Prices of cryptocurrencies showed a general upward trend during Tuesday’s trading session as the market appears to end the month of January with its peak performance since 2013 — while speculators across all markets await tomorrow’s interest rate announcement from the Fed. According to forecasts, the Federal Reserve is expected to raise the benchmark rate by 25 basis points and bring the funds rate to a target range of 4.5% to 4.75%.
Bitcoin (BTC) Price Breakout
Market data reveals that after Bitcoin (BTC) dropped to a low of $22,510 late on Monday, bulls were able to halt the downward trend and gradually raise the price on Tuesday. The price reached an intraday high of $23,246 before retracing to support at $23,000. Also, the S&P 500, Dow Jones Industrial Average, and Nasdaq all ended the day in the green, up 1.46%, 1.09%, and 1.64% respectively — as corporate earnings reports and the opening of the next Federal Open Market Committee policy meeting boosted investor sentiment.
According to those knowledgeable about the financial markets, the decline that occurred late on Monday was the result of further profit-taking and a regular downside correction after the market set a five-month high earlier in the trading day. However, as per a few prominent analysts, such as Michael van de Poppe, a massive breakout is at play for Bitcoin’s (BTC) price. According to his analysis, the key level for Bitcoin at this point continues to be positioned at $23,300.
Crucial level remains $23,300 for #Bitcoin at this point. pic.twitter.com/x2ztZM8FDv
— Michaël van de Poppe (@CryptoMichNL) January 31, 2023
Bitcoin Price To Hit $25K?
The same has been voiced by other industry stalwarts as well. Peter Brandt, a seasoned crypto expert, also agrees that Bitcoin has additional potential for price appreciation after noticing a breakthrough from a very unusual technical pattern known as a “double-walled fulcrum pattern”. He forecasts that the price of BTC will rise to the coveted price mark of $25,000 in the near future, before falling back to the $19,000 level. After that, it would proceed to resume climbing back up to its previous ATH.
The bottom in $BTC is a double walled fulcrum pattern. Extremely rare. The 2X target is mid 25’s. pic.twitter.com/NfffzbniO5
— Peter Brandt (@PeterLBrandt) January 29, 2023
Read More: Cardano’s New Algorithmic Stablecoin DJED Faces Same Fate As Terra Luna’s UST?
A similar prognosis for the near future was made by market analyst Rekt Capital, who tweeted the following tweet stating that BTC’s price could soon find itself hovering between the levels of $20,000 and $23,400. He also indicated that the low range of $20,000 might get tagged during this consolidation, but that Bitcoin is currently fighting to secure a bullish monthly candle close above $23,400.
#BTC really fighting to secure a bullish Monthly Candle Close above ~$23400
Only one hour left to go
Currently price is at $23150$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) January 31, 2023
As things currently stand, the price of one Bitcoin (BTC) has moved to $23,130 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 1.73% over the course of the previous twenty-four hours, in contrast to a jump of 2% over the last seven days.
Also Read: FBI’s Most Wanted Crypto Scammer of $4 Bn Ponzi Scheme Finally Found In This Country
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
