Bitcoin and other cryptocurrencies fell on Monday, after the crypto asset hit its highest level since August over the weekend. Many analysts are predicting that the bull market in BTC price has started now. The price of Bitcoin fell less than 1 percent in the last 24 hours to $ 22,750, after the largest digital currency reached $ 23,000 at the end of the week for the first time in five months.
This chart shows the beginning of the Bitcoin Bull Market, Crypto Analyst and the recent bull market.
With prices rising more than 30 percent in less than two weeks, Bitcoin has emerged from a nearly two-year low that followed the November crash of the FTX exchange, delivering the latest shock to crypto market. The rise of Bitcoin comes with similar gains in the stock market, with the Dow Jones Industrial Average and the S&P 500 rising as investors grow more and more risk-averse in the asset.
A large number of high rates and interest rate increases have strengthened the relationship between crypto assets and equities over the past year, and recent signs that inflation is slowing at the Federal Reserve will further reduce the financial policy supported by both asset classes. Naeem Aslam, an analyst at AvaTrade, said, “Bitcoin has a very positive relationship with risk factors and has risen as an equity market posting more gains,” said Naeem Aslam, an analyst at AvaTrade, according to Market Watch said recently.
“The big question is whether it continues to sell high as cracks start to appear in risky assemblies. Traders may exit positions in favor of riskier assets this week. However, statements from Fed officials indicate that the US Federal Reserve appears to be in no hurry to end its ultra-hawkish monetary policy,” Aslam said. However, when Bitcoin’s significant rally, some markets expect more profit.
The FTX fiasco and the ensuing financial crisis seem like real problems for crypto, but much of the pessimism seems to be over. The price above the FTX level has raised the level of optimism in the BTC price forecast among bets on the wild animal market that holds the opportunity for a year that may come to an end.”Bitcoin has started a new bull market and continues to US $ 24,800, while the psychologically important 200-week moving average and the 161.8% Fibonacci level of strength from the December lows are focused,” said FxPro brokerage analyst Alex Kuptsikevich, refers. technical analysis level of the market that will show the strength of crypto assets. ”
From a technical point of view, Bitcoin’s behavior generally indicates a strong uptrend, and it seems that the price is targeting the August high of US $25,200,” the analyst said. .”However, Bitcoin’s Relative Strength Index (RSI) has turned from a high price swing and started to decline, which is not good for the current price trend,” Hasegawa added. . Hasegawa continued, Bitcoin may test the high level of August and support it at the level of US$ 20,000 to US$ 21,000, but with the RSI divergence and major technical gains coming this week, Bitcoin may change change. .
Many customers are especially eyeing the $30,000 value of Bitcoin, which will represent a price level seen since the beginning of the cryptocurrency crisis last June, when many lenders went for bankruptcy amid the turmoil in the market. Although the BTC price forecast may approach $25,000 in the short term, according to Kuptsikevich and Hasegawa, the $30,000 level may take a long time to reach.”The market may need a long recovery and support before a new wave begins,” Kuptsikevich said. Excluding Bitcoin, the second largest crypto, Ether rose less than 1% to $1,630.
Small cryptos or altcoins are different, with Cardano 1% lower and Polygon 1% higher. Memecoin was mixed, with Dogecoin up 4% and Shiba Inu at the bottom.
According to data from Coinmarketcap, on Tuesday morning, the crypto with the largest market capitalization, Bitcoin (BTC) strengthened by 1.92% in the last 24 hours and 8.64% for the week. Currently, the price of bitcoin is at the level of US $ 22,995 per coin. The price of Ethereum (ETH) strengthened again. ETH is up 0.54% over the past day and 3.24% over the week. In this way, ETH crypto is currently at the level of IDR 24.52 million coins.