Bitcoin Price Prediction As BTC Hits 9 Month High – How High Can BTC Go?

Bitcoin Price Prediction as BTC Hits Highest Level in 9 Months – How High Can BTC Go?

As Bitcoin hits a nine-month high, many are wondering how much higher the cryptocurrency can go. With a market capitalization of over $1 trillion and demand surging as investors seek a safe haven amid economic uncertainty, the price of Bitcoin has skyrocketed in recent months.

This has led many to wonder if the cryptocurrency is in the midst of a continued upswing or is due for a correction.

US Banking Crisis: Impact on the Financial Market and Cryptocurrency Prices

Last week, the sudden collapse of three banks, namely Silvergate, Silicon Valley Bank (SVB) and Signature Bank, highlighted the fragility of the conventional banking sector. Analysts have identified adverse market conditions and inadequate risk management as the main causes of the collapse of SVB and Silvergate.

The collapse of SVB had far-reaching implications for the global banking industry. Credit Suisse, Switzerland’s second-largest banking institution, was also hit, facing a severe crisis that required a $54 billion bailout from the Swiss central bank.

As the banking crisis unfolds, investors are turning to cryptocurrency as a reliable alternative. As fears of a possible global financial crisis escalate, the value of BTC/USD continues to rise.

The connection between the Federal Reserve and BTC

Overnight balance sheet data from the Federal Reserve revealed that roughly $300 billion was injected into the economy to deal with the financial crisis, sparking a new upward trend.

The action effectively reversed months of liquidity withdrawals under the Federal Reserve’s quantitative easing (QT) policy, and experts predict a re-introduction of quantitative easing (QE).

The recent reversal of the Federal Reserve’s quantitative easing policy, which has been in place since 2021, has fueled the BTC/USD bulls, who are now looking to push the price higher.

In addition, growing concerns about a global banking collapse have made it less likely that the Fed will implement a 50 basis point rate hike. Instead, Reuters predicts the Federal Open Market Committee (FOMC) may raise the federal funds rate by just 25 basis points at its upcoming meeting on March 22.

Inflation and Federal Reserve rate hikes can have a significant impact on the value of Bitcoin. When the Fed’s interest rate decision becomes uncertain, the dollar index tends to fall.

Currently, the dollar index is at 103.86 and could continue to fall, which can be favorable for BTC/USD as a fall in the US dollar can lead to an increase in the value of Bitcoin.

Binance CEO: BTC resistant to inflationary pressures

On March 18, Binance CEO Changpeng Zhao took to Twitter to praise a core feature of Bitcoin technology. He emphasized the cryptocurrency’s ability to resist inflationary pressures, a quality that traditional fiat currencies lack.

In his tweet, Zhao pointed out that unlike fiat currencies, Bitcoin cannot be printed out of thin air, and mining is a key function in its creation.

Zhao’s comments came in response to reports that the US government issued a $300 billion bailout “out of thin air” following the collapse of the country’s three major banks.

In the past 24 hours, BTC/USD has surpassed $27,500, according to market tracking website CoinMarketCap. This price level is one of the highest that BTC/USD has reached in the past nine months.

The price of Bitcoin

On March 18, Bitcoin began trading at $27,350. In the last 24 hours, its value has increased by 2.75% and is currently trading at $27,416. BTC/USD experienced fluctuations, reaching a high of $27,605 and a low of $27,053.

Furthermore, the value of Bitcoin has increased by more than 35% in the past week, with recent news of bank failures and concerns about potential interest rate hikes playing a significant role in increasing its value.

The price of Bitcoin saw a sharp decline after a short period of consolidation to around $26,500. This led to a short-term downtrend as it fell below the $25,000 and $25,500 support levels.

Bitcoin Price Chart – Source: Tradingview

As of Saturday, the BTC/USD pair is trading with a strong bullish bias, but faces immediate resistance near the $27,750 level. A bullish breakout above this level could push Bitcoin price towards the $30,750 milestone.

However, if the $27,750 level proves to be a resistance point, a sell-off may occur, potentially lowering the price to $25,200 or even $23,020.

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Top 15 Cryptocurrencies to Watch in 2023

Industry Talk has compiled a curated list of the top 15 cryptocurrencies to watch in 2023, featuring insights from Cryptonews experts. Whether you are an experienced crypto investor or new to the market, this list provides valuable information on promising altcoins that could have a significant impact on the industry.

Stay up to date with new ICO projects and altcoins by checking back regularly.

Disclaimer: The Industry Talk section contains insights from players in the crypto industry and is not part of the editorial content of

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Cryptocurrency Price Tracking – Source: Crypto news

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