Bitcoin, the main cryptocurrency, establishes over the days a strong support level at $30,000 and recent insights from industry experts add an interesting perspective to Bitcoin’s future. Indeed, according to Arthur Hayes, the former CEO of BitMEX, Bitcoin has the potential to become the predominant currency for artificial intelligence (AI)highlighting its unique attributes.
In addition, the price of Bitcoin is influenced today by investors reassessing Federal Reserve forecasts After the publication of employment data. In this Bitcoin price prediction, we will therefore take a look at the factors influencing the outlook for BTC and explore potential possible scenarios.
Bitcoin may become the predominant currency for artificial intelligence, says Arthur Hayes
In a recently published blog post, former CEO of cryptocurrency derivatives market Bitmex, Arthur Hayes, asserts that Bitcoin is the optimal currency for artificial intelligence (AI). Hayes suggests that BTC will be AI’s preferred medium of exchange due to its constant availability, its digital nature and its complete automation.
Blockchain-based systems possess attractive features, and among them, BTC appears as the first choice because of its rarity, resistance to censorship, and ability to store value. In comparing BTC to gold and fiat currencyHayes highlights the limitations and inefficiencies of traditional forms of money.
In his recent newsletter, Hayes reminds his readers that the market might be willing to pay quite a bit for the expansion of the Bitcoin network if his estimates are likely to materialize in the future. Significant profits can then be made if BTC thus becomes an absolutely essential currency. and used daily. In response to Hayes’ remarks, Bitcoin prices are seeing a surge this Saturday.
Investors reassess expectations for Federal Reserve projections
Bitcoin price reacts to investors’ revaluation of Fed forecast after jobs data release. THE June US jobs report fell short of market forecasts, adding only 209,000 non-farm jobs. Simultaneously, the unemployment rate fell to 3.6%throwing doubts about the likelihood of future interest rate hikes by the US Federal Reserve.
Because of this data, the likelihood of further rate hikes by the US Federal Reserve has diminished and the release of these figures has increased selling pressure on the US dollar. This again opens the door to progress for assets like Bitcoin. The index of US dollar is now down 0.45% for the day at the time of writing these lines and this drop helps the price of BTC to take a little height, this Saturday.
Bitcoin Price Prediction
Bitcoin is currently showing some volatility, but it maintains its position around the $30,000 level, which functions as an important psychological support. When examining the price chart, it can be seen that Bitcoin consolidates in a tight rangewith a resistance near $31,400 and support at around $29,600.
A definitive close above the $29,600 level has the potential to initiate a bullish movement for Bitcoin. Conversely, if there is a clear break below $29,600Bitcoin could find support around $28,450 and potentially even lower towards $27,450.
On an upward move, if Bitcoin successfully breaks above the $31,350 level, the next notable target to watch would be around $32,500. Therefore, it is advisable to closely watch the $29,600 level as a pivot point crucial for today’s trading activities.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
Find the best price to buy/sell cryptocurrency
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.