December 6, 2022

1businessguide

1businessguide

BTC/USD Forecast: Price is consolidating

The price of bitcoin is consolidating after a rise on Friday, as a result of which the price of the main cryptocurrency reached a 2-week high. The price of bitcoin rose along with stock indices, which received support due to the adoption by the US Congress of a law that provides for the financing of public institutions until December 3. Thus, it was possible to avoid a shutdown, which had a positive effect on risky assets. Also, the market was supported by a decrease in the yield of US government bonds.

The cryptocurrency market was supported by the statement of the head of the Federal Reserve Jerome Powell, who said that the US will not impose bans on digital assets.

However, he still believes that some digital assets, in particular stablecoins, should be regulated.

Billionaire Orlando Bravo, co-founder and managing partner of the private investment company Thoma Bravo, said that he is an investor in cryptocurrency and believes that bitcoin will grow in price in the next few years due to demand from institutional investors. Bravo added that he considers blockchain technology to be a very powerful system that can be more efficient than data-based software.

The co-founder of the BTCC cryptocurrency exchange, Bobby Lee, said during an interview that he expects a rally in bitcoin by the end of the year, caused by the fear of missing an opportunity (FOMO), as a result of which the price of the main cryptocurrency will exceed the $ 100,000 mark.

According to technical analysis, consolidation above the level of 49400 will open the way to 50500, then 52800. In case of a return below 44300, a decrease to 40750 is likely.