- Bitcoin price broke above $21,440 on major cryptocurrency exchanges for the first time since the FTX explosion.
- Much of the buying pressure was driven by retail selling as Friday’s surge in the stock market reflected crypto.
- Veteran trader and market analyst Peter Brandt has shared his prediction for the price of bitcoin in 2023.
Cryptocurrencies roared into the end of the week bitcoin price FTX hit a high above $21,000 for the first time since the debacle began in November.
data from coingeco shows The benchmark crypto hit prices near $21,450 on major crypto exchanges on Sunday, with leading altcoins tracking the leading digital asset. Ethereum Breaking above $1,500, Solana traded as high as $24 and Dogecoin reached a high of $0.088.
It is notable that the rise in crypto prices followed the tick for growth stocks and risk assets as US inflation slowed further in December to suggest a possible pivot from the Federal Reserve.
Bitcoin Price Rally – Analysts Point To $25K By March
Bitcoin is up more than 22% over the past seven days, with BTC currently showing resilience above the $20,000 support level.
while on-chain data it shows While the weekend buying pressure was not institutional investor-driven, bitcoin is likely to continue higher if prices consolidate above psychological levels.
According to veteran trader and market analyst Peter Brandt, the bullish trend in BTC would benefit from a weekly close above $20,800. they shared the prophecy in a Tweet,
Any fool can make wild guesses about the markets, so here is my wild prediction. In reality, no one has any idea what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
The seasoned trader predicts a move towards the key resistance of $25,000 by March, with rejection seeing BTC revisit the $18,000 level. If the bulls hold this level, the analyst predicts another sharp rally that could end July 2023 with the bitcoin price testing the resistance mark of $35,000.
Although he cautioned that no one can predict the markets with certainty, his long-term outlook for bitcoin includes the cryptocurrency’s price above $100,000 by 2025.