June 4, 2023

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There is a lot of optimism around cryptocurrency, specifically Bitcoin, with the prevailing failures of the US banking system.

Position of US Equity Markets and Cryptocurrency

The equities market in the US hasn’t been doing well lately owing to the Fed policies and the failure of the banking system. Earlier this week the markets saw a brief recovery, however, they were down again.

However, the positive news for crypto enthusiasts and investors is that Bitcoin has been doing well.

The price of Bitcoin is not following the same trend as the equities market and has increased to its highest level this week.

The CEO of Galaxy Digital, Michael Novogratz believes now is a good time for investors to hold on to Bitcoin and other crypto tokens.

He noted in an interview that there is an impending credit crunch and quantitative easing, which means that banks will be lending less.

While banks will lend less, on the contrary, Federal Reserve would be injecting more money into the economy.

The banks already owe the Federal Reserve $150 million, which is above the sum that was borrowed in 2008 during the financial crisis.

According to the analysts, the Federal Reserve has added an amount of $300 billion this week to the balance sheet. This marks the second-highest amount injected by the Fed since March 2020.

The question then remains whether the cryptocurrencies will withstand higher levels or will they crash as well. For this, it is important that each crypto token is analyzed and assessed independently.

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Historic Price Trends of Bitcoin

Bitcoin is going very strong currently being valued at $25,000. If such a trend continues even during future pullback, it could signal the start of a new upward trend, taking Bitcoin to $32,000.

Based on the historical price movement of Bitcoin traders are making predictions about the token’s current state and potential future.

There are no major trade barriers to Bitcoin reaching a high of $32,000, therefore investors and traders remain optimistic. Predictions are rife that the token will drive up to that level fairly quickly.

The average price of the Bitcoin over the 20-day period reflects that the token is currently in control of the market.

The market is currently being dominated by Bitcoin buyers and investors which is driving up the price of the token.

Price Analysis of Ether

There are competing bullish and bearish forces at play in the Ether market, and prices could potentially move in either direction.

The traders are trying to maintain the price of the token around the $1,743-17489 level or above. If the buyers are successful in achieving this then the value could even reach the $2,000 level.

After this level, the value of Ether will continue to rise potentially.

However, there are chances of Ether collapsing to $1,462 if there is resistance against its increase. Any resistance against taking it up would eventually lead to Ether falling.

BNB Price Predictions

Another popular crypto token is BNB or the Binance Coin which has been seeing quite a movement in its currency.

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The 20-day exponential moving average shows that buyers are buying BNB when its price dips to $302 which is a good sign. After picking up momentum mid-week BNB/USDT pair rose steeply to a price of $318.

The BNB investors are strengthening the token’s position by boosting the price of the token to $338.

Current Market Conditions and Trends

Similar is the condition of the other crypto tokens like XRP, Cardano, Dogecoin, Solano, Shiba Inu, Polkadot, and Polygon.

Some of the cryptocurrencies are predicted to experience a positive trend and rally, while others may continue to be range-bound.

Some might even experience a potential trend change, however, there is no general direction for the prices of crypto tokens.

While the future of cryptocurrencies remains uncertain, nevertheless the current upward trend will continue for a while.

The current regulations and the banking system failures will have a potential impact on the price of cryptocurrencies.

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