$BTC

Factors affecting Bitcoin include:

Updates and innovations. New features and beneficial legal changes, along with technical improvements to the Bitcoin network, attract more users and increase the price of Bitcoin in this way. On the other hand, unfavorable events reduce its value.

Competition with other blockchains. The success or failure of other ecosystems impacts the price of Bitcoin. The value of the Bitcoin network will increase if it outperforms its competitors over time.

The rise or fall of Bitcoin can be determined by "bull markets" and "bear markets." A bullish situation indicates that the market is optimistic and price increases are expected, leading to more purchases. Conversely, a bearish scenario indicates pessimism and the possibility of price declines, encouraging reduced sales. These are the concepts analysts use to identify price patterns.