Bitcoin, the main crypto-currency on the market, has experienced in recent days a consolidation period, where the evolution of its price was limited and showed low volatility.
Traders and investors are now eagerly anticipating the end and rupture of this consolidation phaseas this could potentially signal a significant price spike.
In this Bitcoin price prediction, we will explore factors and indicators that can help trigger the exit from this consolidation phase and provide insight into potential Bitcoin price movement.
President Biden Unveils Budget Proposal: Another $1 Trillion in Spending Cuts
In addition to deficit reductions of nearly $3 trillion previously proposed, achieved through a combination of expenditure reductions and revenue increases, President Biden announced at a press conference that his latest budget proposal would further reduce spending by more than $1 trillion.
He clarified his stance on crypto traders: “I will not accept a deal that protects wealthy tax cheats and cryptocurrency traders at the expense of food aid for nearly a million Americans.”
There budget proposal $6.9 trillion from the President of the United States emphasizes the importance of modernizing regulationsespecially for digital assets.
He called for applying wash sale rules to digital assets and regulating related party transactions, with the aim of subjecting crypto assets to the same scrutiny as more traditional investments.
Biden’s comments may have contributed to lower bitcoin prices this Monday morning. According Kiyosaki, however, Bitcoin and gold remain the best protection against fraud and incompetence.
Although politicians are insisting on a soft landing, experts worry that ongoing talks over the US debt ceiling could lead to a major global financial catastrophe.
Robert Kiyosaki, however, disagrees with this statement and advises investors to protect themselves by investing in gold, silver and bitcoin.
The disagreement between Republicans and Democrats over whether the United States should raise the debt ceiling persists, prompting concerns about the possibility of the United States defaulting on their debt for the first time.
But, even if a deal is struck, the damage may already be done for the world’s largest economy.
As a result, despite President Biden’s lack of concern, Robert Kiyosaki, the author of the book “Rich Dad, Poor Dad,” and known for his pessimistic views on the current global economy and its future, said he there would be no “soft landing”.
In a tweet, Robert Kiyosaki accuses Biden of being “senile, corrupt and incompetent”
Kiyosaki also criticized the country’s leaders for high levels of corruption. According to him, investors can protect themselves by buying three assets, one of which is the world’s largest cryptocurrency, Bitcoin.
Kiyosaki expressed his disagreement with President Biden in a separate tweet, calling the current US president the most “senile, corrupt and incompetent” leader in the country’s history.
Strike expands to 65 more countries and moves its headquarters to El Salvador
StrikeA bitcoin-based payment softwaretook an important step in transferring its global headquarters to El Salvador and in expanding its acceptance of Bitcoin payments to 65 additional countries.
Since launching in 2019, Strike has aimed to become the global equivalent of Venmo or Cash, with operations currently in the United States, El Salvador, and Argentina. Led by 29-year-old entrepreneur Jack Mallers, the company announced on Friday that it is expanding to a total of 65 countries.
The increased accessibility of cryptocurrency payments via the Strike app helped support Bitcoin’s price decline on Monday.
The price of bitcoin
The current Bitcoin price is $26,895 and its trading volume in the last 24 hours is $10 billion.
In the same time frame, Bitcoin experienced a decrease of 0.68%. It currently holds the top spot on CoinMarketCap with a market capitalization of $520 billion.
There are currently 19,380,362 BTC coins in circulation out of a maximum possible supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
On the technical side, Bitcoin is showing signs of support around the $26,600 levelwith the close of the candles forming a triple bottom.
That indicates a potential bullish reversal in the short term, targeting the $27,200 level.
However, on the higher timeframes, like the four-hour chart, there is resistance around $27,200 and support near $26,600.
Additionally, the 50-day exponential moving average served as support at $26,700, Further supporting the possibility of upward momentum in BTC.
Therefore, it is important to watch the $26,600 levelas a break above could lead to a bullish movement towards $27,200 or even $27,500 in the next few days.
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.
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