As the traditional finance sector increasingly embraces cryptocurrencies, the anticipation and speculation surrounding Bitcoin’s future price continue to grow. With prominent financial institutions entering the crypto space and the potential for wider adoption, the question arises: Will Bitcoin’s price surge to the next significant milestone of $40,000?

This Bitcoin price prediction explores the influence of traditional finance on the cryptocurrency market and examines the factors that could potentially propel Bitcoin to new heights.

BTC Surpasses $30,000 Amid TradFi Players’ Entry

Bitcoin has recently surged past the $30,000 mark, marking the second time this year. Over the past seven days, it has seen a remarkable increase of over 15%. This bullish trend can be attributed to the entrance of traditional finance (TradFi) players into the crypto market, bringing increased activity and interest.

As a result, Bitcoin’s monthly average trading volume has exceeded its yearly average. These factors have collectively contributed to the ongoing upward rally in Bitcoin’s price.

The Bitcoin hash rate has reached a monthly high, indicating strong mining activity. Additionally, the SEC’s approval of the 2x Bitcoin Strategy ETF (BITX) has made it the first leveraged crypto ETF.

These developments, along with the filings for spot Bitcoin ETFs by giants like BlackRock, Invesco, and WisdomTree, have contributed to the upward momentum of Bitcoin prices.

Fidelity Digital Assets, Charles Schwab, and Citadel Securities Enter the Market

Financial institutions such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities have also entered the crypto market, as seen with the recent launch of the EDX crypto exchange. This growing interest from established players in traditional finance has instilled confidence in cryptocurrencies.

Despite regulatory crackdowns from the US Securities and Exchange Commission (SEC) on crypto exchanges, traditional finance players remain undeterred. Deutsche Bank has even applied for a digital asset custody license in Germany.

The resilience and positive momentum of Bitcoin and digital assets have surprised observers who were anticipating more regulatory challenges.

Bitcoin Price

Bitcoin (BTC), the most popular cryptocurrency in the world, surpassed $30,000 on Saturday. BTC broke the $30,000 mark for the second time this year, signaling positive market sentiment. Its current price is $30,715, with a 24-hour trading volume of $24 billion. It has risen by over 2% in the last 24 hours.

BTC

Technical indicators indicate that Bitcoin is overbought, suggesting it may be a good time for investors to consider taking profits.

If Bitcoin falls below the $30,700 level, it could experience a corrective pullback towards $28,250, while a breakout above the $31,250 level could push it towards higher levels, such as $32,000 or even $34,150.

It is important to closely monitor the $31,000 level, as a close below it may trigger a corrective pullback, while a breakout above it could sustain the bullish trend.

What's the Best Crypto to Buy Now?

  • B2C Listed the Top Rated Cryptocurrencies for 2023
  • Get Early Access to Presales & Private Sales
  • KYC Verified & Audited, Public Teams
  • Most Voted for Tokens on CoinSniper
  • Upcoming Listings on Exchanges, NFT Drops
See the 15+ Coins