Altcoin Daily’s Aaron Arnold has highlighted the three main things that will affect Bitcoin’s price right now in his latest YouTube video. Bitcoin’s price was worth $24,704 at the time of writing, something that has sparked excitement among investors and traders.
The Three Factors
Arnold predicted that the Consumer Price Index (CPI) statistics for February, the publication of Sam Bankman Fried’s bond signers’ identities, and Kevin O’Leary’s discussions regarding the timing of real crypto legislation in the United States would all have an effect on the price of Bitcoin as the king coin rapidly increases in value.
In general, when the CPI rises, it indicates that the cost of living is increasing and the purchasing power of a currency is decreasing. This can lead to a decrease in demand for the currency, as people look for alternative ways to store value. Therefore, when the CPI rises, some investors may turn to Bitcoin as a way to protect their wealth from the effects of inflation.
As for the identities of SBF’s bail guarantors, it has been revealed to be Larry Kramer, who is president of the William and Flora Hewlett Foundation and dean emeritus at Stanford Law School, and Andreas Paepcke, a senior research scientist at Stanford University. Arnold says this could also affect Bitcoin’s price.
Then there are Kevin O’Leary’s remarks from earlier today on Yahoo Finance. Since the United States is the world’s biggest crypto hub, its regulations on the industry have a profound impact on the value of cryptocurrencies. However, crypto remains unregulated, and the SEC is still actively regulating the industry via enforcement.
O’Leary, who Arnold pointed out talks directly to the regulators, said that a rushed crypto regulation bill might soon be proposed to Congress but that it might do more bad than good to the crypto market.
Currently, Bitcoin has increased by 12% in the past twenty-four hours, and it seems to be heading straight for $25,000. The next immediate resistance level is somewhere around $25,600. Technical analysis shows that the king coin will instantly hit $26k afterward. Let’s see where Bitcoin goes next.
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