Bitcoin
BTC
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The bitcoin price has added 8% since yesterday, leading an ethereum, BNB
BNB
XRP
Now, a former Goldman Sachs and Morgan Stanley
MS
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The bitcoin price has leaped higher this week, boosting the price of ethereum, BNB, XRP, cardano, … [+]
“Bitcoin is breaking out from a long basing formation. There is a saying, the bigger the base, the higher into space,” William Noble, now director of research at Emerging Assets Group, told Coindesk. “Bitcoin may move from consolidation to another parabolic move back to $56,000.”
The bitcoin price has crashed over the last year, dropping from a peak of almost $70,000 per bitcoin in late 2021 to lows of $15,000 in December last year as the Federal Reserve ramps up interest rates.
The collapse of bitcoin and crypto companies last year, culminating in the shock implosion of major exchange FTX, has meanwhile sapped bitcoin and crypto sentiment while putting the industry in regulatory crosshairs.
This year, analysts’ predictions that the Fed may dial back its interest rate hikes this year in order to stave off a recession have helped fuel a bitcoin price rally that’s caused some smaller cryptocurrencies to make outsized gains.
“2023 could be a surprisingly good year for both crypto and equities,” Noble added.
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The bitcoin price has surged back over the last few months, triggering a wave of bullish price … [+]
However, data this week showing inflation has failed to come down as fast as expected could mean a bitcoin and crypto price bull run is “postponed.”
“Everyone is hoping that the crypto spring is here,” bitcoin and crypto trader Thomas Kralow said in emailed comments. “However, with the fresh consumer price index (CPI) reading, we can rest assured that the bull market is likely to be postponed.”
This week, the latest U.S. CPI reading showed prices rose at a rate of 6.4% in January compared with a year earlier, a smaller decline than expected.
“2023 will be volatile, while 2024 can potentially be the start of the next bull market,” said Kralow, pointing to “global adoption, institutional participation, and the store of value reaffirmation narrative” as the driver of a future bitcoin and ethereum price rally.