Bitcoin, the leading cryptocurrency, has been gaining momentum by establishing a strong support level at $30,000. Recent insights from industry insiders add an interesting perspective to the future of Bitcoin.
According to Arthur Hayes, former CEO of BitMEX, Bitcoin has the potential to become the mainstream currency for artificial intelligence (AI), highlighting its unique attributes and similarity to pure energy.
In addition, the price of Bitcoin has been influenced by investors who reassessed the Federal Reserve’s forecasts after the release of employment data.
In this Bitcoin price prediction, we delve into the factors influencing the outlook for BTC and explore the possible scenarios that await the digital asset.
Bitcoin is about to become the predominant currency for artificial intelligence, according to Arthur Hayes
In a recently published article blog postFormer CEO of cryptocurrency derivatives exchange Bitmex, Arthur Hayes, argues that Bitcoin is the optimal currency for artificial intelligence (AI).
Hayes suggests that BTC will be the preferred medium of exchange for AIs due to its constant availability, digital nature, and complete automation.
Blockchain-powered systems possess attractive features, and among them, BTC emerges as the best option due to its scarcity, resistance to censorship, and ability to store value.
By comparing BTC to gold and fiat money, Hayes highlights the limitations and inefficiencies of traditional forms of currency.
Arthur Hayes highlights BTC’s resemblance to pure energy, underlining its unique attributes
In his recent letter, Hayes reminds readers that the market may be willing to overpay for the expansion of the Bitcoin network if there is a chance that his estimates will materialize in the future.
Significant gains can be made as sentiment shifts from skepticism to cautious optimism. In response to Hayes’s comments, Bitcoin prices surged on Saturday.
As investors reevaluate their expectations regarding the Federal Reserve’s projections, the price of Bitcoin exhibits fluctuations.
Bitcoin Price Reacts to Investor Reassessment of Fed Forecasts After Jobs Data
He US NFP Report for June it was below market forecasts, adding only 209,000 Nonfarm Payrolls.
Simultaneously, the unemployment rate fell to 3.6%, which casts doubt on the probability of future interest rate hikes by the US Federal Reserve.
These developments have put selling pressure on the US dollar, contributing to the rise of Bitcoin.
The unemployment rate decreased somewhat and was in line with the forecast of 3.6%.
Given these data points, the possibility of the US Federal Reserve raising rates further has diminished.
The research release has added to the selling pressure on the US dollar, opening the door for further advances in risky assets like Bitcoin. The US dollar index is now down 0.45% for the day as of this writing.
Falling US dollar prices helped BTC prices gain momentum on Saturday.
Bitcoin Price Prediction
Bitcoin is currently showing some volatility but is holding its position around the $30,000 level, which works as a psychological support for BTC.
Looking at the broader daily time frame, Bitcoin is consolidating within a tight range, with resistance near $31,400 and support around $29,600.
A definitive close above the $29,600 level has the potential to start a move higher for Bitcoin.
Conversely, if there is a clear break below $29,600, Bitcoin could find support around $28,450 and potentially even lower towards $27,450.
Looking to the upside, if Bitcoin successfully breaks above the $31,350 level, the next notable target to monitor would be around $32,500.
Therefore, it is advisable to closely monitor the $29,600 level as a crucial pivot point for trading activities today.
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