Gemini co-founder Tyler Winklevoss believes that the Bitcoin price will reach $30,000 before the end of the weekend. Winklevoss’ prediction comes after the flagship cryptocurrency surpassed its yearly high of $26,533, which it achieved in the wake of the reaction by regulators over the ongoing banking crisis in the United States.
Multiple respondents who tweeted after Winklevoss think he is overly conservative with his prediction, with some outrightly asking him to “think bigger”.
Bitcoin resumed its resurgence after a three-week-long pullback, having started the year on a high note. After rallying from under $16,000 to $25,270, the price direction changed with a 22.65% consolidation that filtered into the early days of March 2023.
Volatility returned to the market after reports of Silicon Valley Bank and Silvergate Bank failing overwhelmed the United States financial sector. The panic injected saw investors seeking alternative vehicles, and Bitcoin, with the entire crypto market, seemed a safe place.
An influx of funds into the Bitcoin market saw the price pick up from a local low of $19,569, surging past the initial yearly high and trading above $27,000 within one week. Bitcoin price has gained 41.98% in the current rally, with the upside momentum remaining strong as the bulls continue to push for higher levels.
A growing Bitcoin price coincides with several projections from the beginning of the year that suggested an end to the protracted bear market that saw the Bitcoin market capitalization drop below $1 trillion towards the end of 2022. Several users believe the current move would see Bitcoin surge to higher levels in preparation for the next halving event scheduled for March 2024.
Winklevoss’ prediction seems a more realistic target than one from a respondent who projected Bitcoin to reach $100,000 by the end of March.
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Source: Cryptocurrency - investing.com
