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Bitcoin Price Prediction – Here’s Why Bulls Are Taking A Breather But a Pump is Coming 

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author imageArslan Butt Last updated:

BTC

Bitcoin price prediction remains neutral as BTC has managed to maintain its upward trend and is currently trading at $23,000. BTC recently set a new annual high above $24,000, but it has since relinquished some of its gains and is now settling around the 23,608 level.

However, the reason for the recent increase could be related to US Federal Reserve policy. In their most recent announcement, the Federal Reserve of the United States reduced interest rate hikes to 25 basis points, which was viewed as one of the primary factors supporting the crypto market.

Bitcoin is currently worth $23,608.43, and the 24-hour trading volume is $30,951,350,328. Bitcoin has dropped by 0.99% in the last 24 hours. Bitcoin is now the market leader, with a market cap of $455,181,403,518 as of today. The total supply is 21,000,000 BTC coins, with a circulating supply of 19,280,462 BTC coins.

Furthermore, the labor market in the United States maintained incredibly positive figures in January, bolstering hopes for a quick shift in the Federal Reserve’s interest rate cycle. This was viewed as yet another critical component that would provide additional support to the cryptocurrency market.

Upbeat US Data

Nonfarm payrolls increased by 517,000 through the middle of the month, breaking a four-month trend of sluggish employment growth, according to the Labor Department. As a result, job growth in the United States far exceeded expectations, bolstering hopes for a quick change in the Federal Reserve’s interest rate cycle in the future.

Meanwhile, the unemployment rate fell to 3.4% in January, down from 3.5% in December, rather than the 3.6% predicted. On Wednesday, the Fed raised interest rates by a quarter point, with Chair Jerome Powell indicating that the central bank isn’t done raising rates.

The cryptocurrency market, on the other hand, remained upbeat after the US central banks reduced interest rate hikes to 25 basis points in their most recent announcement. As a result, Bitcoin briefly surpassed the $24,000 mark, setting a 6-month high.

US Mining Company Produced $16 Million Bitcoin

Marathon Digital Holdings, a Bitcoin mining company based in the United States, generated a record amount of Bitcoin (BTC) in January. Marathon discovered 687 BTC, a 45% increase over the 475 it discovered in December 2022. Based on the current BTC price of $23,430.92, the 687 mined coins are worth $16,097,042.

The increase in Marathon’s Bitcoin output, on the other hand, could be entirely attributed to the company’s new hosting provider in McCamey, Texas. As a result, this was viewed as yet another key factor that influenced BTC prices positively.

Bitcoin Price Prediction

Bitcoin currently holds strong at a value of $23,572 and has an immense 24-hour trading volume at $30 billion. Its market capitalization stands tall at $454 billion, staying on the number one rank of CoinMarketCap’s rankings. Statistically, the cryptocurrency has experienced a minor 1% drop in price in the last 24 hours. The circulating supply of Bitcoin tokens is currently 19.28 million and the maximum amount that can ever exist is 21 million.

BTC

Bitcoin Price Chart – Source: Tradingview

Bitcoin recently recovered from its 50-day support level of 23,300 in the 4-hour timeframe. If it breaks the resistance at $23,300, it could push up to $24,00 or even $24,550. On the contrary, Bitcoin is facing imminent resistance at $22,500. If it fails to pass this level, it could fall even further and hit the $21,550 mark.

Three Cryptocurrency Presales Will Boom in February 2023

MEMAG, FGHT, and CCHG are the cryptocurrency market leaders, offering cutting-edge solutions and exciting investment opportunities. These coins may assist you in exploring new worlds and rebuilding planets, earning real money while playing games, and experiencing revolutionary Move-to-Earn concepts.

Meta Masters Guild (MEMAG)

Meta Masters Guild is a web 3.0 gaming platform where you may earn money by playing innovative and enjoyable games. The platform includes NFTs that are linked to digital wallets, and you can earn “Gems,” the in-app money, by playing games and exchanging them for $MEMAG. Meta Masters Guild (MEMAG) is also working with well-known game developers to increase its impact and visibility in the gaming industry.

The network has a maximum supply of 1 billion MEMAG tokens, 35% of which are reserved for the presale. Three interesting mobile-based games, including “Meta Kart Racers” and “NFT Raid,” are slated to be published soon. MMG is already a market leader, having raised $2 million in its first three presale phases.

Tokens for $MEMAG are now available for $0.016 USDT, however, you must act quickly because the price will increase during the next presale.

Visit Meta Masters Guild Now

Fight Out (FGHT)

Fight Out is a project that revolutionized the fitness industry with its Move-to-Earn (M2E) idea, which pays you with cryptocurrency for performing exercise activities. The project includes customized fitness programs, on-demand training sessions, and an avatar-based metaverse where you may explore and compete for rewards.

You may access the app and upcoming roadmap objectives like Fight Out’s gyms and workplaces with its native token, FGHT. You must invest their FGHT tokens to subscribe to the app; the more tokens you stake, the more access you have.

You receive REPS tokens from the app in exchange for doing exercises and building the community. Leading athletes and coaches are collaborating with Fight Out to spread the word about its novel move-to-earn idea and open up blockchain technology to the fitness sector.

Visit FightOut Now

C+ Charge (CCHG)

C+Charge, or CCHG, is a cryptocurrency in the United States that wants to transform the electric vehicle (EV) charging experience. This eco-friendly cryptocurrency runs on a full peer-to-peer (P2P) payment system, allowing EV drivers to pay for their costs using CCHG tokens saved in the C+Charge mobile app’s crypto wallet.

The network promotes environmental awareness by providing its users with NFT-based carbon credits. The initial launch of CEX is planned for March 2023, which will result in a considerable rise in token value as a result of growing user involvement.

The future of CCHG is bright, making it one of the top cryptocurrencies to invest in in February 2023 with a current trading price of $0.013 and a hard cap of $6.6 million.

Buy CCHG Now

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  This article was written for Business 2 Community by Arslan Butt.
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Author: Arslan Butt

Arslan is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. Arslan holds an MBA in Finance, and an MPhil in Behavioral Finance.
Arslan brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and…

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