Will Bitcoin’s price go up or down?

Bitcoin is hovering around $28-29k these days. In fact, on a fateful April 14, it even rose to $31,000, which was its highest price recorded since June 2022. This meant that it rallied more than 80% since the start of 2023.

Market sentiment is one of cautious optimism. As we all know, 2022 was an eventful year for crypto - not in the good way. People opine that this recent pump in price is indicative of how Bitcoin has fully recovered from the collapse of Terra/LUNA, decimation of Celsius and FTX and even the US regulatory crackdown.

The question is: this $29k level (20-day Exponential Moving Average) may be a crucial support in the battle between the bulls and bears. Which side do you think will prevail? Do you think the recent trends of BUSD selling and TUSD buying could further lead to Bitcoin shaking off $29k and embracing $30k and beyond? Or how about the mechanism in which Ordinals could be traded for Cardinals, which could increase the demand for Bitcoin? Or are you of the view that these promising developments would just be overshadowed by the increasingly draconian actions of the Securities and Exchange Commission?

originally posted on r/cryptocurrency