Bitcoin (BTC) Price Can Hit $30K in February If This Happens
At present, the value of Bitcoin has stabilized at around $23,000. The interest rate and Bitcoin have a direct correlation, as evidenced by the fluctuations observed over the past year. If data suggests a 25-basis point softening, a short-term price increase can be expected.
The Federal Open Market Committee’s meeting concludes on February 1st and a 25-basis point rate hike is widely expected, pushing the federal funds rate from 4.5% to 4.75%.
When the Federal Reserve started hiking interest rates, Bitcoin’s value decreased, possibly due to nervous market participants selling their holdings.
Economic Concerns & Recession Risks
Bitcoin broke $23,000 as the previous month’s numbers leveled out, jumping 40% in 4 weeks. If interest rates continue to soften, another significant increase may be seen in February, potentially breaching the $30,000 support level. Currently, BTC is valued at $23,727 with a 7% increase in the past 24 hours.
The CME FedWatch Tool predicts a 99.9% chance of a 25-basis point interest rate hike by the Federal Reserve. Once a decision is made, Fed Chair Jerome Powell will give a speech outlining the Fed’s outlook. Although a 25 bps hike is widely expected, the possibility of a 50 bps hike still exists.
Elon Musk and Treasury Secretary Janet Yellen have voiced concerns about the risk of a deep recession in the US economy. Yellen worries that high-interest rates could trigger a recession, despite declining inflation and positive employment numbers.
Bitcoin Price Prediction For FEB-2023: $30K or $18K, What Next For BTC Price?
After consecutive bullish trading sessions, the BTC market has slowed down and is tumbling near critical resistance levels as the digital asset slightly reverses the price chart. This shift in price momentum can be caused by various factors, including early profit-booking by investors and the market’s bearish sentiment brought about by Genesis’ bankruptcy filing.
However, this short-term setback in the Bitcoin price chart is not letting investors move away, as many believe that the market’s bullish sentiment will remain intact in February and that the current dip is a normal part of the market’s volatility.
Is Bitcoin Price On The Verge Of A Boom?
The crypto market is currently heating up and has been buzzing with excitement as the market takes a new turn in the price chart. However, analysts believe that the current price bottom may signify a rebound and renewed growth, leading to speculation of another bull run.
According to on-chain analyst firm CryptoQuant, the MVRV ratio of Bitcoin is promising a bullish trend ahead as it trades at 1.14. The firm noted that a value above 3.7 marks price tops in the BTC price chart, and a value below 1 signifies bottoms for BTC. However, the recent metric indicates that BTC has enough room to lead significant growth in February and can spark bullish hopes among investors.
BTC Price Is Due For A Bearish Shockwave
Despite Bitcoin’s overwhelming bullish sessions in the last three weeks, experts are now warning that the party may soon head toward an end with a solid bearish shockwave. waiting on the verge of the BTC price graph.
A well-known BTC trader, Profit Blue, predicts a freefall for Bitcoin’s price. The analyst predicted that the BTC price might turn bearish after rejecting from the level of $22.7K. According to him, Bitcoin may quickly fly below the level of $20K and form a support level if it again faces rejection at $23K.
Regarding Bitcoin’s recent price trend, Michael Van De Poppe, CEO, and Founder of Eight Global said,
“Patiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K. In between, I don’t see much of an interesting set-up.”
Bitcoin is ‘Stuck’ With Choppy Price Action – Will it Head to the $30k Mark?
As soon as it found support around the $16K price level, Bitcoin started an incredible rise. Since then, the 100-day and 200-day moving averages of BTC have been surpassed, respectively, at $18K and $19.6K. Over the past few days, a profit-taking pullback has allowed the price of bitcoin to rebound to the $23,000 price range. Analysts have begun charting the course of Bitcoin as the market cools.
According to analyst CrediBULL Crypto, Bitcoin has taken the first set of highs. However, he found a lot of choppiness in Bitcoin’s current trading range.
He said, “Lots of choppiness in this range, looks like rather than a flat we are forming some other more complex structure. Will post another chart shortly with some key levels to watch.”
Another analyst by the name Daan Crypto Trades on Twitter had the same opinion and said that nothing has changed much for Bitcoin. He said that Bitcoin ‘is still stuck between these levels with a lot of choppy price action.’ He marked the resistance levels for Bitcoin at $22,750 and $22,900. According to him, the support levels are at $22,600 and $22,400.
Kaleo also took to his Twitter handle and said :
“Slowly but surely Bitcoin is squeezing back to the highs making late shorts pay.” The analyst also wrote, “I once again am here to remind you that Bitcoin heads straight to $30K from here.”
On Wednesday, cryptocurrency prices were moving sideways as a result of profit-taking following a decent gain in recent days. Ahead of this week’s important inflation statistics, the volatile movement in the other riskier assets put cryptocurrency traders on edge. At the time of writing, Bitcoin is trading at $22,590 and has decreased by more than one percent in the last 24 hours.
Bitcoin Price Prediction: BTC Price To Hit $30K in the Next 10-15 Weeks – Ben Armstrong
BitBoy Crypto, also known as Ben Armstrong, a contentious YouTuber, and influencer in the cryptocurrency world, has taken to Twitter to make a prediction about the price movement of Bitcoin this year.
BitBoy’s Latest Observation
BitBoy has noted that he is pleased with the positive sentiment in the crypto world, as Bitcoin recently surpassed the $18,000 and $19,000 marks on January 12th. However, the influencer does not anticipate Bitcoin reaching new all-time highs this year, but rather expects strong rallies in its price.
BitBoy predicts that Bitcoin is at the beginning of a run-up that could drive the value of the cryptocurrency to $25,000 or potentially even $30,000 within the next 10 to 15 weeks. He based this prediction on the current market conditions.
Bitcoin Appears Bullish
The recent turnaround in Bitcoin’s price has brought a dominant positive momentum, with the cryptocurrency trading above its 200-day moving average. This has given buyers reason to believe that they can purchase more Bitcoin at a lower price than its current trading value.
During one of Bitcoin’s bull runs, the cryptocurrency caused significant losses for bears by forcing the liquidation of short bets worth millions of dollars. According to Coinglass, the total for just January 14th was over $125 million, while the period between January 11th and 14th resulted in nearly $300 million in short liquidations.
Despite some difficulty for buyers in taking control of the market, Bitcoin is currently trading in a bullish pattern. The price needs to be pushed back up to $21,000 before sellers can consider their efforts successful.
Decoding The Possibility of Bitcoin (BTC) Price Surging Above $30K By 2022 End
Despite all the shattering records, Bitcoin quickly lost its hold on the record price and started to decline before the end of the previous year. The coin gradually reached its lowest as a result of a number of circumstances, including China’s restriction on bitcoin mining and the Terra meltdown.
The flagship currency is currently trading at $20,870 and has successfully resisted the $20k mark for quite some time. Despite being 70% below its all-time high, investors continue to believe in bitcoin.
If the largest cryptocurrency by market cap intends to end the year over $30k, it may reach the $25k mark in November. Although it would be difficult for the coin to exceed $30k in a single month, the price of the token might rise with the support of investors ready to start the new year with investments in bitcoin.
If investors maintain their bullish sentiment, bitcoin may surpass the $30k mark and reach about $32,000 before the end of the year. Otherwise, given the price has been remaining steady so far, it’s reasonable to anticipate that the coin won’t fall below the $20k mark.
Investors look for profit
Data from Crypto Quant indicates that there was a rapid transfer of large amounts of Bitcoin into exchanges. Additionally, stablecoins have recently been submitted to exchanges, which may be an indication that investors are about to open short positions. It’s also an indication that the investors want to profit from the prospect of a price correction.
“Right back near the range lows, don’t know if this 1 pump until it gets close to the end of a mini cycle (usually the case). Not a fan of currently buying this thing, I think it just chops for a while.”
At the time of writing, BTC is trading at $20,458 and is down by more than one percent in the last 24 hours.
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Bitcoin (BTC) Price Won’t Surge Above $30K in 2022 – Predicts Mike Novogratz
On Tuesday, Bitcoin finally overcame the psychological threshold of the $20,000 milestone after nearly ten days. BTC experienced a steep decline after reaching a peak of $22,540 earlier in September. While analysts are positive about BTC’s journey ahead, Mike Novogratz’s forecast of Bitcoin’s price is quite optimistic.
Chief Executive Officer of Galaxy Investment Partners Novogratz has always supported Bitcoin investment (BTC).
He does not, however, think that BTC will make a significant comeback by the end of 2022. Novogratz recently predicted that institutional investment in the cryptocurrency market would pause until next year.
But, BTC won’t rise above $30k
“When Powell started beating inflation over the head with a sledgehammer, of course Bitcoin came back down as did lots of assets. If he gives up this fight, you are going to see Bitcoin and other assets take right back off.”
The CEO of Galaxy stated that he doesn’t think Bitcoin would rise above $30,000 in the foreseeable future. A BTC price in the range of $20,000, $22,000, or $30,000, he continued, would be great.
Novogratz commented on the potential for Bitcoin to serve as an inflation hedge in this setting. He said in an interview with CNBC on Tuesday that the price of BTC was being impacted by the Federal Reserve’s plan to boost interest rates. He predicted a bull run for Bitcoin and other assets if the Fed eased off on its rate hike schedule.
However, given that institutions don’t seem interested in the asset, as seen by the discount at Grayscale when compared to NAV, it looks that the Bitcoin price will remain bearish for the time being. At the time of writing, Bitcoin was trading just inches above the $20,000 mark. The coin was up by more than 2 percent in the last 24 hours.
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Bitcoin (BTC) Price Won’t Surge Above $30K in 2022 – Predicts Mike Novogratz
On Tuesday, Bitcoin finally overcame the psychological threshold of the $20,000 milestone after nearly ten days. BTC experienced a steep decline after reaching a peak of $22,540 earlier in September. While analysts are positive about BTC’s journey ahead, Mike Novogratz’s forecast of Bitcoin’s price is quite optimistic.
Chief Executive Officer of Galaxy Investment Partners Novogratz has always supported Bitcoin investment (BTC).
He does not, however, think that BTC will make a significant comeback by the end of 2022. Novogratz recently predicted that institutional investment in the cryptocurrency market would pause until next year.
But, BTC won’t rise above $30k
“When Powell started beating inflation over the head with a sledgehammer, of course Bitcoin came back down as did lots of assets. If he gives up this fight, you are going to see Bitcoin and other assets take right back off.”
The CEO of Galaxy stated that he doesn’t think Bitcoin would rise above $30,000 in the foreseeable future. A BTC price in the range of $20,000, $22,000, or $30,000, he continued, would be great.
Novogratz commented on the potential for Bitcoin to serve as an inflation hedge in this setting. He said in an interview with CNBC on Tuesday that the price of BTC was being impacted by the Federal Reserve’s plan to boost interest rates. He predicted a bull run for Bitcoin and other assets if the Fed eased off on its rate hike schedule.
However, given that institutions don’t seem interested in the asset, as seen by the discount at Grayscale when compared to NAV, it looks that the Bitcoin price will remain bearish for the time being. At the time of writing, Bitcoin was trading just inches above the $20,000 mark. The coin was up by more than 2 percent in the last 24 hours.
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Bitcoin (BTC) Price To Hit This Bottom Level Before Surging Above $30K
The world’s largest cryptocurrency by market cap, Bitcoin is still under the price range of $20,000 while the overall market is kind of flashing an optimistic vibe with the August United States jobs report.
While the flagship currency struggles for an uptrend, there are speculations about Bitcoin attaining the bottom along with its further price movements.
A well-known crypto analyst and trader, Michael van de Poppe claims that before Bitcoin experiences any bull run, Bitcoin will see another dip. Explaining his claims, the analyst said that the Bitcoin price will fall as low as $19,300 before regaining the bull run around $28,000 or $30,000.
While talking about Bitcoin’s current price movements that are fluttering between $19,000 and $21,000, Van de Poppe asserts that this might see liquidity grabs much below the level. He also claimed that if Bitcoin had to enter a bull run, the currency should move above $20,400 targeting $21,500.
Bitcoin Price To Enter Bull Run
Meanwhile, the strategist is of the opinion that Bitcoin has reached its bottom and the currency might start its bull run anytime soon. However for this to happen, BTC should achieve the said target and should hold on to the 200-week moving average in market cap.
At the time of writing, Bitcoin is selling at $19,754 with a surge of 0.39% over the last 24hrs.
On the other hand, Bitcoin and the overall crypto market are experiencing a positive run with the US payroll data. Conversely, most market analysts and experts predict the positive job market could worsen the current market condition.
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Here’s the Timeline When Bitcoin (BTC) Price May Surge Above $30K
After undergoing a pretty tough week for Bitcoin & entire crypto space, the asset still remains cemented around $20,000 levels. A near-term weakness that is haunting Bitcoin(BTC) and its fundamentals as the price appears to have cemented amidst minimal excess sell-pressure. The investors’ strategy seems to be hovering around taking the advantage of all the exit liquidity offered.
For the last few months, especially after the May collapse, Bitcoin has been hovering under strong bearish captivity. While a couple of breakouts were noticed, it turned out to be just an interim bounce. However, while the entire crypto space is skeptical of the upcoming move, one of the popular analysts advises maintaining patience as the BTC price is preparing for price action.
Therefore, the Bitcoin (BTC) price is expected to consolidate briefly as the next cycle is closer to kick-off with a Mark-up. During the markup, the profits are expected to be released as the price may kick off a significant bull run. Therefore, as per the predictions of the analyst, the BTC price may regain levels above $30,000 in the first fortnight of Q4 2022.
However, a slight pullback may haunt the rally, but after a brief correction, the upswing may continue to test the upper targets very soon.