Bitcoin has failed to hold the $23,500 level and is now trading at around $23,100. This recent price action has led many investors to speculate on where BTC is headed next.
In this article, we will explore the current state of Bitcoin and look at what analysts are predicting for its future price movements.
Will Powell Trigger a “Healthy Pullback” in Bitcoin?
The Federal Reserve is predicted to raise the fed funds rate by 25 basis points to 4.5%-4.75% at its February 2023 meeting, reducing the extent of the increase for the second consecutive meeting but still driving borrowing prices to their highest level since 2007.
While the interest rate decision at this meeting is as close to a “done deal” as we’ve seen from a central bank, any signals about how Powell and Company view interest rates evolving in March and beyond will still influence the market.
Potential Fed meeting outcomes:
1. Fed finally “pivots” bear market likely solidifies bottom
2. Fed doesn’t “pivot” and we form largest bull trap in history
It’s difficult to achieve an outcome anywhere in between those two scenarios.
This market is more polarized than ever.
— The Kobeissi Letter (@KobeissiLetter) January 30, 2023
Investors will be looking for any hints about the central bank’s next moves, especially if it continues to say that further hikes in the target range are warranted. Interest rates were expected to reach 5.1% this year, then decrease to 4.1% in 2024 and 3.1% in 2025, according to Fed officials in December, but economic data revealed since then has given a mixed picture.
Inflation fell faster than projected, manufacturing and housing have already suffered, and consumer spending is clearly slowing. On the other side, the labor market is strong, pay growth stays high, and economic growth in the fourth quarter of 2022 exceeded expectations.
Bitcoin Price Prediction
Bitcoin is currently trading at $23,158, up more than 1% in the last 24 hours. Its market volume is projected to be $22 billion, while its market cap is an amazing $445 billion, placing it first in CoinMarketCap’s rankings. On the 4-hour chart, the BTC/USD exchange rate is having difficulty breaking through the $24,000 barrier and has subsequently dipped to assess the support level of $23,000. If the price of Bitcoin falls below its present level, it might fall below $22,600 or perhaps $22,350.
The 4-hour timeframe’s 50-day moving average has developed a $23,000 support. If this price level is breached, the BTC/USD pair may experience a positive turnaround.
Investing in buying positions above $23,000 with a target price of $23,550 or $24,000 is advantageous. However, if the support zone at $23,000 is breached, sell positions could be the better option.
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