Bitcoin closed the day close to where it began on Tuesday, hovering at $22,870 at the time of writing. This hasn’t affected the excitement around the token as investors are more curious than ever as to where Bitcoin might head from here, in part affected by the anticipated GDP figures. Read ahead as we provide an estimation.
Bitcoin’s Price Likely to be Affected by GDP figures, Price Performance So Far
Bitcoin (BTC) continued to consolidate its recent gains on January 24th as markets prepared for a big week of U.S. economic data. Specifically, Gross Domestic Product (GDP) figures for Q4 2022 are set to be released on Thursday, followed by consumer sentiment data the day after. Despite this, BTC/USD remained above $23,000 for most of the session, hitting a high of $23,134. However, it is important to note that a short-term retracement could occur before the continuation of the bull trend.
Bitcoin has been on an upward trend since November 21st when it fell to a new yearly low of $15,476. After creating a higher low, Bitcoin accelerated its rate of increase on December 30th. On January 13th, the price broke out from a long-term declining resistance line in place for nearly six months, which was a strong sign that the correction had ended. Additionally, the fact that the breakout was combined with a Relative Strength Index (RSI) movement above 70 further legitimized the increase.
After the breakout, the BTC price moved above the $21,000 area and validated it as support. If the increase continues, the next closest resistance area would be at $24,500. A breakout above it could take the Bitcoin price toward $30,000. On the other hand, a rejection could lead to a drop toward the $21,000 area once more.
It is worth mentioning that the release of GDP figures for Q4 2022, which will be released on Thursday, could have an impact on the price of Bitcoin. However, it is hard to predict its exact effect as the market reactions can be highly volatile and depend on multiple factors.
In conclusion, while there are signs of a long-term bullish reversal in the Bitcoin market, traders should pay attention to the upcoming GDP figures as well as other economic data as it may have an effect on the price of Bitcoin. As always, it is important for traders to closely monitor the market and make informed decisions based on the available data.
Bitcoin Expected To Perform Accordingly As Multiple Factors Play a Hand
Considering the current market trends for Bitcoin (BTC), its price is likely in the midst of wave three of a five-wave upward movement. This wave has extended to reach a length of 2.61 times that of wave one, which is a common occurrence in this phase of the movement.
It is likely that the BTC price will experience a dip towards the 0.382 Fib support level at $20,740 or the 0.5 level at $19,900, before climbing back up again. However, it’s worth noting that a more accurate prediction can only be made once wave four is completed.
The 3.61-4.21 extension region, which ranges between $26,075 and $27,840, is considered a suitable top for the price. However, if the price drops below the wave one high at $18,410, it would invalidate the bullish outlook and send the Bitcoin price plummeting towards $16,000.
The most probable prediction for the Bitcoin price in February is a drop towards $20,740 before an increase to $26,000. But, if the price drops below $18,400, it would indicate a bearish trend and a re-test of $16,000.
Although the current trend of Bitcoin is bullish, on a longer time scale it is encountering resistance at the $35,000 level. It is important to keep in mind that this level has previously acted as a formidable resistance for BTC and it may take some time for the price to break above it.
The volume balance is also indicating a bullish trend over the long run, which is a positive sign. Additionally, the RSI has been above 70, indicating strong positive momentum in the long term. However, when looking at the short and medium-term analysis, a high RSI can also signify overbought conditions, which could lead to a potential correction.
Overall, BTC is viewed as technically positive in the long term, with the key level to watch being $35,000. Based on the current market conditions, there are several potential scenarios that could play out.
While these factors provide insight into BTC’s possible future, it’s important to note that market conditions are highly dynamic and investors should always keep an eye on the market trends and invest accordingly.
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Is Bitcoin The Best Cryptocurrency to Invest in Right Now?
Bitcoin has been the go-to token of investment for novice investors, however, it’s not 2013 and there aren’t any limitations to alternatives. We’ve put together a list of some of the best crypto projects to invest in right now, not necessarily similar to Bitcoin, but quite “innovative” for the current market scenario.
To start with, let’s take a look at Meta Masters Guild. The presale for MMG, a player-to-earn gaming platform, has exceeded expectations by raising $1.26 million in just two weeks. This has led to the second stage of the presale selling out, causing the sale price for its native token MEMAG to rise from $0.010 to $0.013.
With another price increase scheduled in two weeks, early investors may want to act quickly to secure the steepest discount on what could be one of the most successful tokens of 2023. The presale has seven stages in total, with the final stage having a price of $0.023 for 1 MEMAG token, meaning investors who buy now at $0.013 will have made a 77% profit before the token lists on exchanges.
Next on the list is the FightOut platform’s native token, FGHT, which has raised over $3.3 million in its presale stage. The presale is nearing its next stage and price increase, making it an ideal time for investors to buy in. The platform offers a personalized fitness experience, with video lessons and rewards for progress. It also allows users to personalize their avatars and purchase accessories in the Fight Out store. Experts predict the value of FGHT will increase by at least 10 times in the coming months, making it a profitable investment for improving both physical health and financial situation.
To close it all off, Calvaria, an NFT-based P2E crypto card game that focuses on unique underworld monsters, has raised over $2.96 million in its presale stage and is generating a lot of hype among investors. The game features a unique storyline and advanced gameplay features and the developers have created both P2E and F2P versions to attract new players.
The price per RIA token has risen 225% during the presale and centralized exchanges such as BKex, LBank, and Changelly Pro have confirmed they will list RIA, which is expected to cause a surge in value. A $100,000 giveaway is also planned for the final rollout, with details available on the Calvaria website.
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