This week’s Bitcoin price prediction sees some interesting events affecting its path. Bitcoin is currently trading at $37,416, a slight increase of 0.20% on Friday. Some of this uptick comes from President Milei’s win in Argentina, which gave Bitcoin fans there a strong hope boost.
Also boosting Bitcoin’s appeal is the network’s hashrate. It’s hit a mind-blowing best-ever rate of 500 EH/s. This shows the network’s security is solid and miners are committed. With these good signs, there’s a noticeable return of FOMO (Fear of Missing Out) in the crypto world, suggesting increased interest and investment in Bitcoin.
Milei’s Presidential Win Spurs Bitcoin Confidence in Argentina
Libertarian candidate Javier Milei, well-known for his extreme policy ideas, won a historic majority of the vote in Argentina’s presidential election. Milei ran on a platform of abolishing the central bank and enacting free-market principles. Although Milei has expressed support for Bitcoin, it is not a component of his formal program. Supporters of Bitcoin in Argentina say they are optimistic about Milei’s leadership for economic recovery.
Javier Milei’s win stirs hope in Argentina’s #Bitcoin circles. https://t.co/gqVEE5AZ3n
— Cointelegraph (@Cointelegraph) November 23, 2023
Milei’s emphasis on lowering tax burdens and promoting legal guarantees may draw in both domestic and foreign investors, accelerating the recovery of the economy. Given the current economic difficulties, any meaningful influence on Bitcoin acceptance might, nevertheless, come gradually. The Bitcoin community expects Milei’s practices to be consistent with values that support financial liberty. Both the natural acceptance of Bitcoin and more general economic reforms have a speculative effect on the price of BTC.
Bitcoin’s Network Strength: Hashrate Hits Record 500 EH/s
When Bitcoin reached 500 exahashes per second (EH/s), or 0.5 zettahashes per second (ZH/s), on November 22, 2023, it reached an unprecedented hashrate milestone. The three-day moving average peaked at 526 EH/s, indicating that the record-breaking hashrate, which was seen on Luxor’s hashrateindex.com, represents a historic high for Bitcoin.
Meanwhile, the total revenue earned by Bitcoin miners in November has already surpassed that of October by $861.07 million, with fees accounting for $113.52 million of that amount. November is expected to surpass May’s record of $125.92 million to become the second-highest month in 2023 for fee-generated income.
Bitcoin Hashrate Hits Historic 500 EH/s Peakhttps://t.co/2wtpRn0tVQ
— John Morgan (@johnmorganFL) November 23, 2023
The spike in hashrate, which has increased by 11 trillion percent since its launch in 2009, is a result of both miner engagement and strong network security for Bitcoin. The effect on BTC prices is encouraging, supporting investor confidence and pointing to a healthy network.
Renewed FOMO Trends Emerge in the Crypto Sphere
Unconventional digital assets, such as meme coins and non-fungible tokens (NFTs), are seeing a comeback amid a rebound of interest in the cryptocurrency market. Even among speculative and non-traditional tokens, the market is rallying due to the expectation of an approval of a spot-Bitcoin exchange-traded fund (ETF). Significant price gains have been observed for tokens with low utility, like FTT from the FTX exchange, and meme coins like Pepe.
From meme coins to pet-rock NFTs, the crypto market is relapsing into FOMO https://t.co/GLFePFUap0
— Bloomberg Asia (@BloombergAsia) November 23, 2023
The pattern also applies to NFTs, where initiatives such as Memecoin are increasing in value in spite of their inherent lack of functionality. The resurgence of interest in tokens with meme-inspired designs and digital collectibles points to a resurgence of risk-taking in the cryptocurrency field that is reminiscent of past market cycles. FOMO dynamics and general market mood continue to have an impact on Bitcoin prices, which could lead to higher market volatility.
Bitcoin Price Prediction
The pivot point for Bitcoin is currently set at $37,145, marking a key point for its immediate direction. It faces resistance at $38,020, $38,685, and $39,250, while immediate support lies at $36,400, followed by stronger levels at $35,750 and $35,185. The Relative Strength Index (RSI) for Bitcoin is at 56, indicating a bullish trend, although not strongly so.
Notably, Bitcoin’s current trading value is slightly above its 50-Day Exponential Moving Average (EMA) of $36,800, hinting at a potential short-term bullish trend.
Bitcoin Chart – Source: Tradingview
The chart analysis shows a triple top pattern near $37,500, a common sign of market uncertainty and a likely limit to upward movement. According to this data, Bitcoin’s trend seems to be cautiously optimistic as long as it stays above the $37,145 level. Nonetheless, falling below this pivot point could turn the trend bearish. In the short term, Bitcoin might challenge the immediate resistance of $38,020. The outcome of this test could be influenced by the triple top pattern, which might control the cryptocurrency’s ability to overcome these resistance points effectively.
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