Legendary Trader Peter Brandt Predicts Next Move As Bitcoin Price Hits $23.5K
Bitcoin price hits $23.5K today, after moving sideways near the $23K level for the last 9 days. However, the BTC price fails to hold the level and fell back to $23.3K. Legendary trader Peter Brandt has shared his prediction on Bitcoin price for a few days as Bitcoin enters a crucial week with the Fed rate hike decision and tech giants’ quarterly earnings.
Bitcoin Price Retouches $23.5K
Peter Brandt, a top trader and analyst, in a tweet on January 29 shared his Bitcoin analysis for the week. The upcoming week is crucial as the U.S. Federal Reserve announces its rate hike decision that is likely to drive the markets in the next few months. Moreover, tech giants such as Apple, Amazon, and Google report their quarterly results.
Peter Brandt expects a fall in Bitcoin price as it fails to break the strong resistance and continues to move sideways. The Bitcoin price saw a 40% rally in January and looks weak ahead of the Fed rate hike decision. Traders await a pullback in BTC price to buy at low levels.
However, he remains optimistic about a Bitcoin price rally to $65K in mid-2023. As per Brandt, the BTC price will hit $25K and witness a correction to $19K. Thereafter, a rally to at least $65K can be witnessed. However, he also believes that it’s difficult to predict prices in the current market conditions.
Crypto analysts Michael van de Poppe and Credible Crypto have also suggested a pullback in Bitcoin price before a massive rally above $25K.
Also Read: Janet Yellen, Elon Musk Warns Severe Recession, Will Crypto Crash Again?
Fed Rate Hike Remains Primary Factor Impacting Bitcoin Move
While traders speculate whether the U.S. Federal Reserve will go with a 25 bps rate hike or another 50 bps rate hike, recent jobs and inflation data points to a lower rate hike. The CME FedWatch Tool indicates a 98.4% probability of a 25 bps rate hike.
The U.S. Dollar Index (DXY) also moves sideways under 102. The DXY is likely to remain volatile ahead of the Fed rate hike decision and a rise will cause the Bitcoin price to fall.
Bitcoin price is currently trading at $23,406, up 2% in the last 24 hours. The 24-hour low and high are $22,908 and $23,463, respectively.
Also Read: Binance Burns Over 16 Million BNB Tokens, Price Jumps
- CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
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.
