Will Bitcoin (BTC) Surge Above $25K By January End? Here’s What Analysts Are Saying
The post Will Bitcoin (BTC) Surge Above $25K By January End? Here’s What Analysts Are Saying appeared first on Coinpedia Fintech News
After scaling slightly above $19,000 in the past 24 hours, the price of Bitcoin stabilized around $18,870 on Friday. With historical crypto volatility often recorded during weekends, attention is focused on whether Bitcoin will reach $22,000.
Notably, Bitcoin lost the $18,000 support level in early November 2022 following the collapse of major cryptocurrency exchanges FTX and Alameda Research. The daily close in the next week will be crucial in determining the asset’s bottom for the 2022 bear market.
Additionally, analysts led by veteran trader Peter Brandt believe that the Bitcoin market is on the verge of completing the bear market and entering a year-long consolidation period before retesting its all-time high of 2021.
“Bitcoin has been very predictable with multiple x advances followed by 80% declines and multi-quarter consolidations prior to new ATHs and then multiple X advances. I do not expect Bitcoin to run away to the upside, but rather work higher toward late 2023/ early to mid-2024 when the ATHs are retested,†noted.
Bitcoin to the Moon
As the mother coin, Bitcoin’s dominance has remained significantly high during the 2022 bear market. In the past 24 hours, Bitcoin’s dominance has risen to 40.2%, with a market capitalization of approximately $363,130,843,884 and a trading volume of about $43,151,331,960. Ethereum (ETH) closely follows with a market dominance of approximately 19%.
According to Rekt Capital, if Bitcoin’s dominance continues to rise in the coming week, $20,000 will be very likely. Additionally, many traders anticipate a possible pullback and are scalping for short-term gains.
The release of the United States Consumer Price Index (CPI) earlier this week indicated a weakening dollar in global purchasing power. However, the CPI data also gave the Bitcoin market confidence to trend against inflation.
The Bitcoin market received a significant boost after South Korea’s leading tech company Samsung, through Samsung Asset Management, unveiled the Samsung Bitcoin Futures Active ETF, dubbed the Sub-Fund, which is a subsidiary of the Samsung ETFs Trust III, and listed on the Chicago Mercantile Exchange (CME).
The altcoin market is expected to follow suit as FOMO traders speculate on the next rallying asset. This is evident with Aptos (APT), which has rallied over 28% in the past 24 hours, trading around $6.69 on Friday. However, there are also market losers, such as Solana’s BONK, which has lost 67% of its value in the last seven days, trading around $0.000000909152 on Friday.
