#BTC #crypto #bitcoin  

The Bitcoin price continues to rise despite the aftermath of the FTX crash. What worries investors is whether Bitcoin will be able to maintain its bullish trend in 2023. The price of Bitcoin has already reached the highs of this year, but opinions are divided on further forecasts: some believe that this growth will not last long, while others believe in better times.

Experts believe that Bitcoin’s price should strengthen, and yet most believe that the current rise in price is nothing more than a short-term rally of the bitcoin bear market.

There are no signs of a price decline yet, but no one is discounting warnings of new lows of $12,000.

The 21-week moving average (MA) is at $18,600, as determined by analyst resource Material Indicators.

If that level holds, there will be long-term growth prospects for Bitcoin.

Source:  TradingView

With the U.S. dollar index at near six-month lows, some analysts believe bitcoin could strengthen at current levels. The U.S. dollar index is at 107.7 today.

Ahead of another rate hike.

On January 18, inflation data will be released. Also this week, Fed rate hike announcements are expected. The FOMC meeting where the decision on rate hike will be announced will take place on February 1.

Strategist Larry Summer said that the Fed’s fight against inflation is about to end, which will be very supportive to risky assets.  

“BTC is benefiting from the quantitative easing hypothesis: one of the big macro teams listened and opened a long position on bitcoin.”

Large whale buying is restoring positive investor sentiment.

Can average bitcoin holders relax a bit this month?

Since Jan. 5, Bitcoin has expanded its position significantly, sparking an increase in supply and demand. From Jan. 5 to Jan. 15, 209,700 BTC were purchased. This was the consequence of the rise in the value of the major cryptocurrency.

Tony Guinea, along with other analysts, believes that the sharply rising price of bitcoin is nothing but a bull trap and the price will drop to 14,000 sooner or later in 2023.

“People are optimistic. You know what’s going to happen next. BTC/ USD will fall to 14,000 at some point in 2023.”

Other experienced crypto players are hoping that this rise in value is the beginning of a bullish rally. In any case, time will tell who was right in the end.