Bitcoin Price Prediction as $28,500 Support Holds Strong – Where is the Next BTC Target?

Bitcoin Price Prediction as $28,500 Support Holds Strong – Where is the Next BTC Target?

Apr 2, 2023

By Ali B. | @ali-b

The price of Bitcoin has been a topic of much discussion among investors and cryptocurrency enthusiasts alike. With the support level at $28,500 holding strong, many are wondering about the future direction of the world's largest cryptocurrency.

In this update, we will examine various factors that could impact Bitcoin's price movement and make a prediction about where BTC could be headed next.

US Government to Auction Over 41,000 Bitcoins Seized from Silk Road Hacker

The US government, a major bitcoin holder, intends to sell 41,490 BTC in 2023, as revealed in a court document related to James Zhong's sentencing. In November 2022, the government seized a record-breaking 50,000 BTC from Zhong, who admitted to wire fraud in September 2012 after unlawfully obtaining over 50,000 bitcoin from the Silk Road dark web marketplace.

Onchain analytics company Glassnode detected the sale or transfer of 9,861 BTC to a leading exchange, likely Coinbase, prior to its sale. The court filing states that about 41,490.72 BTC remains from the Ulbricht case, which the government plans to liquidate in four additional batches throughout the year.