"Hmm, 2 months to go in 2023, what do you think will happen to BTC?"
The price movement of the cryptocurrency king Bitcoin (BTC) is hovering around the same level today, but there are various factors that can have a negative or positive impact on the digital asset in the last quarter of 2023.
Among the main aspects that can affect the price of BTC is the macroeconomic environment following soaring inflation, the economic crisis and the increase in interest rates by the Federal Reserve (Fed).
However, it should be noted that the central bank of the United States (US) will hold two more meetings of the Federal Open Market Committee (FOMC) until the end of 2023, where it will decide whether to cut interest rates or not.
In addition, regulatory developments are also an important factor to pay attention to as the majority of governments around the world currently still fail to implement a comprehensive regulatory framework over digital assets.
Even so, the entire crypto market can react positively if the spot BTC ETF is approved because it has the potential for progress in the world's largest economy plus some financial giants such as BlackRock have shown their desire to launch such products in the US.
Not only that, market sentiment can also trigger a price increase for BTC in the short term while technical analysis, acceptance rate including development is an additional component to push the digital asset to climb.
As of this writing, BTC price has plunged by 0.57% to $27,307 in the past 24 hours with a market cap of $532 billion but is still up 4.13% over the past week.
