Analists convinced Bitcoin pauses before jumping to $30k, US banks doubtful on crypto while others start their own stablecoin

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Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin surged higher this week from a price of $21,000 to a high of around $25,000 and has since taken a break. Michaël van de Poppe, the Dutch analyst known as Cryptomich, is convinced that this is only temporary before the $30,000 is hit. Meanwhile, banks seem to have less (and also more) interest in crypto.

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Short squeeze

Bitcoin is heading into the weekend after having a really good week. Since the beginning of the year, the value of the largest digital currency has increased by about 40 to 50%. The deal Binance made with the SEC this week is likely a cause for this, and a short squeeze by some Bitcoin whales possibly explains the 8% one-day jump on Wednesday.

According to Michaël van de Poppe, we should now keep an eye on the USD 22,800 level. He expects a short period of consolidation before we make the jump to $30,000.

Crypto Ed, the other well-known Dutch analyst, seems to agree.

According to both of them, the last two weeks of February will thus be very nice.

Banks unsure about crypto

Major banks are pulling out of crypto trading after the debacle with Silvergate, the California bank that invested heavily in FTX, Sam Bankman-Fried’s now-bankrupt crypto platform, according to the Wall Street Journal.

On the other hand, JP Morgan CEO Jamie Dimon is still not a fan of Bitcoin, but has allowed his bank, one of the largest business banks in America, to launch their own stablecoin called Deposit Tokens.

So, you want to get out of crypto but are you starting your own coin?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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