The price of Bitcoin (BTC) has managed to excite investors in the crypto market once again, as it has now crossed the $30K mark. The cryptocurrency had a below-average 2022, but the recent increase has set a new high for 2023. Bitcoin (BTC) grew by approximately 46% in the previous month, inevitably pushing the trading price of the cryptocurrency to a 10-month high.
Furthermore, the Fear and Greed index has remained strictly in the Greed territory since last week, signifying a score of 68 out of 100. Similarly, the cryptocurrency also achieved a score of 68 back in 2021, when Bitcoin (BTC) was at an all-time high of over $69K. The Greed and Fear Index presents the sentiments of investors toward Bitcoin (BTC) and other cryptocurrencies in the market.
At the time of writing, the trading price of Bitcoin (BTC) has increased to approximately $30,255, after witnessing an increase of an astonishing 6.73% in the previous 24 hours. Similarly, the total market cap of the largest cryptocurrency currently stands at almost $584 billion.
Is This the Start of a Bull Run?
Based on the current scenario, it is widely believed that it is the start of a new Bitcoin (BTC) bull run. The correlation between crypto and the technology-related index, Nasdaq 100, has weakened considerably, and crypto stands tall as the lone warrior in the financial world. As a result of this weakening correlation, it has become clear that Bitcoin is becoming increasingly independent of traditional markets.
The movement of mega whales was a major reason for Bitcoin’s rise to the $30K mark. Similarly, the current rally has paved the way toward a major shift in the ladders of liquidity, which is the number of sell orders at different price points. The shift has undoubtedly paved the way for the increase in the price of the cryptocurrency . Therefore, indicating a positive market sentiment.
However, liquidity levels have been seen going up over the last 24 hours, indicating uncertainty. If the price of BTC reaches an illiquid zone, it might surge swiftly. The next few hours and days are critical to determining the movement of Bitcoin in the long run.
Analysts Believe that Bitcoin (BTC) is Destined for the $100k Mark
Many analysts in the market argue that the US dollar is heading toward a major collapse, and in case it happens, Bitcoin (BTC) would go sky-high. At the same time, many believe that people have rushed to digital assets like BTC as they have realized that the US dollar is doomed. With this, more people are expected to follow the similar footsteps.
However, this is not the first time the $100K price expectation for Bitcoin was shared in the industry. Similar opinions were expressed when the US banking sector was becoming uncertain. This time around, the expected price was shared keeping in mind some realistic factors including increased volatility along the way.
There is a minor chance that blockchain technology would fail, but governments could play a role in slowing it down by making it difficult for investors to step in and out of the crypto world by imposing a higher percentage of capital gain taxes. Nonetheless, Bitcoin (BTC) is undoubtedly the future and is here to stay.
