Bitcoin price prediction: Can BTC reach $28,000?
Bitcoin price prediction: Can BTC reach $28,000?
Bitcoin, the largest cryptocurrency by market capitalization, has resumed its upward movement after a long period of inactivity.
The latest data shows that despite the higher inflation rate in the U.S., Bitcoin has confidently crossed the $2,500 mark and is targeting $27,000.
Meanwhile, the founders of Glassnode, working under the nickname Negentropic, predicted that Bitcoin will confidently cross the $28,000 mark and reach $28,660 in the near future.
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It's worth noting that information about the European Central Bank possibly ending its monetary tightening cycle has supported Bitcoin's uptrend.
After the last 10th rate hike, which took place on September 14, 2023, the ECB's core deposit rate stands at 4%, up from -0.5% in June 2022.
However, analyst James W. Straten believes that Bitcoin has been a concern lately and is hardly ready for a big bull rally. The main factor that proves Straten's point is that whales have made substantial deposits on exchanges over the past month.
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According to the analyst, the main reason these investors are moving to exchanges is the impending sell-off.
Bitcoin is currently up 0.21% at $26,579.45.
The next resistance is around $26,720, while at the level of $26,850 BTC will meet already more serious resistance, overcoming which will open the way to $27,200.
Read also: How will the price of ETH react to the results of the Fed meeting?
