Bitcoin Price Prediction as BTC Passes $24,000 - Is A New Bull Market Beginning? Bitcoin is fast moving past the $24,000 mark, and investors are wondering if a new bull market has begun. Bitcoin suffered a massive crash after hitting an all-time high in December 2017 and has been struggling to regain its previous highs ever since. However, recent events such as large companies investing in Bitcoin and institutional adoption have caused a spike in prices, leading many to speculate that a new bull market is on the horizon. Additionally, the recent establishment of a new unit by the Bank of New York Mellon aimed at helping customers hold, transfer and issue digital assets has been seen as a major contributing factor to the recent increase in Bitcoin's value. Let's take a closer look at what triggered Bitcoin's rise and what analysts have to say about future price predictions. Crypto Market Rises Amid Adoption and Strong US Retail Data The global cryptocurrency market witnessed a surge today, primarily due to the increase in institutional adoption and interest from key companies. Investors were also discouraged by strong US retail sales data, which was seen as good news for earnings rather than fears that it would push interest rate hikes. In addition, the launch of the non-fold token protocol Ordinals in January 2023 caused the average size of a Bitcoin block to reach 2.5 gigabytes for the first time since the cryptocurrency's inception in 2009, leading the market upwards. contributed to the movement. flow. As a result, the global crypto market cap reached an all-time high of $1.11 trillion, up 8.55 percent in 24 hours at the time of writing. Bitcoin's Average Block Size Witnessed A Sharp Increase Bitcoin's average block size has reached an all-time high, reaching 2.5 gigabytes for the first time since the cryptocurrency was created in 2009. By software engineer Casey Rodarmor in January 2023. The protocol allowed Bitcoin network users to produce digital artifacts, including JPEG photos, PDF documents, audio files, and video files. Block sizes have increased by more than 2MB in the weeks following the protocol's launch, indicating significant growth in Bitcoin's network activity. This highlights a notable improvement in Bitcoin's growth as it has the potential to promote network efficiency even without the traditional cash volume transfer for financial purposes. US Dollar Loses Strength The US dollar has started to weaken recently, as it rose to 104.11, a nearly six-week high in the previous session. Profit from this week's major gains caused the US dollar to slide lower against a basket of currencies. Dollar index and dollar index futures fell about 0.2%. With positive signs of recovery in the US labor market and inflation, markets are uncertain about where interest rates will peak this year. This has caused traders to be wary of taking riskier bets on Asian currencies. US Weekly Initial Jobless Claims Drop to 194K, Lower Than Expected The U.S. Department of Labor released an update on Thursday that said there were 194,000 new applications for unemployment benefits in the week ending February 11. This reading is marginally higher than last week's 190,000 figure; it's also similar to the 195,000 read from the previous week. The report revealed that the seasonally adjusted advance insured unemployment rate was 1.2%, with the four-week moving average at 189,500, a slight increase of 500 from the previous week's adjusted average. They also highlight that the seasonally adjusted figure for US job holders was 156,000, compared to the revised 146,000 figure the previous week. Bitcoin Price Currently, the current live Bitcoin price stands at $22,974, which has recorded a trading volume of $25 billion in the last 24 hours. During this period, the price of Bitcoin increased by about 4%. Notably, it maintains its position at the top of CoinMarketCap with a vibrant market cap of $443 billion. On a technical level, Bitcoin surpassed a major double top resistance at $24,300. With the current candles closing above this level, the uptrend in BTC is more likely to continue. The immediate resistance levels for bitcoin are $25,450 and $26,000. Bitcoin Price Chart - Source: Tradingview If there is a bearish break below the $24,300 level, the price of Bitcoin could decline to the $22,500 level supported by an upside channel. However, the RSI and MACD indicators are in the buy zone and Bitcoin has also formed an upside channel, indicating a strong probability of bullish trading above the $24,300 level. Buy BTC Now Bitcoin Alternatives CryptoNews Industry Talk has published a review of the top 15 cryptocurrencies to consider in 2023, aimed at aiding investment decisions. There are also other investment opportunities that have high return potential and are worth considering. Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of's editorial content. Find the Best Price to Buy/Sell Cryptocurrency