Digital Currency
Peeking a glance at 2023 so far, Bitcoin has had an interesting journey. With anticipation of the Bitcoin Halving event, BTC price has been running an overall bullish sentiment, with its value surpassing the $36k mark and trying to maintain that level till it surges and attempts to reach the $40k mark by the end of 2023.
Even though the PI network is in its testing phase, the token has garnered significant interest within the crypto communities, making PI price go higher, with anticipation that the token’s real-world value may also go high. However, as the token is not listed yet, there is no analysis of how it may be perceived once made public.
With the approaching Bitcoin halving event, tentatively in the second quarter of 2024, historical market patterns appear to resurface. Bitcoin’s price has been consistently surging, achieving significant milestones since the start of November 2023. Currently valued at $36,000, the expectation is for the BTC price to hit $45,000 as the Bitcoin halving event draws nearer.
Beyond the halving event, the potential approval of the Spot Bitcoin ETF has contributed to the upward momentum in the asset’s price. However, as of the time of writing, the BTC price reflects a bearish trend, evident in the presence of red candles. The projection indicates a temporary dip below the $36,000 level in the short term, with a subsequent bullish trajectory expected to propel the price beyond $36,000 by mid-December, ultimately concluding the year just above $40,000.
Currently standing at $35, continuing with its strong support base at around $34 throughout November. The price could revisit the upper resistance level at $40, potentially initiating a strong ascent toward the target of $50. Nevertheless, the bears might impede the rally, compelling the price to conclude the monthly trade within the range of $42 to $45.
Well, this is a rather tricky question – because out of the two coins on this list – only one has been actively traded, namely Bitcoin, while on the other hand, Pi Network is still in its testing phases and hasn’t been listed yet. From a purely technical point of view, Bitcoin has been performing extremely well in 2023, having gained over 80% since the beginning of the year. Pi Network on the other hand has been gaining popularity across the space, but hasn’t touched the real market yet and thus, it is impossible to discern what value the real world will assign to it. Since the migration of Pi Network’s mainnet began on August 3, 2022, the project has been dedicated to various endeavors such as technological advancements, developing a KYC solution, establishing the Pi platform and ecosystem, and more. However, the specific date for the final phase 4 launch of Pi Network is currently undisclosed.
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