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<p class="p1" style="text-align: justify">Exciting developments have taken place in the cryptocurrency markets in 2023. On one hand, there was a banking crisis that sparked a major debate, and on the other hand, hopes were raised for the approval of a spot <a href="https://en.coin-turk.com/the-last-bastion-falls-will-bitcoin-increase/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> exchange-traded fund (ETF) in the United States. Despite all of this, <a href="https://en.coin-turk.com/bitcoins-market-fluctuation-in-response-to-us-unemployment-data/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> has shown an increase of over 70% this year. So, will Bitcoin continue its rise for the rest of 2023? Let’s take a closer look.</p>
<h2 class="p1" style="text-align: justify" id="the-only-obstacle-to-the-2020-surge-the-fed">The Only Obstacle to the 2020 Surge: The Fed</h2>
<p class="p1" style="text-align: justify">The market trend that has emerged in Bitcoin charts is very similar to the price movement between 2017 and 2020. Therefore, popular Bitcoin analyst Stockmoney Lizards pointed out an important breakthrough (green area) for a possible rally and reminded that this could happen again.</p>
<p class="p1" style="text-align: justify">The breakthrough that occurred in 2020 happened before Bitcoin reached its record level of $69,000 in November 2021. According to the analyst, if a similar breakthrough occurs in the near future, the price of Bitcoin could rise between $45,000 and $50,000 by the end of the year.</p>
<p class="p1" style="text-align: justify">However, unlike the price rally in 2020, there is a different process at play. The decisions made by the Federal Reserve, especially regarding interest rates, create an unfavorable environment for risky investment assets like Bitcoin. Since April 2022, when the Federal Reserve’s balance sheet reached its peak, the price of Bitcoin has dropped by 40%.</p>
<p><img decoding="async" class="aligncenter wp-image-267886 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-grafik-yorumu-1.jpg" alt="" width="1402" height="1236"></p>
<h2 class="p1" style="text-align: justify" id="miners-stability-will-boost-btc-price">Miners’ Stability Will Boost BTC Price</h2>
<p class="p1" style="text-align: justify">According to Standard Chartered, a financial services company based in the United Kingdom, the price of Bitcoin will reach $50,000 by the end of the year. Geoff Kendrick, the company’s Global Head of Research and Chief Strategist, argues that the increasing profitability of miners will reduce their need to sell Bitcoin, leading to lower supply against potential increased demand in the markets:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“The increase in miner profitability per mined Bitcoin means they can sustain cash inflows, make fewer sales, reduce the net BTC supply, and increase BTC prices.”</p>
</blockquote>
<p class="p1" style="text-align: justify">Interestingly, the number of Bitcoins held by miners has increased since the Ordinals frenzy in May 2023. Since this frenzy, there has been significant stability in this number, which is an important factor for the price of Bitcoin.</p>
<p class="p1" style="text-align: justify"><img decoding="async" class="aligncenter wp-image-267885 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-maden-verisi.png" alt="" width="4287" height="2700"></p> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-predictions-for-the-rest-of-2023-will-it-continue-to-rise/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-price-predictions-for-the-rest-of-2023-will-it-continue-to-rise/</a>

Bitcoin Price Predictions for the Rest of 2023: Will It Continue to Rise?

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