Bitcoin Price Forecast on October 22, 2023, and Its Stability in the Unstable Global Economy
Date: 2023-10-22 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Bitcoin Price and Forecast
As of today, the price of Bitcoin continues its stable trend, remaining above the $29,500 mark. According to the latest data, the forecast for the cryptocurrency remains moderately positive, providing hope for further growth for investors and Bitcoin holders. Since the beginning of this year, Bitcoin's price has increased by more than 80%, demonstrating exceptional stability and attractiveness to investors.
However, the price of the cryptocurrency has never been constant, and numerous factors can influence its dynamics. Let's examine the key factors that may affect Bitcoin's future.
Record Hashrate and Difficulty Growth
An interesting development amidst the rise in Bitcoin's price is the achievement of a record hashrate of 455 exahashes per second (EH/s). This metric reflects the computational power contributed to the Bitcoin network and indicates growing interest in mining, which also contributes to the network's security.
On October 16th, Bitcoin's difficulty surpassed 61 trillion at block height 812,448, setting a new record for the network. This indicates a constantly increasing competition among miners and rising interest in the cryptocurrency.
Impact of the Global Economy on Bitcoin
The global economic situation plays a significant role in shaping Bitcoin's forecast. American stocks closed the trading session in the red, driven by fluctuations in the yield of 10-year Treasury bonds, which recently dipped slightly below 5%. These changes are attributed to comments from the head of the Federal Reserve, Jerome Powell, and they may influence investor decisions and, consequently, Bitcoin's price dynamics.
Another important factor is the state of major technology companies, which will soon provide information on profits and losses. This will provide a crucial insight into the state of the economy and the impact of the Federal Reserve's tightening campaign, which could affect interest in assets, including Bitcoin.
Global Conflicts and Their Influence
It is also essential to pay attention to unfolding global conflicts, such as the situation between Israel and Hamas. These events capture the attention of both politicians and investors and can affect not only oil prices but also global financial markets. Higher oil prices complicate the Federal Reserve's task of reducing inflation, which can also influence interest in alternative assets like Bitcoin.
China's Role in the Global Economy
Amidst all the uncertainty in the global economy, China plays a vital role. The country is contributing to the sustainable recovery of its economy by focusing on expanding domestic demand while safeguarding its financial markets. China's economy in the third quarter grew at a faster pace than expected, underscoring its significance in the global economy.
Forecast for the Near Future
Taking into account the above-mentioned factors and the uncertainty in the global economy, the forecast for Bitcoin in the near future remains within the existing range. It is anticipated that Bitcoin's price will fluctuate between $28,800 and $29,900 in the next day or two, and no abrupt changes in the cryptocurrency's value are expected over the weekend.
