Bitcoin price rallied massively to hit a 9-month high of $27,787 as it strongly breaks above the key 200-WMA at $25.3K. Bitcoin and Ethereum prices soared after the U.S. Federal Reserve started money printing with an initial $300 billion in funding for rescuing cash-strapped banks since the collapse of Silicon Valley Bank and Signature Bank.
Crypto leaders and influencers including Binance CEO “CZ”, Bitcoin analyst Willy Woo, stock-to-flow model creator PlanB, former Coinbase CTO Balaji Srinivasan, and others are confident about Bitcoin price hitting $30,000.
Binance CEO “CZ” took to Twitter to share the good news that Bitcoin rallied past $27K, mocking U.S. banks and appreciating crypto holders who held amid FUD due to recent events. He is bullish on Bitcoin as banks crumble.
“Bitcoin is volatile, but it never needed a bailout. Holding crypto is tough. It wasn’t easy for the people who held on in the past few months.”
Popular Bitcoin analyst Willy Woo also took to Twitter to share his favorite on-chain indicators for Bitcoin. He recommends buying when the BTC price is between the realized price and the Cumulative Value Days Destroyed (CVDD) floor. Investors should also buy more when the price move past the purple line.
Bitcoin stock-to-flow model creator PlanB revealed that rebounding towards dark blue area of the stock-to-flow valuation model. He believes that Tripple top for a new ATH in the current cycle is possible as the Bitcoin halving is coming.
Bitcoin Price To Hold Above 200-WMA
Meanwhile, former Coinbase CTO Balaji Srinivasan predicts bank failures and money printing will cause Bitcoin price to hit $1 million within 90 days. On Friday, he made a bet with James Medlock, a self-proclaimed social democrat, over U.S. entering hyperinflation. Balaji Srinivasan is ready to transfer $1 million in USDC for the bet to either a smart contract or an escrow person.
Bitcoin price currently holds above the 200-WMA, as reported earlier by Coingape. BTC price currently trades at $27,587. The 24-hour low and high are $26,209 and $27,787. Bitcoin will face resistance in the $28.5K-29K range, it will cross the mark if the U.S. Fed FOMC rate hike decision comes in dovish.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.