NewsBTC
2023-01-17 12:20:23

Bitcoin Price Spike May Push Rally To This Amount, Top Analyst Predicts

The recent surge in the price of Bitcoin has revived hope in crypto assets. To this point, pseudonymous crypto analyst Cheds stated that a massive rally might not be far-fetched for BTC soon. The crypto market struggled with rising inflation rates and other negative factors in 2022. However, in 2023, BTC has picked up positive price momentum, with some investors believing the worst days are over. Ched’s prediction is bullish on the performance of BTC in the future. Related Reading: ETH Whales Scoop Up SAND – Up Nearly 80% – For Its Highly Bought Crypto Menu $BTC visual of this potential bull thesis on daily https://t.co/eUfkmAOx5N pic.twitter.com/UVOCTjctZl — Cheds (Trading Quotes) (@BigCheds) January 14, 2023 Cheds on Twitter gave his forecast on the BTC price based on his technical analysis. He stated that Bitcoin might see a bullish reversal. In his words, above $18,200 opens up the possibility of an inverse head and shoulders complex, multiple shoulders and head with neck base at $25,500. His optimistic forecast has Bitcoin soaring up to the $37,000 level, which will be a 76% increase from its current value. He suggested that fear of missing out (FOMO) will drive more traders to chase BTC rallies. Bitcoin also closed above its 200-day moving average. Ched labeled this move a sign of BTC’s strength. He believes the altcoins will also spark to life once Bitcoin and Ethereum slow down to consolidate their positions. Tim Draper, a BTC bull, was more optimistic about the price movement of Bitcoin. His analysis predicted that Bitcoin would be worth $250,000 by the end of 2023. While the figures seem outrageous, he stated that Bitcoin would enjoy increased adoption in retail spending. Draper emphasized that only one in seven BTC wallets belongs to a woman. He expects more women to adopt BTC wallets. Standard Chartered bank held a more pessimistic view. In their forecast, Bitcoin might sink to around $5,000. They also stated that as more exchanges battle financial issues and bankruptcy, the prices will decline. According to their forecast, these financial issues will erode investors’ confidence in digital assets. What Is Behind The Crypto Resurgence? The crypto market has improved its outlook, with BTC leading the market. Although experts vary in their forecasts and predictions, several factors have led to this positive turn of events in 2023. Generally, the financial markets correlate with the American economy. For example, in 2022, inflation rates increased as well as a rise in unemployment rates. The forex and stock markets felt the impact of these rate adjustments, with cryptocurrencies following suit. But the recent inflation data for December showed a decline which may have spiked crypto prices. Also, cryptocurrencies now enjoy wider adoption and acceptance despite regulations in certain regions. They serve as a faster means for processing payments, and their utility has soared recently. Technological advancements like Web3 have also played a part as most crypto projects look to join this trend. These factors have also boosted the prices of crypto assets. Bitcoin (BTC) Short Or Long? BTC is above the $21k level and has continued its positive price trend in 2023. However, traders might be skeptical about BTC wondering if it is a bull run or a bull trap. Related Reading: Polkadot: Why Recent On-Chain Feats Could Trigger Strong Investor Sentiment The asset is currently trading above its 50-day and 200-day simple moving averages. This technical indicator shows that both the short-term and long-term look encouraging for Bitcoin. Featured image from Pixabay and chart from Tradingview.com

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.