Bitcoin has shown relatively low volatility over the past year, with its price staying between $20,000 and $30,000 since January. This stability is notable in the cryptocurrency market.
While some argue that we have struggled to break past the support/resistance level, we disagree. The current cautious approach to money may be influenced by rumors of a potential recession. However, as the year comes to an end, optimism is likely to increase, leading to more relaxed attitudes. This is evident from our all-time high breakthrough this year.
To provide some context, Bitcoin last surpassed $32,000 in May 2022, more than a year or about 17 months ago. Positive sentiment is gaining traction. Could this mark the beginning of a bullish trend? Or are we witnessing a repetition of the significant crypto crash of 2017? BTC tends to rise towards the end of the year, showing a recurring pattern.
This excitement may have stemmed from recent false news about the SEC approving Bitcoin ETFs or a natural build-up to the year-end. Additionally, the acceptance of BTC as a payment method by Ferrari may play a role in the recent market movement. It is challenging to make definitive statements, but from past experience, once momentum starts, it’s difficult to halt. Many analysts predict Bitcoin will surpass $100,000 by 2024. Please note that this is not financial advice, rather an informal analysis of the current price.
There are numerous factors contributing to the price hike, and multiple outcomes may follow. Crypto markets are unpredictable. Nonetheless, we are delighted to witness BTC finally breaking its year-long barrier and reaching its 2023 all-time high…so far. This is not only favorable for the markets and hodlers, but it also brings enjoyment to gamblers who thrive on Bitcoin gambling during a bull market.
We will continue to monitor the price and inform you of any further developments. But for now, rejoice in the positive news and use your additional BTC profits for some enjoyable crypto gambling. Explore our list of the best crypto casinos of 2023.