Claim $500Bitcoin (BTC) Price To Hit $25K or $21K, What’s Next?
Bitcoin price is mostly moving sideways near the $23K level after hitting a 5-month high of $23,282 recently. After a 40% rally in January, traders speculate whether the Bitcoin price will continue to rise and hit $25K or fall to $21K. Popular analyst Michael van de Poppe believes the rally is likely over as Bitcoin couldn’t break through a crucial resistance at $23.1K.
Bitcoin Price Risks Falling to $21K?
Bitcoin continues to move above the $23K level amid fresh investor optimism, but fails to hold the level due to crucial resistance at $23.1K.
Whether the current BTC price movement can bring a bullish market is still a concern. Bitcoin price keeps moving upwards and even crossed its 200-DMA, making a 40% rally in January. However, it still has no significant pullback. Therefore, investors are waiting for the pullback in BTC price.
The Bitcoin price would likely drop to $21k rather than $25K, the next positive level suggested by analysts, as traders’ sentiment is more likely bearish in the short term.
Crypto analyst Michael van de Poppe in a tweet on January 24 said Bitcoin price is facing difficulty in breaking above a crucial resistance at $23.1K. Thus, if Bitcoin continues to make lower highs, then probably test and sweep around $22.3K before continuation is more likely.
In addition, it will offer a good buying opportunity for investors who failed to grab Bitcoin at lower levels. In early January, Michael van de Poppe predicted a massive rally in the BTC price, which will subside before the FOMC meeting.
Why Bitcoin Rally Is Likely Over
CoinGape published a recent analysis citing reasons why the Bitcoin price rally is likely over. European Central Bank plans to deliver 50 bps interest rate hikes in February and March.
The U.S. Federal Reserve is more likely to announce a 50 bps rate hike on February 1, as per economists. However, as per CME FedWatch Tool, the probability of a 25 bps rate hike is 99%.
Also Read: Binance Reportedly Eliminates DCG’s TWAP Trades Citing Legal Risks
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
