Bitcoin‘s price prediction has been a hot topic among investors and traders as the weekend volume exceeded $10 billion. The market shows mixed signals, with some indicators suggesting a bullish trend, while others point to a bearish scenario.
As investors keep a close eye on the market, various factors, including economic data, government regulations, and industry developments, may influence the direction of BTC’s price in the coming days.
Dismissed: Civil Complaint Against Bitcoin Bull Michael Saylor
Michael Saylor, a prominent Bitcoin advocate, and chairman of MicroStrategy, has won a civil lawsuit filed against him, according to a recent filing with the US Securities and Exchange Commission. The lawsuit, lodged by the Office of the Attorney General for the District of Columbia in August 2022, accused Saylor of violating the False Claims Act and failing to pay personal income taxes amounting to over $25 million.
The court dismissed the claim that Saylor and MicroStrategy conspired to violate the act, but the charge of Saylor committing tax fraud still stands. A status conference is scheduled for March 10, 2023, with the final outcome of the case still unknown.
The dismissal of the civil complaint against Michael Saylor may have a positive impact on the reputation of the Bitcoin and crypto market, as it removes the negative press associated with the accusations against one of its prominent figures.
However, the ongoing charge against Saylor for tax fraud still stands, and depending on the outcome, it may have a negative impact on his credibility and reputation within the crypto community. Overall, the impact on the crypto market is likely to be minimal.
Coinbase Exec Suggests Institutions are Considering Alternative Cryptocurrencies
Coinbase’s institutional research head, David Duong, stated in a live stream with crypto analyst Scott Melker that institutional investors might be more interested in crypto assets beyond Bitcoin and Ethereum than previously thought.
Duong noted that almost half of all institutional flows on Coinbase are directed toward assets other than Bitcoin and Ethereum. He also mentioned that current market conditions are uncertain due to macro reasons and seasonality, leading to potential crypto decorrelation from other risk assets.
The fact that institutional investors are increasingly showing interest in altcoins beyond Bitcoin and Ethereum suggests that the crypto market may see increased diversification in the coming months. This could have a positive impact on the overall market as it may lead to increased demand for altcoins, which in turn could drive up their value.
However, it is important to note that Bitcoin and Ethereum still remain the primary focus for institutional investors, and any major market moves in these assets could still have a significant impact on the crypto market as a whole.
As of now, Bitcoin is trading at $22,360 with a 24-hour trading volume of $12.8 billion, having decreased by 0.50% in the last 24 hours. Bitcoin remains at the top of the CoinMarketCap rankings, with a live market cap of $431 billion.
Based on technical analysis, there is a possibility that the BTC/USD pair could breach the symmetrical triangle pattern at the $23,250 level. If this occurs, it could expose the BTC price to the $22,046 support zone. In the event of a further breakdown below this support zone, BTC may drop to $21,450.
Additionally, the appearance of a bearish engulfing candle indicates a significant selling bias in the BTC/USD pair. However, if the candles manage to close above this level, there may be potential for a bullish bounce-off towards the $22,800 mark or even higher, with a potential target of $23,750.
Investors looking to buy Bitcoin may want to consider exploring other options that offer greater short-term growth potential. Cryptonews has conducted an in-depth analysis of the top 15 cryptocurrencies that investors should consider for 2023. Click the link below to learn more.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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