The Bitcoin (BTC) and altcoin market is preparing its investors for the next bull run after a green week. Could BTC go higher this weekend? Let’s take a look at what analysts are saying…
Bitcoin price climb of 25% triggered green signals in crypto market
US economic data to be released next month could be explosive for BTC if the Fed nears the end of rate hikes. Ed Moya, Oanda’s senior market analyst, wrote about this last week:
Wall Street is very confident that the end of the central bank’s tightening cycle is coming and that this is providing some fundamental support for crypto.
Bitcoin’s latest price surge has provided some enthusiasm for it to hit a record high of $68,990 in November 2021. On-chain data shows that whales are contributing to this acceleration.
Whale accumulation drives Bitcoin price up
This increase in Bitcoin’s value is likely due to several reasons. There is a growing expectation among market participants that the Fed will pursue a more moderate monetary policy in the near future, possibly by stopping interest rate hikes or lowering rates by the end of this year. Last year, the Federal Reserve raised interest rates seven times, bringing risky assets such as equities and technology stocks down.
Additionally, data released by analytics firm Kaiko points to growing buying optimism among large Bitcoin buyers, commonly known as “whales,” which analysts say helps support current high demand levels.
Meanwhile, while Bitcoin (BTC) gained a nice support at the beginning of 2023 along with risk assets as mentioned above, market watchers say it is unlikely that the leading crypto will retest the ATH level of $69,000, but it may have reached a bottom. Well, how do you think artificial intelligence might have answered this question?
ChatGPT expects these at BTC price
ChatGPT has been in the headlines of the crypto market as it has become a hot sensation in providing price prediction or technical analysis of a coin. However, when asked for a market forecast from the AI, any trading gurus strongly refuse to provide advice and advise investors to invest at their own risk.
In summary, ChatGPT suggests going short if the RSI-14 drops and trades just above 50. If both the Stochastic RSI and the RSI fall below 14, traders can go long again. In other words, artificial intelligence, which agrees with the above analyst predictions; He expects Bitcoin to trade below $20,000.
Will Bitcoin exceed $23,000 this week?
The leading crypto permanently made the $20,000 or even $17,000 region, which it had been out of since early November, on January 9. This week, Bitcoin is making waves as it continues to move towards the ATH level. Currently trading at $21,350, many investors are wondering if BTC can break the $23,000 resistance level and why this is important for the future of the cryptocurrency.
On the macro side, Ukraine’s deputy prime minister, Mikhail Fedorov, is looking for ways to make his country the go-to place for cryptocurrencies after a successful fundraising campaign under wartime conditions. He wants to take his country to the top of the global stage for virtual currency. This was news that the cryptocurrency market needed.
Deputy Prime Minister of Ukraine wants to receive payment via CBDC
Ukraine’s deputy prime minister is optimistic about the upcoming Central Bank Digital Currency (CBDC) and expressed his desire to become its first user. He even wants to receive his salary in e-hryvnia and made this comment at the World Economic Forum. cryptocoin.comIn a recent report, Bank of America said that CBDCs are the future.
However, the Minister of Ukraine Mykhailo Fedorov stated that they can become one of the leading countries in terms of cryptocurrency legislation by introducing new regulations regarding cryptocurrencies. In addition, the fact that they managed to provide financial support to their army using cryptocurrencies further reinforces this success.
It also recently announced that Ukraine is launching a CBDC in partnership with Stellar, observing a demonstration of its digital currency called e-hryvnia two weeks ago.
Ukraine is debating whether they should launch a digital fiat currency, and the European Union will enact legislation on the digital euro in 2021. This is just one of many countries around the world evaluating this new cryptocurrency movement.
Last year, Ukraine passed a law on cryptocurrencies shortly after the invasion of Russia. This law will be strengthened by a new tax policy on cryptocurrencies, as well as a Central Bank Digital Currency (CBDC) law scheduled to go into effect next year. Fedorov spoke of the importance of such regulations.
Michael van de Poppe pointed to these levels
Some analysts think that if the bullish trend continues, Bitcoin could reach a record high of $23,000. The current momentum has pushed the market to an estimated $21,000, which could be a sign of greater potential in the near future. On the other hand, popular crypto analyst Michael van de Poppe says we may see a drop soon, despite the rather bullish expectations of many. The experienced analyst states that the total value of the entire market (TOTAL) and altcoin market (TOTAL2) has broken the 200-day EMA. This is also not a bright sign for the appearance. Poppe also stated that a rise from the current level will be difficult for Bitcoin and altcoins.
In summary, the analyst says that we can regress to $ 20,000 in BTC price. However, he expects BTC, which is trading around $21,200, to reach higher highs first. According to Poppe, Bitcoin has extremely low volume between $17,000 and $20,000. Therefore, we can see the bears move towards these levels in the coming days.
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