Bitcoin’s price shot up more than 8% (15) on Wednesday afternoon, crossing the $24,000 mark for the first time in two weeks. In Brazil, the digital currency is up 8.5% in the last 24 hours and is trading at R$125,555.00.
In recent days, bitcoin has fallen below $21,600 after reaching $23,000, due to growing investor fears regarding the regulation of cryptocurrency, especially stablecoins, and about future measures by the US central bank to curb inflation in the US. to keep under control.
However, those concerns seem to have quickly dissipated as bitcoin broke out of the $21,000 range to $24,100 before pulling back slightly.
Bitcoin on the rise
Bitcoin’s rise began after the release of US consumer price index (CPI) data. The cryptocurrency market is sensitive to macroeconomic indicators such as the CPI, and any unexpected outcome could have a substantial impact.
The US CPI was recently released and pointed to a 0.9% rise in consumer prices in June, much better than analysts’ forecasts.
While some traders expected a further decline, bitcoin is showing a surprising level of resilience.
Equities also rose, moving from light red to short green amid market volatility as investors digest inflation data.
Cryptocurrency-related stocks saw significant gains, with cryptocurrency exchange Coinbase (COIN) and bitcoin miner Marathon Digital Holdings (MARA) both seeing gains of up to 15%.
Software company MicroStrategy (MSTR), one of bitcoin’s top holders, is up more than 9%.
US CPI data just came out🚨
Inflation is at 6.4% and has been falling for 7 straight months now!
The FED will probably make the last rate hike in March and announce a pause – this will be huge for stock markets and crypto.
Buy the dip for 20k &
HODL your bags 😎 pic.twitter.com/LEkV4C8Jlk— Trismegistus (@Trismegistus963) February 14, 2023
new rally
Bitcoin is gearing up for another rally, according to Jason Pizzino, a popular cryptocurrency strategist who has stated that the largest cryptocurrency by market cap could fall in the near term, but believes it could see a sharp rise in the near future. can cause . .
Bitcoin is still bullish, according to Pizzino, but he has listed the key levels to look for in terms of dips, including $20,700, $19,800 and $18,600.
“In terms of my own take on the data I’ve extrapolated here and how I interpret it, this is the start of a rally. We can be optimistic in the long term, but also pessimistic in the short term, which is exactly what is happening now.”Pizzano said.
Although Bitcoin has been falling for the past few weeks, there are many optimistic predictions about the future of the digital currency after a short period of price correction.
Click down finished
Speaking of Bitcoin’s recent move, CEO of cryptocurrency hedge fund Pantera Capital, Dan Morehead, is predicting a new bullish era for the market. According to him, in November last year, the bearish cycle that the market was going through came to an end and the price of Bitcoin will start to rise non-stop.
Noting that January 2023 was the best January for Bitcoin in a decade, Morehead stated that confidence in the cryptocurrency industry is being restored.
He thinks companies that comply with the law will be rewarded this year and that many “unscrupulous players” who crossed the line in 2022 due to a lack of clear regulation will be left behind.
The Pantera Capital team expects large-scale Bitcoin growth in early 2024. Morehead stressed that investors should be prepared for market volatility, but stated that the era of “bears” is over and a new trend of highs has begun.
The statement from the CEO of Pantera Capital comes after a period of uncertainty in the cryptocurrency market, with significant price drops of several digital currencies.
Now, with Morehead’s statement, many investors can be more optimistic about the future of the market. However, it is important to remember that the cryptocurrency market is highly volatile and investors should always make informed and prudent decisions.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
