In the early Asian market on Thursday, Bitcoin (BTC) showed a modest gain of approximately 1.5 percent, trading at around $29.47k. The daily traded volume surged by about 23 percent, reaching around $13 billion, indicating the potential for the underlying Bitcoin value to retest the resistance level between $31k and $32k in the near future. However, achieving a new high for 2023 might prove challenging due to various headwinds, including the rise of altcoins, which have been gaining popularity and market share.
One significant trend impacting Bitcoin’s dominance is the decline it experienced in the past five days, now standing at about 49.77 percent on Thursday. As altcoins gain traction, investors are diversifying their portfolios, which could potentially hinder Bitcoin’s meteoric rise.
Crypto analyst Captain Faibik conducted an in-depth Bitcoin price analysis, predicting that BTC bears will eventually breach the bear market rally and push the price down toward the support zone around $25k. While Captain Faibik expects Bitcoin to rally towards $32k before undergoing a correction in higher time frames, he remains cautious, pointing to a possible 15-20 percent correction in the coming weeks.
Despite this bearish outlook, many analysts believe that Bitcoin’s price will not drop below $20k again, citing increased demand from institutional investors as a key factor supporting the cryptocurrency’s value. Additionally, various jurisdictions have taken steps to establish more receptive and supportive crypto regulatory frameworks over the past twelve months, which may further bolster investor confidence.
