Bitcoin Price Prediction as BTC Bounces from Local Bottom and Targets $30,000 Level – What Happens Next?
Bitcoin's price has recently bounced back from a local bottom, sparking renewed optimism among investors and traders.
As the leading cryptocurrency targets the $30,000 level once again, market participants are left wondering what happens next.
Will this rebound mark the end of the bearish trend, or is it merely a temporary reprieve before the next downturn?
This update will explore the factors that could influence Bitcoin's price trajectory and provide predictions for its future movements.
The recent surge in Bitcoin began after the second major bank failure in the United States, raising concerns about the entire banking industry.
Moreover, following First Republic Bank's default, PacWest Bancorp stocks also experienced a significant decline due to its disappointing Q1 earnings report.
According to CNBC, a Gallup Survey revealed that about 50% of Americans are worried about the safety of their money in banks.
The banking crisis in the US has started to impact several regional banks, further shifting market sentiment in favor of other safe-havens like gold and bitcoin.
Consequently, BTC/USD is gaining strength, and prices are moving towards the key $30K level.
Furthermore, the instability in the US banking sector that began two months ago has proven to be very beneficial for Bitcoin, as the cryptocurrency's share in the broader market has surged sharply during this period.
According to TradingView, Bitcoin's dominance rate has increased from 42% to 49% since March, reaching its highest level in 22 months.
On Friday, the Central Bank of Argentina took a firm stance against Bitcoin, releasing a statement declaring that payment platforms are now prohibited from offering cryptocurrencies like Bitcoin.
The Bank cited the need to
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