Bitcoin Price Prediction As BTC Breaks Critical $30,000 Level – What’s Next?

Bitcoin’s meteoric rise continues to captivate the financial world, as the leading cryptocurrency recently breached the key $30,000 milestone. With this unprecedented surge in value, cryptocurrency enthusiasts are keenly watching the market, seeking to predict Bitcoin’s future.

As the Crypto asset’s price trajectory defies traditional market analysis, we delve into the factors driving its growth, explore potential risks and rewards, and attempt to predict Bitcoin’s next move in this rapidly evolving landscape.

Key Fundamentals Driving BTC Price

In the US, the nonfarm payrolls survey added 236,000 jobs, beating expectations for a gain of 230,000. In addition, wage growth has remained at a level deviating from 2% inflation.

Investor focus shifts to inflation and upcoming CPI report

With the CPI report scheduled for release on Wednesday, April 12, investors’ attention is now shifting from the job market to inflation. The report is one of the most critical economic data ahead of the Fed meeting.

Several market experts believe the meeting will mark the end of the central bank’s long cycle of gains.

U.S. inflation shows signs of slowing

The US inflation rate fell to 0.4% in February from 0.5% in the previous month, and the annual growth rate fell to 6% from 6.4% in the previous month. However, the upcoming data could see a notable increase as the core CPI may be higher than the headline CPI for the first time in a long time.

Dollar index falls on strong labor market

Nonetheless, the U.S. dollar index (DXY) fell 0.19% to 102.05. The dollar took a break after posting its biggest gain against major currencies so far this month as a strong U.S. labor market reinforced the need for a Fed rally next month.

Bitcoin Gains as Traders Anticipate Fed’s Response to CPI Report

Bitcoin rose in value as traders debated whether the Fed would change course after the key CPI report. If the data shows that inflation is falling, this could be the next potential trigger for BTC/USD to rise.

Impact of Fed Rate Hike on Bitcoin Price

According to the CME FedWatch Tool, the market is pricing in a 71% chance the Fed will rise by 25 basis points at its May meeting. A tightening labor market could be the reason for this, giving the Fed reason to keep going higher going forward.

However, these odds are flexible enough to react quickly to any new macro data releases, such as CPI. A drop in headline CPI could increase the likelihood of a dovish shift in Fed policy. Conversely, persistent inflationary pressures will encourage markets to forecast further gains in May.

Additionally, the Federal Reserve meeting minutes, which are expected to be released on Wednesday, will be another important trigger for the BTC/USD pair. The minutes will shed light on what Fed officials discussed last week, and what to expect.

Cryptocurrency-related stocks rise

Shares of companies with significant ties to cryptocurrencies are experiencing notable gains, including Marathon Digital (MARA), Coinbase (COIN), up more than 7%, and MicroStrategy (MSTR), up more than 7.5%.

Also, the stocks with the highest gains on Monday belonged to Bitcoin miners. In addition to Marathon Digital, which rose 12%, other bitcoin miners such as Riot Blockchain (RIOT) and Hut 8 Mining (HUT) rose 13% and 10%, respectively.

Cryptocurrency-related stocks surged as BTC/USD hit its highest level since June 2022.

bitcoin price

The current real-time price of Bitcoin is $30,257, and the 24-hour trading volume is $20.8 billion. Bitcoin is up 3.50% in the past 24 hours. It ranks #1 on CoinMarketCap with a real-time market cap of $585 billion.

From a technical analysis point of view, the BTC/USD pair is showing a clear bullish trend at the $30,000 milestone. If this level is breached, resistance at $30,000 could be encountered before the BTC price rises to $31,000 and possibly $32,250.

Bitcoin price chart – Source: Tradingview

Instead, support for Bitcoin continues to hold steady around the $28,900 mark.

buy bitcoin now

Top 15 Cryptocurrencies to Watch in 2023

To stay up to date with the latest ICO projects and altcoins, it is recommended to regularly consult the list of the top 15 cryptocurrencies to watch in 2023, selected by experts.

Doing so will help you stay abreast of emerging trends and opportunities in the cryptocurrency market.

Disclaimer: The Industry Talk section features insights from cryptocurrency industry participants and is not part of’s editorial content.

Find the Best Price to Buy/Sell CryptoCryptocurrency Price Tracker – Source: Cryptonews

Source of information: Compiled from CRYPTONEWS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

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