Bitcoin price is still trading sideways as traders wait for the chairman of the US Federal Reserve Jerome Powell’s testimony before the U.S. Senate Banking Committee today and Wednesday before the U.S. House of Representatives Financial Services Committee.
BTC price is currently trading near $22,400 and testing a high of $22,584 in the last 24 hours. While sentiment in the crypto market remains neutral, investors are likely to remain cautious due to several major events this month.
In fact, the week itself is quite filled with several macroeconomic events, such as China’s CPI inflation data, the Bank of Japan rate hike decision, and the US jobs data for February.
Read also: Major events that will impact BTC price this week
Bitcoin Price to Reach ATH in 2023?
Popular crypto analyst Credible Crypto predicts Bitcoin’s price may see another ATH in 2023, rather than after 2023. He believes Bitcoin will have some final hurdles to overcome in the coming weeks before a massive rally begins.
“People struggle to see such aggressive increases, but it is literally the norm in crypto. Has already happened twice in this cycle, but most still consider it an impossibility.”
The FTX crisis still haunts crypto investors, but 73% of all bitcoins are held by expert holders and institutional investors. The market is slowly recovering from the crypto winter, with most of the damage already done. This will see Bitcoin rally faster than most expect as institutional investors and whales will buy massive amounts to push prices above the current ATH of 68,789.
Felix Zulauf of hedge fund Zulauf Consulting and BitMEX founder Arthur Hayes said Bitcoin price will experience a massive bullish rally in mid-2023, possibly in April-May. Hayes also claims that Bitcoin will hit $100,000 by the end of 2023.
CoinGape previously reported that Bitcoin is already in its early bull market cycle. Several on-chain metrics such as MVRV Ratio, Supply in Loss (%), SOPR Ratio, Net Unrealized Profit and Loss (NUPL), and Puell Multiple confirm a Bitcoin bottom.
Also Read: Why Is Binance’s $MASK Token Price Rising Today?
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.