Legendary Trader Predicts Next Move As Bitcoin (BTC) Price Hits $23.5K

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Legendary Trader Predicts Next Move As Bitcoin (BTC) Price Hits .5K

Bitcoin (BTC) price hits $23.5K today, after moving sideways near the $23K level for the last 9 days. Nonetheless, the Bitcoin price fails to hold the level and dropped back to $23.3K. Legendary trader Peter Brandt has shared his prediction on Bitcoin (BTC) price for several  days as Bitcoin enters a critical week with the Fed price hike decision and tech giants’ quarterly earnings.

Bitcoin (BTC) Price Retouches $23.5K

Peter Brandt, a top trader and analyst, in a tweet on January 29 shared his Bitcoin (BTC) analysis for the week. The next week is critical as the United States Federal Reserve outlines its price hike decision that is very likely drive the markets in the following few months. Furthermore, tech giants such as Apple, Amazon, and Google report their quarterly results.

Peter Brandt expects a fall in Bitcoin (BTC) price as it fails to break the strong resistance and persists to move sideways. The Bitcoin (BTC) price saw a 40 percent rally in January and looks weak ahead of the Fed price hike decision. Traders await a pullback in Bitcoin price to buy at low levels.

Nonetheless, he remains optimistic about a Bitcoin (BTC) price rally to $65K in mid-2023. As per Brandt, the Bitcoin price will hit $25K and witness a correction to $19K. Thereafter, a rally to at least $65K can be witnessed. Nonetheless, he likewise thinks that it’s difficult to predict prices in the present market conditions.

Cryptocurrency analysts 

Likewise Read: Janet Yellen, Elon Musk (Tesla & SpaceX CEO) Is warning Severe Fall, Will Cryptocurrency Collapse Again?

Fed Price Hike Remains Primary Factor Impacting Bitcoin (BTC) Move

Although while traders speculate whether the United States Federal Reserve will go with a 25 bps price hike or another 50 bps price hike, recent jobs and inflation data points to a lower price hike. The CME FedWatch Tool indicates a 98.4 percent probability of a 25 bps price hike.

The United States Dollar Index (DXY) likewise moves sideways under 102. The DXY is very likely remain volatile ahead of the Fed price hike decision and a boost will cause the Bitcoin (BTC) price to fall.

Bitcoin (BTC) price is as of now currently worth $23,406, up 2 percent in the previous day. The 24-hour low and high are $22,908 and $23,463, respectively.

Likewise Read: Binance Crypto exchange Burns Over 16 Million BNB Crypto Tokens, Price Jumps

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