The data provider for crypto trading, Glassnode, has just stated that Bitcoin’s USD value could fluctuate by 3.45%, either in the profit or loss direction.
Bitcoin and its USD value according to Glassnode
The blockchain data and intelligence platform, Glassnode, has just shared its forecast on the US dollar (USD) price trend of the crypto queen, Bitcoin (BTC).
Basically, according to Glassnode, BTC’s next price fluctuations could replicate a pattern that has already occurred, both when its price was $16,500 and the number of BTC in circulation was 637,000 and when the price was $26,800 with 523,000 BTC in circulation.
At present, therefore, with 592,000 BTC in circulation at the price of $30,200, the next expected fluctuations are 3.45%, both loss and profit.
This would mean that Bitcoin’s USD value could fall or rise by $1,041.90.
Bitcoin and its USD value: over $30,000 for the past 20 days
Bitcoin’s USD value has always been under scrutiny, especially after its price has exceeded $30,000 in the past 20 days.
Specifically, today BTC is currently pumping +17% compared to a month ago and +42% compared to last year.
Not only that, it can actually be said that the USD price of the queen of crypto assets is now the highest in the past year.
In reality, we are still halfway before touching the ATH – All-Time High – of Bitcoin at $69,000 touched in November 2021, but this trend seems promising.
In any case, Bitcoin is proving increasingly resilient, given the catastrophic events in crypto that have occurred, such as the collapse of FTX, or the failures of various regional banks and so on.
What is being experienced today is a struggle on the part of financial giants to see spot Bitcoin-based ETFs legitimized, such as BlackRock’s application to the US SEC.
The optimistic forecast of Binance CEO Changpeng CZ Zhao
In addition to Glassnode, there are predictions about the USD value of Bitcoin, including from Binance CEO Changpeng CZ Zhao.
And indeed, CZ reportedly said recently that the exchange is preparing for higher trading volumes in the next 18 months. This is because his forecast on BTC is optimistic between now and the end of 2024.
In essence, according to CZ, when the halving of Bitcoin takes place (expected in April 2024), volumes will increase in anticipation of the bullish BTC price the following year. This prediction is based on what happened to the previous 3 halvings.
Along with the halving, to confirm his enthusiasm, the CEO of Binance also talked about BlackRock’s entry into the crypto market, since it is the largest asset manager in the world.
According to him, if the Bitcoin ETF offering were to be approved by the SEC one day, this would lead to an entry of new traditional players and new users into the crypto markets, further supporting the bull run of 2024 and 2025.