Crypto News: At the back of a highly rewarding first quarter of 2023 for Bitcoin (BTC), favorable macroeconomic conditions and positive momentum in the web 3.0 space is giving traders more reasons to feel bullish in the months to come. The US regional banking crisis came as a much needed scenario for a push in crypto prices, amid renewed hopes of the US Federal Reserve‘s pivot from the interest rate hike spree. This week, both the Consumer Price Index (CPI) and the Producer Price Index (PPI) for the month of March came in less than expected, leading to fresh hopes of the central bank preferring a no hike scenario in coming months.
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Hence, with the leading economic indicators suggesting potential slowdown in rate hike, the crypto market could be bullish with increasing clarity going forward. Also, the web 3.0 ecosystem is starting to gain momentum with the likes of Twitter stitching partnership with multi-asset investment company eToro for displaying stocks and crypto information. Meanwhile, Bitcoin price continues to be on the rise after breaching the crucial $30,000 mark.
When Will BTC Reach $100K
Earlier on Friday, the Bitcoin price reached new 10 month high of $30,800 level, giving rise to hopes of breaking next resistance level at $32,150 and $35,200. The top cryptocurrency began Q1 at $16,600 and ended at $28,000, with a total change of an impressive 70%. If the same momentum continues, BTC could potentially reach the $100K mark by the last quarter of 2023. From the current range, BTC needs a 53% rise each quarter for the rest of the year.
According to Ali Charts on Twitter, the adjusted Spent Output Profit Ratio (SOPR) for BTC took a pivot to above 1, meaning that it clearly signals a bull market. The traders said, “aSORP recently moved above 1, suggesting $BTC readies to go parabolic.” The SOPR indicates the profit ratio of the whole market participants (Bitcoin investors) to the value of outputs at the time of investment. Essentially, it means whether all the investors combined are in profits or not.
Even if it fails to reach that level in 2023, traders are hopeful of such a jump at least by April 2024, when the Bitcoin halving is expected.
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