The global crypto market value is up around 3% with a significant increase in the price of Bitcoin, which has already surpassed $23,000. The current total market capitalization is around 1.09 trillion US dollars.
The recent surge in cryptocurrency prices is related to the potential end of rate hikes. As interest rates have risen over the past year, riskier assets like cryptocurrencies have become less attractive, so the prospect of falling in value has been a catalyst for investing.
The top cryptocurrency was trading above $23,000 at the time of writing, down 0.7% from the previous day. However, BTC is up around 40% in January, and if history is any indication, BTC could be poised for some significant bullish action as its recent upleg is reminiscent of the mid-2019 bullish revival.
What do the experts say?
Michael Van De Poppe grabbed his Twitter handle and said: “Chop chop chop that’s what we’re seeing here. A split could occur where we descend south to test some levels and liquidity for #Bitcoin. Break and flip $23.1K -> test at $24,000. Loss of $22.3k -> $20k test.”
Chop chop chop, that’s what we see here.
A split could occur where we descend south to test some levels and liquidity for #Bitcoin.
Break and flip $23.1K -> test at $24,000.
Loss of $22.3k -> $20k test. pic.twitter.com/f6TD7Zdecb
— Michaël van de Poppe (@CryptoMichNL) January 27, 2023
He added: “Still in the resistance zone here for #Bitcoin. Probably a wick up before we correct as I don’t think another retest of the range low will hold.”
Another analyst named Captain Faibik said that Bitcoin is preparing for its next bullish impulse, revealing that $25,000 is the next target.
Titan Of Crypto said that there has been a big movement for Bitcoin as it goes green. Have a look.
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