Legendary Trader Peter Brandt Predicts Next Move As Bitcoin Price Hits $23.5K

Legendary Trader Peter Brandt Predicts Next Move As Bitcoin Price Hits $23.5K

Bitcoin price hits $23.5K today, after moving sideways near the $23K level for the last 9 days. However, the BTC price fails to hold the level and fell back to $23.3K. Legendary trader Peter Brandt has shared his prediction on Bitcoin price for a few days as Bitcoin enters a crucial week with the Fed rate hike decision and tech giants’ quarterly earnings.

Bitcoin Price Retouches $23.5K

Peter Brandt, a top trader and analyst, in a tweet on January 29 shared his Bitcoin analysis for the week. The upcoming week is crucial as the U.S. Federal Reserve announces its rate hike decision that is likely to drive the markets in the next few months. Moreover, tech giants such as Apple, Amazon, and Google report their quarterly results.

Peter Brandt expects a fall in Bitcoin price as it fails to break the strong resistance and continues to move sideways. The Bitcoin price saw a 40% rally in January and looks weak ahead of the Fed rate hike decision. Traders await a pullback in BTC price to buy at low levels.

However, he remains optimistic about a Bitcoin price rally to $65K in mid-2023. As per Brandt, the BTC price will hit $25K and witness a correction to $19K. Thereafter, a rally to at least $65K can be witnessed. However, he also believes that it’s difficult to predict prices in the current market conditions.

Crypto analysts 

Also Read: Janet Yellen, Elon Musk Warns Severe Recession, Will Crypto Crash Again?

Fed Rate Hike Remains Primary Factor Impacting Bitcoin Move

While traders speculate whether the U.S. Federal Reserve will go with a 25 bps rate hike or another 50 bps rate hike, recent jobs and inflation data points to a lower rate hike. The CME FedWatch Tool indicates a 98.4% probability of a 25 bps rate hike.

The U.S. Dollar Index (DXY) also moves sideways under 102. The DXY is likely to remain volatile ahead of the Fed rate hike decision and a rise will cause the Bitcoin price to fall.

Bitcoin price is currently trading at $23,406, up 2% in the last 24 hours. The 24-hour low and high are $22,908 and $23,463, respectively.

Also Read: Binance Burns Over 16 Million BNB Tokens, Price Jumps

The post Legendary Trader Peter Brandt Predicts Next Move As Bitcoin Price Hits $23.5K appeared first on CoinGape.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Finixio Crypto: From Online Marketing to Cryptocurrency Scams?

Cryptocurrency scams have been a constant threat to the industry since its inception. These scams not only drain funds from unsuspecting investors but also contribute to the negative perception of cryptocurrency as a whole. One such company that has been experimenting with online users’ psychology is Finixio crypto. In this article, we will delve into

Binance CFTC Lawsuit Has Enough To Affect Major Crypto Downtrend?

Crypto News: The Commodities Futures Trading Commission (CFTC) lawsuit against crypto exchange Binance changed the narrative in the market, but it remains to be seen if the move still has enough legs to affect a major downtrend in cryptocurrency prices. Although the news of the lawsuit led to significant drop in Bitcoin price, it continues

Miners Dumping Bitcoin To Crypto Exchanges, BTC Price Reversal Below $25K Likely

Bitcoin price fell from $28K to $26.5K after the US CFTC sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for violating U.S. crypto trading and derivatives regulations. The crypto market considers this move as a continued regulatory crackdown against crypto. With the crypto market already facing liquidity issues, action against Binance will further

XRP Lawyer: After CFTC, SEC Could Sue Binance Over Securities Offerings

Crypto News: The Commodity Futures Trading Commission’s (CFTC) lawsuit on crypto exchange Binance made waves in the market. But the CFTC’s views on crypto classification is becoming a much bigger debate as US regulators continue enforcement actions on crypto businesses. Meanwhile, the crypto market is perceiving this as a fight between the two regulatory agencies,