Analyst charts Bitcoin’s potential rally to $25K by March

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  • 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,

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.

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