$1 Million For 1 Bitcoin Possible Says This Report, Here's Why

Bitcoin continues its upward trend as the global banking sector faces a crisis; the cryptocurrency has seen its best performance year to date. The BTC price has been pushing up due to a strengthening in the narratives and could see further upside ahead of a critical macroeconomic event.

Timeline of Bitcoin

According to technical analysts looking at the Bitcoin market on a short-term time horizon, the world's largest cryptocurrency by market capitalization looks like it could be on the verge of a breakout towards the psychologically important $30,000 level and perhaps on towards the next major resistance zone around $32,500-$33,000.

The BTC/USD is trading at 27,908, up by 2.50% in 24 hours. The US bank crisis fueled a weekend surge and Bitcoin momentarily reached $28,000 for the first time in nine months on Monday. However, the price dropped before the US Fed decided on interest rates.

On-chain data suggests the $28,700 mark, which Bitcoin has yet to hit since the LUNA collapse, could be the next major obstacle to clear for the asset. Bitcoin Has Been Under The $28,700 Level For 310 Days Now According to data from the on-chain analytics firm Glassnode, the $28,700 is the cost basis (that is, the acquisition price) of a specific whale group in the BTC market.

Monetary liquidity expectations is one driver moving crypto markets these days, though not in the way many think – even if easing is around the corner, liquidity is tight, says Noelle Acheson.

American entrepreneur and investor Balaji Srinivasan said his “Bitcoin to $1 million in 90 days” prediction is funnily making him sound like the most intense (Bitcoin) maximalist ever. In web 3.0 lingo, maximalists are those who believe all other cryptocurrencies are inferior to Bitcoin.

The price of ethereum (ETH) has increased tremendously, from $1,760 to $1,820 as of March 21, as bitcoin (BTC) remains steady after a surge in the last few days. Ethereum surged to $1,820 and then slightly corrected.

As the next Federal Open Market Committee (FOMC) meeting approaches on March 22, Bitcoin (BTC) trades at $28,000, just below its nearest resistance level. The cryptocurrency is consolidating at a critical zone, indicating the potential for continuing its current trend or a possible pullback to $25,000.

Bloomberg's senior macro strategist Mike McGlone says that Bitcoin (BTC) vastly outperforming gold may be indicative of a new supercycle for the king cryptocurrency. McGlone tells his 55,000 Twitter followers that one of Bitcoin's key advantages over gold is its low and rising adoption plus diminishing supply.

The Bitcoin network's security is derived from a process called Proof-of-Work (PoW) which is powered by advanced hardware and large amounts of electricity. In PoW mining, miners aggregate transactional data over a specific period and attempt to summarize this data into an encrypted output that is accepted by the rest of the network.

Up over 40% year to date, bitcoin is arguably 2023's best-performing asset. And according to new data, the bellwether cryptocurrency has been profitable for its holders nearly 89% of the time since the beginning of its trading.