims to improve the player-to-environment (P2E) experience by providing entertaining games that encourage gamers to remain on the platform. The Meta Masters Guild’s Stage 3 presale has officially sold out, raising over $1.9 million. Get your $MEMAG tokens in Stage 3 before they become too expensive.
This is an impressive performance in such a short period. Due to a successful presale that has already started, the price of the MEMAG coin is expected to soar once it is released on open markets.
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Meta Masters Guild - Next Big Crypto Game
- Backed by Leading Game Studios
- Early Round Presale Live Now
- Low Hard Cap, No Vesting
- Playable NFTs, Rewards, Staking
- Solid Proof & CoinSniper Audited
This article was written for Business 2 Community by Arslan Butt.
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