Bitcoin (BTC) Price Prediction: BTC Shows Signs of Significant Price Recovery, Continues to Rise Towards $100K

Bitcoin showed signs of a significant price recovery on Friday, and the world's oldest cryptocurrency continues to rise towards $100,000.

Bitcoin showed signs of a significant price recovery on Friday, and the world’s oldest cryptocurrency continues to rise towards $100,000.

Bitcoin price rose by nearly four percent over the last 24 hours to hit $96,845 (roughly Rs. 81.2 lakh) on international exchanges. The asset is retailing for $96,820 (roughly Rs. 81.2 lakh) on Indian crypto exchanges.

Among the best-performing crypto assets on Friday was Ether. The asset saw a slight increment in gains over Bitcoin. At the moment, the second most valuable crypto is available for $1,836 (roughly Rs. 1.53 lakh), having clocked a gain of over four percent on international exchanges. ETH is retailing at $1,857 (roughly Rs. 1.55 lakh) on Indian exchanges.

“Bitcoin has decisively breached the $96,000 barrier. With a contracting economy, the probability of a Fed rate cut at the June FOMC meeting has risen from 57 percent to 60 percent, further fuelling investor optimism. All eyes are now on the jobs report due today, which could influence short-term market sentiment,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.

“Ethereum is also sustaining levels above $1,800, which is showing the positive sentiment of the market,” said Himanshu Maradiya, Founder, CIFDAQ.

The crypto price tracker by Gadgets 360 showed prices of most altcoins were up on Friday.

These include Binance Coin, Solana, Dogecoin, Cardano, Chainlink, and Avalanche.

Stellar, Shiba Inu, Litecoin, Polkadot, and Cosmos were also up on Friday.

“The entire market is showing stability as the tokens in the top 10 are trading in the green,” the CoinDCX research team said.

The overall crypto market cap also breached the $3 trillion (roughly Rs. 2,51,89,755 crore) mark for the first time in over a month. At present, the sector valuation stands at $3.02 trillion (roughly Rs. 2,53,56,780 crore) having grown by nearly two percent, shows CoinMarketCap.

Meanwhile, Tether, Tron, Monero, Uniswap, Status, and Braintrust were down on Friday. “Interestingly, the popular memecoins like Pudgy Penguins (PENGU), Bonk (BONK), OFFICIAL TRUMP (TRUMP), and Fartcoin (FARTCOIN) are facing some loss,” the CoinDCX team added.