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BTC Price Prediction – Has the Crypto Spring Finally Arrived?

01/18/2023
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The cryptocurrency market continued to rally on Monday, with BTC reaching a high of just over $20,000 per coin. The crypto asset hasn’t been priced this high since early November 2022 before the second largest crypto exchange, FTX, announced a liquidity crisis.

However, as Bitcoin continues to notch price gains and break milestones, investors wonder whether the downturn could be over.

BTC Price Action

At press time, the most valuable cryptocurrency’s price chart has flipped bullish and has seen a 24-hour rally of 1.78% to the $21,104 price peg, continuing bitcoin’s impressive streak of gains over the past few days. The total crypto market is up by 2.15% in the same period, showing that coin prices are doing quite well across the board.

BTCUSD_2023-01-16_09-08-05

With Bitcoin’s strong performance, the asset’s technicals have been doing quite well. Its recent surge has brought its price above most of its moving average (MA) indicators. However, the asset is still working on crossing the short-term indicators, especially the 10-day MA of $21,110.

A positive moving average convergence divergence (MACD) shows Bitcoin flashing a buy signal. The asset’s relative strength index (RSI) is still steady at 46.27 – a sign that it is not overbought.

Improved Market Sentiment Boosts Bitcoin

As expected, the surge in Bitcoin’s price is coming on the heels of the improved market sentiment from the broader economy. The U.S. government reported significantly better Consumer Price Index (CPI) numbers last week, with inflation for December dropping by 0.1%. The numbers brought total inflation in the United States down to 6.5% – much better than the 7.1% recorded in November.

The White House has trumpeted this win, and so has Wall Street. Following the release of the CPI, assets edged higher, with investors especially relieved that the Federal Reserve’s monetary policies have begun to yield results.

Investors are also excited about the Fed cutting interest rates going forward. The agency has signaled that interest rate cuts are indeed on the table, although it has also claimed that it would only take actions that align with its objective of keeping inflation low.

Whatever it is, the market now looks forward to the Federal Open Market Committee (FOMC) meeting at the end of the month. For the time being, investors are thrilled with Bitcoin leaving the “Fear” region of the Fear & Greed Index for the first time in nine months.

Presales Are a Great Option

As BTC continues to struggle, crypto investors can consider high-performing new presales, and some of the most promising presales in the market at the moment include:

Meta Masters Guild (MEMAG)

MEMAG is one of the market’s newest coins that is quickly gaining traction. The digital asset was created by the Meta Masters Guild, a Web3 gaming collective aiming to create a gaming universe. Each game within the MMG will operate independently but will all be linked by MEMAG, which will serve as their native token.

The MMG already has one game set for launch and two in the pipeline. As more games get added to the collective and players grow, MEMAG’s utility continues to surge, bolstering its price.

The crypto asset is now available on presale, with its first-stage price being set at $0.007. MEMAG’s presale has already raised over $273,000, with only four days until the second stage begins.

Fight Out (FGHT)

For fitness and health enthusiasts, FGHT is one digital asset to look out for. FGHT is the native token for Fight Out – a blockchain-based fitness platform that incentivizes users to be more active and chase their fitness objectives.

In Fight Out, players can choose their fitness goals and the areas of their bodies on which they want to focus. The platform then assists players in developing regimens to target these areas, as well as a system for tracking user progress.

The native FGHT token is available on presale, with each token selling for just $0.0166. It has thus far raised over $2.95 million, which points to strong investor interest.

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Source: https://insidebitcoins.com/news/btc-price-prediction-has-the-crypto-spring-finally-arrived