Leading crypto Bitcoin continues on its way to $ 24 thousand after consolidation. An analyst, known for making accurate predictions about the route BTC follows, shares his predictions about Bitcoin’s next stops.
The route Bitcoin (BTC) will follow: First pullback, then rally!
cryptocoin.comAs you follow, it is very important for the markets, as the Federal Reserve’s interest rate decision and the quarterly earnings of the technology giants will be announced next week. Prior to this development, veteran Bitcoin analyst Peter Brandt explains his predictions for Bitcoin’s trajectory. Bitcoin price reached $23.9k today after consolidating near the $23,000 level for the past 9 days. However, it slid towards $23.1k, receiving a reaction from $23.5k on the day.
Professional analyst Peter Brandt shared his weekly Bitcoin analysis on January 29. According to the analyst, Bitcoin, which failed to break the strong resistance and continues to move sideways, is waiting for a decline. Meanwhile, it is worth noting that Bitcoin price saw a 40% rally in January. According to the analyst, BTC looks weak ahead of the Fed’s rate hike decision. Also, some traders are waiting for a pullback in BTC price to buy from the lows.
However, Peter Brandt is quite optimistic about Bitcoin in the longer term. The analyst predicts that the BTC price will rise to $ 65,000 by the middle of 2023. According to Brandt, BTC price will reach $25,000 and witness a correction towards $19k. It will then rally towards at least $65,000. However, the analyst also notes that it is difficult to predict prices in current market conditions due to uncertainties. Crypto analysts Michael van de Poppe and Credible Crypto also expect a pullback in Bitcoin price before a massive rally above $25,000.
A defining agenda for the crypto market: Fed rate decision
While investors and traders are predicting whether the Federal Reserve will go with a 25bps rate hike or another 50bps, recent business and inflation data point to a lower rate hike. The CME FedWatch Tool gives a 98.4% probability of a 25 basis point rate hike. Meanwhile, the US Dollar Index (DXY) moves sideways below 102. According to analysts, DXY is likely to remain volatile ahead of the Fed’s rate hike decision, and an increase could cause the Bitcoin price to plummet. At press time, Bitcoin is changing hands at $23,895, up 3.68% in the last 24 hours.
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