Bitcoin price is still trading sideways as traders await U.S. Federal Reserve Chair Jerome Powell’s testimony before the U.S. Senate Banking Committee today and the U.S. House Financial Services Committee on Wednesday.
BTC price is currently trading near $22,400, testing a high of $22,584 in the last 24 hours. While the crypto market sentiment remains neutral, investors are likely to remain cautious due to several major events this month.
In fact, the week itself is quite occupied with several macro events such as China CPI inflation data, the Bank of Japan rate hike decision, and U.S. jobs data for February.
Bitcoin Price To Hit ATH in 2023?
Popular crypto analyst Credible Crypto predicts Bitcoin price can see another ATH in 2023, rather than after 2023. He believes Bitcoin to face some final hurdles in the next few weeks before a massive rally starts.
“People struggle to see such aggressive rises but it’s literally the norm in crypto. Has happened twice in this cycle already but still most view it happening again as an impossibility.”
The FTX crisis still haunts crypto investors, but 73% of all bitcoins are in the hands of expert holders and institutional investors. The market is slowly recovering from the crypto winter, with the most damage already done. This will make Bitcoin rally faster than most expect as institutional investors and whales will buy huge quantities to push prices above the current ATH of 68,789.
Felix Zulauf of hedge fund Zulauf Consulting and BitMEX founder Arthur Hayes said Bitcoin price to witness a massive bullish rally in mid-2023, possibly in April-May. Hayes also asserts Bitcoin will hit $100K in late 2023.
CoinGape earlier reported that Bitcoin is already in the early bull market cycle. Several on-chain metrics such as MVRV Ratio, Supply in Loss (%), SOPR Ratio, Net Unrealized Profit and Loss (NUPL), and Puell Multiple confirms a Bitcoin bottom.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.