The price of Bitcoin has reached the 23,000 euro mark several times in the last seven days. But he could not stay at this level. As usual, opinions on the future of the front tire differ greatly. In this article we want to answer the question in which direction it could move in the future.
The price of BTC was well below a positive level at the turn of the year. He closed the year 2022 with a value of 15,450 euros. However, in mid-January it started to rise. It reached important support levels within a very short time and seemed unstoppable.
At the beginning of February then it changed between 21,000 and 21,700 euros. However, after a temporary drop due to the FED announcement, the price came back and rose above 23,000 euros several times.
Today, however, it’s back at $25,000 after dropping two percentage points. Within the last 24 hours, there was also a decrease of almost three percent in the trading volume. It currently looks like the first bull run of 2023 is over.
This was probably because there was stabilization in terms of the economy. The Fed announced back in November that it would not be raising interest rates that quickly. This gave a cautious sense of security at first.
Inflation rates also appeared to have improved in the short term. In the United States of America, this value is falling from September 2022.
Thus, by 2023, a reversal occurred that many investors and traders believed was the end of the bear market. Now the bitcoin seems to fail at the 23,000 euro mark.
The price could continue to rise – but opinions differ
The past, but especially the last year, has shown that the crypto market is dependent on the state of the economy. Like the stock market, prices fell with rising inflation rates.
Due to the recent developments, some analysts and financial experts have assumed that the crypto market is not going to last and that the end is near. But not everyone is of this opinion.
Apple co-founder Steve Wozniak says, “#Bitcoin which is safe. It is stable. It is conservative. It is the big one. It’s going to be around…and I think it’s going to $100,000″ pic.twitter.com/7lpNM36fbn
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 23, 2023
Analyst Kennan Mell claims that although bitcoin is a new financial asset, it is not dependent on the economy. He firmly believes that BTC will continue to rise in the future. Despite uncertainties in the stock and financial markets, it can be considered safe.
He wrote about it in an article on Monday. It states, among other things:
“Higher-than-expected inflation would probably be bad for the economy and the stock market, although there are signs that inflation is cooling. The impact of inflation on bitcoin is more difficult to understand because bitcoin is a new and volatile asset class that does not fit traditional valuation models. I still hold bitcoin and I don’t expect CPI to be the most important factor in its long-term price appreciation.”
It therefore assumes that Bitcoin should be valued completely independent of previously known asset classes or currencies. So far, he sees no evidence that data such as the main interest rate or inflation rates are affecting the base.
Prime interest rate and inflation rates – how much do small investors affect BTC price?
However, other analysts and crypto watchers are convinced that the market is adjusting to the economy. In the past, prices reacted quickly to published data on the inflation rate and the main interest rate.
This picture probably arises because many investors and traders fear another fall. Before they lose money, they sell their holdings. So the price keeps going down.
At the same time, with such a question, you have to consider that small investors can also do a lot in the course of BTC. For many private individuals, Bitcoin is an investment product. You invest with it in the future and secure long-term profits.
Now that inflation rates have risen so much everywhere, it’s probably a concern for many people. Due to the huge increase in inflation rates, the cost of living has increased significantly. A large part of the people went to their savings and therefore also to investments like Bitcoin.
Therefore the views on the status within the economy are very different. However, recent price developments could be proof that BTC is somehow dependent on the economy and people’s purchasing power.
The inflation rate in the US is falling. Most investors probably wanted the decline to continue. Accordingly, it is now possible to be careful in matters. Trader support currently seems insufficient to break that important $25,000 mark.
BTC Price Forecast – That’s what other experts say
Given the history of the course and recent developments, Businessinsider.de assumes that Bitcoin could rise as high as USD 179,000 this year. Here, the experts do not expect it to go below the level of USD 128,000.
Blockchainwelt.de is currently talking about quitting. The analysts calculate a future value of around USD 24,000 for the Bitcoin. They don’t expect him to surpass that mark this year. They also highlight the dependence of the FED, the main interest rate and the inflation rates.
So, assuming that it will take a few more months to stabilize the economy, it is possible that bitcoin will now start to bottom and then slowly rise. If this were to happen, however, altcoins and young projects could finally boom. CCHG signal included.
CCHG – Special green pre-sale token
In any case, the pre-sale of the CCGH token could benefit from a stable crypto market. This is currently in its fourth phase. With the C+ Charge project, a company will soon be created that wants to connect charging stations for electric cars with cryptocurrencies. Drivers should be rewarded for using these devices with CO2 emissions, among other things. These should be paid to the CCHG base. They are currently available at a pre-sale price of 0.017 USDT.