Bitcoin Price Prediction as Weekend Trading Volume Reaches $10 Billion – Here are Key Levels to Monitor
Bitcoin's trading volume exceeded $10 billion over the weekend, indicating strong activity in the market. The cryptocurrency saw a modest increase of around 1.50% on Sunday, with its price reaching $35,228.
The rise in Bitcoin's value is accompanied by positive endorsements from industry leaders. Fidelity's director praised Bitcoin as a modern version of gold with significant growth potential, while personal finance author Robert Kiyosaki emphasized Bitcoin's potential for long-term financial security.
These optimistic views come at a time when gold demand from central banks has decreased due to global tensions, making Bitcoin an attractive option for investors seeking stability and potential returns. As the market continues to change, investors and traders are closely watching Bitcoin's price levels.
Fidelity's Financial Director Calls Bitcoin "Exponential Gold"
Jurrien Timmer, Director of Global Macro at Fidelity, compared Bitcoin to "exponential gold," highlighting its status as a commodity that can act as a hedge against monetary depreciation and a store of wealth.
He noted that historically, in times of negative real rates, high inflation, and unsustainable money supply growth, gold tends to perform well.
Although gold is considered money, Timmer pointed out that it is mostly used as a store of wealth and not as a medium of exchange due to its laborious nature and deflationary tendencies.
Bitcoin and gold are often compared because they share this characteristic.
According to Timmer, Bitcoin has the potential to be a digital store of value. Fidelity's endorsement of Bitcoin, as a major player in the financial services industry, could positively impact the cryptocurrency's price by solidifying its position as a hedge against economic uncertainty.
Robert Kiyosaki Believes Bitcoin Equals Lifelong Financial Security
Robert Kiyosaki, the author of "Rich Dad Poor Dad," explained that wealthy individuals recognize the value of holding real assets like bitcoin, silver, and gold for long-term financial independence and stability.
According to Kiyosaki, the wealthy focus on acquiring assets like real estate, oil, and food production that generate tax-free income.
They avoid traditional employment and assets that are vulnerable to depreciation due to market volatility, inflation, and taxation.
Instead, they invest in physical assets like gold, silver, and bitcoin that provide actual, tax-free income. Kiyosaki's support of Bitcoin as a source of financial stability may have contributed to the positive market sentiment.
Q3 Reports: Central Bank Gold Demand Declines Amid Global Turmoil
According to a report by the World Gold Council, central banks worldwide have increased their gold reserves by acquiring 337 metric tonnes during the third quarter of 2023. Although this didn't break the record from the same quarter last year, it contributed to a high total of 800 metric tonnes for the year.
The continued interest of central banks in gold indicates a steady and consistent demand for the precious metal, which could lead to a high year-end total in 2023.
Gold has increased by 9.4% in the past month, while Bitcoin has increased by 25%. As central banks' demand for gold decreased in Q3, speculation arose that it may be time for bitcoin, which could be a reason for the rising prices of BTC.
Bitcoin Price Prediction
In the current financial landscape, Bitcoin remains prominent, experiencing minor fluctuations within the past 24 hours. The cryptocurrency's current price is approximately $35,120, with a slight decrease of 0.51%.
The four-hour chart shows a complex narrative, with a pivot point at around $34,990.