Optimistic forecasts see Bitcoin hitting $23,000 this week as the much favored crypto held fast onto the $21,000 mark throughout the weekend. Further increase in Bitcoin’s price is anticipated in the week.
At the time of writing this article, BTC was trading at $21,613. On Friday, it almost surged 10% amid talks that the US central bank will not opt for further interest rate hikes and liquidity tightening in 2023. Ethereum is holding hands at $1,724. Joe DilPasquale, CEO of BitBull Capital, said such resurgences have not been unusual for cryptos during down markets. He outlined that bulls will welcome this bounce. The analyst pointed out that continued bearish price action has intermittent relief rallies, especially as short position holders take profit.
Il Capo of Crypto believes there is 90% chance that Bitcoin price action would return back under $20,000 in the future. But he added that the short squeeze is not over and $23,000 – $25,000 should be next. CJ, a crypto analyst, tweeted that Bitcoin could sweep equal highs at $21,900 and close back below July mid. The cryptocurrency is likely to reclaim the mid or hold as support, a fast move toward $23,000. Hernik Zeberg, an analyst, hopes that a sustained risk asset would ensure became more vocal. He argued that every time inflation tops, the stock market rallies.
In terms of profit and supply, Bitcoin’s bottom has been reached. Evidence shows that the present price level is a significant bottom for BTC because the bottom of the cryptocurrency usually happens after the cross. Investors can buy Bitcoin to profit in the long run.