Prices of cryptocurrencies showed a general upward trend during Tuesday’s trading session as the market appears to end the month of January with its peak performance since 2013 — while speculators across all markets await tomorrow’s interest rate announcement from the Fed. According to forecasts, the Federal Reserve is expected to raise the benchmark rate by 25 basis points and bring the funds rate to a target range of 4.5% to 4.75%.
Bitcoin (BTC) Price Breakout
Market data reveals that after Bitcoin (BTC) dropped to a low of $22,510 late on Monday, bulls were able to halt the downward trend and gradually raise the price on Tuesday. The price reached an intraday high of $23,246 before retracing to support at $23,000. Also, the S&P 500, Dow Jones Industrial Average, and Nasdaq all ended the day in the green, up 1.46%, 1.09%, and 1.64% respectively — as corporate earnings reports and the opening of the next Federal Open Market Committee policy meeting boosted investor sentiment.
According to those knowledgeable about the financial markets, the decline that occurred late on Monday was the result of further profit-taking and a regular downside correction after the market set a five-month high earlier in the trading day. However, as per a few prominent analysts, such as Michael van de Poppe, a massive breakout is at play for Bitcoin’s (BTC) price. According to his analysis, the key level for Bitcoin at this point continues to be positioned at $23,300.
Bitcoin Price To Hit $25K?
The same has been voiced by other industry stalwarts as well. Peter Brandt, a seasoned crypto expert, also agrees that Bitcoin has additional potential for price appreciation after noticing a breakthrough from a very unusual technical pattern known as a “double-walled fulcrum pattern”. He forecasts that the price of BTC will rise to the coveted price mark of $25,000 in the near future, before falling back to the $19,000 level. After that, it would proceed to resume climbing back up to its previous ATH.
A similar prognosis for the near future was made by market analyst Rekt Capital, who tweeted the following tweet stating that BTC’s price could soon find itself hovering between the levels of $20,000 and $23,400. He also indicated that the low range of $20,000 might get tagged during this consolidation, but that Bitcoin is currently fighting to secure a bullish monthly candle close above $23,400.
As things currently stand, the price of one Bitcoin (BTC) has moved to $23,130 at the time of composition. And, according to the crypto market tracker published by CoinGape, this results in a growth of 1.73% over the course of the previous twenty-four hours, in contrast to a jump of 2% over the last seven days.
