Bitcoin Price Forecast for December 28, 2023
Date: 2023-12-28 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Price Remains Stable Amidst Limited Fundamentals
Bitcoin's price has remained relatively stable, fluctuating within the range of $41,600 to $43,800 as of December 28, 2023. Despite traders' anticipation, there are no significant fundamental factors at play that would push Bitcoin's price above the $44,000 mark. However, on the flip side, bears are finding it challenging to drive the price down to $40,000, and the market seems to be settling in for the upcoming New Year festivities with no major news expected.
Global Market Conditions Impact Bitcoin Forecast and Price
Global financial markets are also influencing Bitcoin's outlook. The Dow Jones Industrial Average fell by 0.15%, while the S&P 500 experienced a 0.1% decline. Conversely, the Nasdaq Composite Index saw a modest 0.2% gain during trading.
In the United States, the yield on 10-year Treasury bonds dropped to 3.84% during trading, approaching its lowest level since July. Oil prices took a breather, with West Texas Intermediate (WTI) futures slipping by 0.6%, although WTI remained above $75 per barrel, marking its highest close since November.
Meanwhile, Euro Stoxx 50, a significant gauge for European corporate giants, saw an impressive 19% surge, recovering from a 12% decline in 2022. Notable European companies, including Italian financial institution Unicredit SpA, witnessed an astonishing 84% increase in their stock value, showcasing strong business models and strategic initiatives.
Italian auto manufacturers Stellantis and Ferrari also joined the ranks of successful companies, with growth rates of 60% and 57%, respectively. German sportswear giant Adidas AG reported a 52% increase in sales, reflecting a world returning to sports and an active lifestyle post-pandemic.
Software titan SAP SE also demonstrated substantial growth, rising by 43%, underscoring the accelerating digital transformation in global business. In France, companies like Compagnie de Saint-Gobain SA and Schneider Electric SE saw their shares rise by 45% and 38%, respectively, highlighting growth in the construction and energy management sectors.
Bitcoin Price Forecast in the Near Term
Looking ahead, the Bitcoin price is expected to remain within the range of $41,000 to $43,500 in the near term. Significant volatility is not anticipated in the immediate future, and the cryptocurrency market seems to be steadying itself for the time being.
