The Bitcoin price has seen another price explosion and could almost reach the value of 27,000 dollars. BTC scratched the mark with the jump above the resistance at $25,000. The breakout is a continuation of the bullish market of the last few weeks. Is the $30,000 due soon? When will Bitcoin reach 30K?
After the bank crash in the USA, the Bitcoin price saw a massive increase . After falling below $20,000 when the market was shocked by bank failures, Bitcoin price recovered extremely quickly. BTC bounced back above $24,000.
After this massive jump, Bitcoin was able to climb above the $25,000 mark for the first time in 2023. However, this increase did not last long and the price fell back to $24,500.
There has been an eruption in the last 24 hours. The Bitcoin price rose above $26,000 and has already scratched the $27,000 mark several times. This time the increase stabilized.
Why did the Bitcoin price rise?
In the last few hours, the consumer price index in the US and the US inflation numbers have been released. This CPI increased by 0.4%. Inflation is at 6%. These numbers are positive for bitcoin. The bitcoin price can benefit from persistently high inflation and the difficulty of predicting the central bank’s response to inflation.
Bitcoin can benefit from the crisis in the traditional financial market. After all, after the bank crashes, trust is falling more and more, especially in the USA. Bitcoin becomes the new reserve currency and competes with gold.
When will Bitcoin reach 30K?
With the massive rally, the way to $30,000 could be clear. Unfortunately, the price recently fell after breaking through $27,000. This brief drop in prices can be a simple profit-taking wave as Bitcoin increased from the low of $19,500 to the current $26,800.
In the coming weeks, $30,000 seems realistic. More and more people distrust the banks and put their investments in Bitcoin. Now we must eagerly await the results of the next FED meeting. Will the key interest rate be massively increased, which will damage Bitcoin, or will we see monetary policy being relaxed again, which could cause the Bitcoin price to explode. If the uptrend continues higher, Bitcoin is expected to reach 30K by the end of the month of March or the beginning of April 2023.
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