Forecast: If bitcoin remains above $22,300 after February 1, then we expect bitcoin to continue to strengthen with renewed vigor
According to Coinmarketcap, the price of bitcoin has risen above $23,000. However, the main crypto coin continues to be in the red zone.
BitRiver financial analyst Vladislav Antonov pointed out that the recent strengthening of the US dollar has discouraged buyers from “buying cryptocurrency on strong US economic growth data.” Earlier, the dollar and stock indices showed mixed dynamics.
According to CME Group, futures on the rate take into account in prices a 98% probability of a rate increase of 25 bp, that is, more than 4.5% per annum. Antonov admitted that against this background, the BTC/USD pair will keep “lateral movement until the speech of the head of the US Federal Reserve” in order for investors to be able to foresee the future plans of the regulator.
“Next week is rich in key macroeconomic events. In addition to the FOMC decision, traders are waiting for rate decisions from the Bank of England and the ECB, earnings reports from a large number of companies, the employment report, as well as business activity in the services and manufacturing sectors in the US in January,” the expert noted.
According to him, the road is currently “open” for investors to reach $33,000-$35,000. The analyst believes that buyers should pass the $25,000 level as quickly as possible so that investors who are out of the market, waiting for entry points, begin to join the bullish trend.
“If bitcoin remains above $22,300 after February 1, then we expect bitcoin to continue to strengthen with renewed vigor,” Antonov summed up.
And the well-known cryptanalyst Ton Weiss believes that the rate of the main crypto coin will reach $40,000 by the end of 2023. At the same time, he warns that before a new price spurt, bitcoin may return to $11,000.
Another popular crypto analyst under the pseudonym Crypto Rover has predicted that BTC will hit $200,000 during its next bull run.
Analysts are unanimous in their opinion that the growth of the first cryptocurrency will recover after the change in the policy of the Fed, that is, when it moves to lower rates.
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