Varinder Singh
Bitcoin price hits $23.5K today, after moving sideways near the $23K level for the last 9 days. However, the BTC price fails to hold the level and fell back to $23.3K. Legendary trader Peter Brandt has shared his prediction on Bitcoin price for a few days as Bitcoin enters a crucial week with the Fed rate hike decision and tech giants’ quarterly earnings.
Bitcoin Price Retouches $23.5K
Peter Brandt, a top trader and analyst, in a tweet on January 29 shared his Bitcoin analysis for the week. The upcoming week is crucial as the U.S. Federal Reserve announces its rate hike decision that is likely to drive the markets in the next few months. Moreover, tech giants such as Apple, Amazon, and Google report their quarterly results.
Peter Brandt expects a fall in Bitcoin price as it fails to break the strong resistance and continues to move sideways. The Bitcoin price saw a 40% rally in January and looks weak ahead of the Fed rate hike decision. Traders await a pullback in BTC price to buy at low levels.
However, he remains optimistic about a Bitcoin price rally to $65K in mid-2023. As per Brandt, the BTC price will hit $25K and witness a correction to $19K. Thereafter, a rally to at least $65K can be witnessed. However, he also believes that it’s difficult to predict prices in the current market conditions.
Crypto analysts Michael van de Poppe and Credible Crypto have also suggested a pullback in Bitcoin price before a massive rally above $25K.
Also Read: Janet Yellen, Elon Musk Warns Severe Recession, Will Crypto Crash Again?
Fed Rate Hike Remains Primary Factor Impacting Bitcoin Move
While traders speculate whether the U.S. Federal Reserve will go with a 25 bps rate hike or another 50 bps rate hike, recent jobs and inflation data points to a lower rate hike. The CME FedWatch Tool indicates a 98.4% probability of a 25 bps rate hike.
The U.S. Dollar Index (DXY) also moves sideways under 102. The DXY is likely to remain volatile ahead of the Fed rate hike decision and a rise will cause the Bitcoin price to fall.
Bitcoin price is currently trading at $23,406, up 2% in the last 24 hours. The 24-hour low and high are $22,908 and $23,463, respectively.
Also Read: Binance Burns Over 16 Million BNB Tokens, Price Jumps
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
