• Crypto prices have been consolidating within a narrow range in Q1, but are expected to break out soon.
• Bitcoin is likely to reach $30,000 in the first few weeks of April, and could potentially reach $35,000 by the end of H1 2023.
• Regulatory uncertainty has caused Bittrex to cease its operations in the US, while Coinbase’s CLO has criticized the SEC’s proposed crypto asset securities rule and Binance is under investigation by various authorities.
Crypto Market Analysis for Q2 2023
The Q1 close was expected to be a massive one, pushing the Bitcoin prices above $29,000 and a step ahead toward $30,000. However, the price continued to consolidate within a narrow range displaying the possibility of continuing with a consolidated trend in the coming days. In such a case, when will the BTC price break the consolidation? After the breakout, will the price surge high or display a short-term bounce?
Bitcoin Price Pattern
Bitcoin price usually follows a repetitive pattern from the past and has been following the pattern finely. The past month’s breakout also carried the same legacy and hence is believed to print a couple of consecutive bullish monthly candles ahead. Source: TwitterAs mentioned in the above chart, BTC is displaying similar price action as it did in past. The price surged magnificently to mark highs and dropped further reaching lows which was followed by significant upswing recording huge bullish candles in next couple of months recovering back towards new highs further. Considering previous data one can expect fine upswing in Q2 with Bitcoin prices soaring above $30K in first few weeks of April once it reaches crucial resistance close to $35K mark notable upswing may prevail until end of H1 2023.
Regulatory uncertainty has forced Bittrex to shut operations within USA whereas Coinbase CLO criticised SEC’s proposed crypto asset securities rule while Binance is undergoing investigation by CFTC ,SEC ,DOJ & IRS .
In conclusion one can expect fine upswing during coming Quarter Q2 2023 with bitcoin prices soaring above 30K mark however due regulatory changes across industry it may impact overall market trend yet prediction seems positive so far .
Sahana Vibhute – A passionate cryptocurrency and blockchain author qualified to cover every event in crypto space researching minute occurrences bringing new insights lie within prime focus of my task .