Bitcoin (BTC), the world’s most popular cryptocurrency, recently soared past the crucial $30,000 price level, setting off a flurry of speculation about its next move. With its volatility and unpredictable nature, Bitcoin’s price prediction remains a hot topic among investors and enthusiasts alike.
Besides Bitcoin, there’s a hot new crypto in town called Love Hate Inu (LHINU) that’s capturing everyone’s attention. With its unique blend of meme coin fun and utility-based approach that’s never been seen before, it’s creating a buzz in the market. Already raising over $3.7 million and counting, this project is definitely one to watch. Before that, let’s take a closer look at Bitcoin breaking $30K.
BTC Skyrockets To New Heights As Cryptos Rally
Bitcoin (BTC) and other digital assets have been on a remarkable rally, with BTC surging past a key level to reach its highest point since the crypto crash last summer. During the last few hours, Bitcoin’s price has jumped 6% to $30,100, marking an 80% increase since the beginning of the year. This surge has sparked calls for a new bull market, and many investors are taking notice.
Analysts are optimistic about the current price pattern and expect further upward momentum. Many experts believe that although some profit-taking may occur at the current level, the price will likely continue rising due to the strong momentum. In fact, bearish traders with short positions have already been wiped out, with over $150 million in Bitcoin shorts liquidated since Monday, potentially adding further upward pressure to the market. Bitcoin’s return above the psychological level of $30,000 is seen as a bullish signal to traders, as it hasn’t reached this level since the crypto industry faced a series of collapses last June. The bullish sentiment is also fueled by Bitcoin’s sensitivity to macroeconomic forces, including its correlation with stocks. Although Bitcoin is outperforming the Dow Jones Industrial Average and S&P 500 this year, the Federal Reserve hiked interest rates to fight inflation previously. However, Bitcoin prices have rebounded this year because of expectations that the Fed will be more accommodative.
Putting The Power Back In The Hands Of The Community
The great thing about Love Hate Inu is during its presale; they’re selling a whopping 90% of the tokens, so there’s no risk of developers swiping your money and running off. The remaining 10% is reserved for rewards and Initial Exchange Offerings (IEOs). This makes LHINU a true community project, with tokens available for fans to participate and vote in the polls.
Unlike other projects where tokens are divvied up among founders or big investors, Love Hate Inu is all about giving the power back to the community. With LHINU tokens required for voting, every poll reflects the genuine opinions of Love Hate Inu fans.
Once the platform launches, the development team will kick off with creating polls, but the plan is to eventually hand things over to the community by the end of 2023. That means the community gets to decide which polls to introduce and whether they should be up for a vote. It’s all about giving the community a voice and making LHINU truly community-driven.
Start of a bull run?
Blake Harris, the Founding Principle of Blake Harris Law, pointed out that factors such as bank failures and government responses by printing more money have made Bitcoin more attractive.
“This does appear to be the start of another bull run,” he said.
However, he also cautioned that “if the recession gets worse, we should expect Bitcoin to also drop.” Harris believes the next resistance level could be around $70,000, but he expects altcoins to swing in the same direction as Bitcoin, albeit to a lesser extent.
Pavel Matveev, CEO and Co-Founder of Wirex, attributed BTC’s move to $30,000 to its return as a non-correlated store of value and changes in centralised exchange BTC dynamics.
He predicts a slight retrace in BTC price in the short term and emphasises the ongoing economic and regulatory challenges that will continue to impact crypto prices.
Gabby Kusz, CEO of the Global Digital Asset & Cryptocurrency Association, believes Bitcoin’s rally will continue, with the next resistance level at about $50,000.
She expects altcoins to tip upwards when Bitcoin is up, but to a lesser degree than in previous rallies.
“Given the underlying reason for a Bitcoin rally at this point, it’s clear commodity classification, I would expect altcoins to tip upwards when Bitcoin is up but at a far less degree to which we have seen under previous Bitcoin rallies,” she said.
Eric Chen, CEO and Co-founder of Injective Labs, and core contributor to Injective said the surge in the price of Bitcoin could potentially lead to increased interest and investment from both retail and institutional investors.
Chen, however, emphasised the importance of acknowledging the unpredictable nature of the crypto market and the likelihood of continued price fluctuations.
“In terms of what to expect next for digital assets, it’s difficult to make concrete predictions. However, there are several trends and developments that could have an impact on the crypto market in the coming months and years. They include increased institutional adoption, regulatory developments, and innovation with new use cases for cryptocurrencies and blockchain technology,” Chen said.