Bitcoin Price Prediction: Perspectives from Mike Novogratz, Ordinals Milestone, and SEC’s Request to Coinbase
On Monday, Bitcoin price is on the rise, up by nearly 0.50% to reach $29,447.
In this update, we will delve into the perspectives shared by renowned figures like Mike Novogratz of Galaxy Digital and significant milestones achieved by the cryptocurrency market, such as the Ordinals Pass crossing the 20-million mark.
Additionally, we will explore the impact of the SEC’s recent request to Coinbase, which has garnered attention within the crypto community.
Mike Novogratz Praises BlackRock CEO Larry Fink’s Impact on Bitcoin in 2023BlackRock CEO Larry Fink’s recent endorsement of Bitcoin as an “international asset” and his recommendation to investors to switch from Gold to Bitcoin as a hedge against inflation has boosted confidence in the cryptocurrency.
— Michael Saylor⚡️ (@saylor) July 5, 2023
Fink’s transformation from a skeptic to a believer has had a positive impact on Bitcoin’s value, given his influential position in the financial world and BlackRock‘s massive assets under management.
Galaxy Digital CEO Mike Novogratz has acknowledged this development, which further solidifies Bitcoin’s bullish sentiment. As a result, BTC/USD is currently experiencing upward momentum.
Bitcoin-Based NFT Sales Drop Despite Ordinals Passing 20-Million-Milestone
Although there have been recent declines in Bitcoin-based NFT sales, the underlying factors surrounding BTC indicate positivity.
The achievement of crossing 20 million ordinal inscriptions on the Bitcoin blockchain serves as evidence of the continued progress and advancement of the technology.
🔥🚀 “Bitcoin Inscriptions (NFTs) issued on Bitcoin Ordinals protocol hit a new high – over 20M! 🎉📈 Network transaction fee at about $54.54M 💰💼. Doubled in just two months after crossing the 10M mark on May 30!” #Bitcoin #NFTs #CryptoNews 💡🌐
— BitcoinWorld Media (@ItsBitcoinWorld) July 29, 2023
The sales of Bitcoin’s NFTs have been facing challenges, but other blockchains have seen a rise in NFT sales, contributing to an overall increase in seven-day sales figures. This shows how unpredictable the crypto market can be.
The number of sales has surged to 20 million within just six months since the launch of the ordinal protocol on the mainnet, indicating its popularity among traders and adding positive momentum to BTC.
SEC Requests Coinbase to Halt Trading in All Cryptocurrencies Accept Bitcoin
Recently, it was revealed that the SEC advised Coinbase to stop trading all cryptocurrencies except for bitcoin before taking legal action against the exchange.
This has resulted in an increase in Bitcoin’s popularity.
SEC told Coinbase to limit trading options to Bitcoin only
— Whale (@WhaleChart) July 31, 2023
Bitcoin’s standing as a distinct asset is being reinforced by this development, highlighting the cryptocurrency’s unique position in the market.
This transparency has helped to build trust among investors, particularly in the face of regulatory ambiguity which other cryptocurrencies are grappling with.
As a result, the BTC/USD pairing is experiencing gains today.
Bitcoin Price Prediction
Bitcoin‘s price is currently being analyzed, with the $29,500 level seen as critical resistance and the psychological barrier of $30,000 holding significant importance.
Traders should be cautious of the 50-period exponential moving average around $30,000, which could act as a resistance level based on neutral signals from the relative strength index (RSI) and moving average convergence divergence (MACD) indicators.
The price movements are anticipated to remain in the range of $29,550 to $28,850, and a breakout above $29,500 might lead to targets around $30,200 or $30,900.
Conversely, a bearish breakdown below $28,800 could result in a decline towards approximately $28,000.
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