Home - Price Analysis - Bitcoin and Ethereum Price Prediction: Will US Final GDP Data Impact BTC and ETH Price

James Carter

March 30, 2023

Bitcoin and Ethereum Price Prediction: Will US Final GDP Data Impact BTC and ETH Price

Bitcoin, the most popular cryptocurrency in the world, has recently shown impressive performance, with its value increasing by more than 4% in a matter of hours. Moreover, the success of other digital currencies, such as Ethereum, has also acquired significant steam in recent days. This suggests that the market for cryptocurrencies is becoming increasingly popular, which suggests that their value may continue to increase.

Bitcoin and Ethereum Price Prediction

Bitcoin Price Prediction

Despite the fact that the government has imposed a number of restrictive laws on digital currencies, the market for cryptocurrencies is continuing to do quite well.

Ethereum Price Prediction

Bitcoin, the digital currency with the highest market value, is experiencing an increase in value while various other kinds of digital currency are coming into being.

US GDP Figures in Highlights

The values of Bitcoin (BTC) and Ethereum (ETH), which are cryptocurrencies, are notoriously volatile in the cryptocurrency industry due to the fact that they react differently to different economic indices and global events. The publication of the final figures for the United States’ gross domestic product (GDP) is an example of an event that fits this description and has the ability to influence price fluctuations.

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Traders and investors alike will be keeping a close eye on the influence that this major economic figure has on the cryptocurrency market as it sheds light on the general health of the economy in the United States.

Bitcoin and Ethereum Price Prediction

The data for the USD Final GDP q/q will be revealed at 12:30, and it is anticipated that it will show that the economy of the United States increased at a rate of 2.7% for the quarter, which is comparable to the figure that was forecast to be 2.7%.

This piece of information, which reflects the state of the economy as a whole, has the potential to have an effect on the market for cryptocurrencies, particularly Bitcoin and Ethereum.

Bitcoin and Cryptocurrency Market Show Resilience Despite Regulatory Pressure

Despite the fact that the global cryptocurrency market is subject to stringent rules imposed by the government of the United States, it continues to perform well. This is demonstrated by the substantial gains that have been made in Bitcoin, which has been gathering momentum ever since the beginning of the year.

Also, this year has seen the introduction of a number of brand-new varieties of digital currency. These new digital currencies have significant value despite the government’s efforts to prohibit their use, which is excellent news for Bitcoin holders as the value of Bitcoin is projected to continue to climb in the near future.

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As of the first of the year 2023, there were over 22,000 different varieties of digital currency, and their combined value was approximately 800 billion dollars. By the 29th of March in the year 2023, there were more than 23,000 different forms of digital currency, and their combined value exceeded $1.1 trillion. This suggests that despite the interference of governments, the market for digital currencies is continuing to expand.

In spite of the challenges posed by regulation, it is interesting to note that even in the year 2023, approximately ten new forms of digital currency are being developed every single day. The fact that Binance, the world’s largest digital currency exchange, is currently embroiled in legal trouble has not dissuaded anybody from utilizing digital currency.

Bitcoin Predicted to Drop to $13,000 Despite Recent Rally, Says Chief Market Strategist

Bitcoin (BTC) has had an outstanding year, with a gain of over 70%, and trading at approximately $28,400 at the moment. Gareth Soloway, an analyst at InTheMoneyStocks.com, forecasts that the price of bitcoin will go below $13,000 before it begins to recover.

The financial sector has been plagued with problems, as seen by the failure of financial institutions such as Silvergate Bank and Signature Bank in the United States and the acquisition of Credit Suisse by UBS. According to Soloway, the current increase in the value of Bitcoin can be attributed to individuals investing in Bitcoin rather than in traditional institutions.

Bitcoin and Ethereum Price Prediction

But, if the financial system becomes more stable, the value of Bitcoin may plummet, and there is a possibility that it might reach a low of $9,000 in the year 2023. Hence, despite the fact that Bitcoin is performing well at the moment, it is possible that this success will not be sustainable, and its value may decrease.

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As a consequence of this, this pessimistic outlook is seen as one of the key factors that could prevent further price growth in bitcoin.

Experts Predict Bright Future for Bitcoin with Potential Price Surge

The future of Bitcoin appears to be bright, as many industry analysts forecast that its value will continue to rise in the near future. A former director at Coinbase named Balaji Srinivasan has placed a wager worth $2 million on the outcome that Bitcoin will be worth $1 million within the next three months.

In the meantime, Marshall Beard, Chief Strategy Officer of the cryptocurrency exchange Gemini in the United States, forecasts that the price of bitcoin will hit $100,000 by the end of this year.

Bitcoin and Ethereum Price Prediction