Bitcoin skyrockets by 14%: Insights into future price predictions and factors driving fluctuations

As of February 21, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a decline of 1.31% and was trading at $24,513.3. Meanwhile, Ethereum was trading at approximately $1,713.07.

Bitcoin has achieved a rare “Golden Cross” this past weekend, which is a bullish indication that typically precedes short-term gains. The latest cross took place on Feb 18, resulting in a 1% increase in prices. A Golden Cross is characterized by the 50-day moving average of an asset surpassing the 200-day moving average. Since 2015, Bitcoin has only experienced six other Golden Crosses, with the most recent before this one occurring on Aug. 14, 2021.

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The value of Bitcoin has surged by 14% in the last week, prompting speculation about its future trajectory. In this update, we will examine prevalent price forecasts for Bitcoin and scrutinize the factors that have influenced recent fluctuations in its value.

Bitcoin’s network difficulty is projected to undergo its most significant surge of the year. In 2022, Bitcoin’s hashrate remained above 200 exahash-per-second (EH/s); however, it is anticipated that 300 EH/s will become the new standard in 2023. Recent data indicates that Bitcoin’s hashrate has maintained an average of approximately 310.5 EH/s across the last 2,016 blocks, with block timings ranging from 8 minutes and 55 seconds to 8 minutes and 68 seconds.

Major cryptocurrencies are trading as follows as of 9 am, February 20, 2023:

Bitcoin: $24,341.64

-3.06%

Ethereum: $1,664.73

-3.25%

Tether: $1.02

+0.59%

USD Coin: $1.00

-0.22%

BNB: $1.00

-0.22%

XRP: $0.3942

-1.10%

Dogecoin: $0.08634

-3.28%

Cardano: $0.3939

-3.24%

Polygon: $1.39

-7.24%

Polkadot: $7.28

-3.61%

Tron: $0.06924

-3.46%

Litecoin: $96.79

-1.06%

Shibu Inu: $0.0000131

-4.27%

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