The major crypto bitcoin climbed to $27,000 on Friday, extending its bull run for 2023 amid intensifying negotiations for the $100,000 price level.

Bitcoin (BTC) built on its recent bullish momentum, reaching $27,000 for the first time since June last year. On Friday, the dominant digital currency rose to $27,028, a 6.5% gain in 24 hours. This latest 6.5% price jump has also pushed BTC market cap to $549,077,612,54 in the same period.

However, Bitcoin has maintained a slight retracement since early in the European session, trading just above $26,000. Moreover, despite the initial price surge, the major cryptocurrency’s trading volume experienced a drawdown of 6.80% over the same period.

Bitcoin hit $27,000 today in a concerted effort to prop up the US banking sector following the collapse of the Silicon Valley Bank. Additionally, the coin rose to strengthen investor sentiment in the face of the Federal Reserve’s ongoing deliberations on raising interest rates.

“Crypto Is Macro Now” Newsletter Scribe Noelle Acheson explained:

“Signs of a rate cut should push funds into riskier assets. It could be enough to bring funds into the crypto market.”

Bitcoin’s $27,000 Development Spurred by Risky Status

Bitcoin’s dominance stems from the fact that traditional investors view the popular token as a risky asset due to its volatility. Appeals to more property managers when they are more relaxed than they are.

In addition to its perceived strong security, BTC’s superiority can also be attributed to the coin’s large user base. In addition, major digital currencies also boast high liquidity, continuous innovation, and excellent brand recognition.

According to Christopher Bendiksen, Head of Bitcoin Research at CoinShares, Bitcoin does not rely on any particular bank for users to redeem their funds. This fact compares favorably with some other digital currencies tied to the US dollar, such as stablecoins. In light of the ongoing depression in the banking industry, VanDixen said Bitcoin is gaining acceptance among traditional investors as a viable alternative.

“For the first time ever, we are actually hearing from clients who perceive Bitcoin as a safe haven. I don’t know that it has ever been taken seriously by

Bitcoin’s network effect creates a barrier to entry for new digital currencies, and its decentralized blockchain technology inspires confidence in security. The world’s largest cryptocurrency by market capitalization is up nearly 55% in 2023 after suffering a massive drop last year.

$100,000 price prediction

BTC has already sparked varying levels of optimism among investors, analysts, and market observers due to its latest price rally. Standing out among these is the resurgent story that cryptocurrency could finally hit him $100,000. For example, Capriole CEO Charles Edwards recently claimed that Bitcoin is in a “bump and run reversal.” In Edwards’ opinion, this means that cryptocurrencies have considerable advantages. He also believes this pattern could be a “textbook-perfect” price move for BTC on its way to $100,000.

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Toru Miho

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to explain the cryptocurrency story down to the basics so that anyone can understand it without much background knowledge. Krypto When he’s not heavily involved in storylines, Tolu enjoys music, loves to sing, and is also an avid movie buff.

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