The cryptocurrency market is now about to enter 2023. The New Year celebrations are just around the corner investors and crypto market analysts are hoping for a better 2023.
But before the start of 2023, the world’s most expensive cryptocurrency, Bitcoin (BTC), gained momentum as its price increased.
The price of Bitcoin has risen by 5%, resulting from the figures published by the U.S. authorities regarding the upcoming inflation.
The U.S. authorities published the CPI report on Tuesday, which was contradictory to what investors were expecting and shocking.
The report claimed that the Fed will control and slow down the Federal Bank’s interest rate hikes.
As soon as the report became public, it empowered the bulls against the bears; as a result, Bitcoin touched and moved toward the $18000 mark.
BTC, as of now, is once more looking positive and likely to go higher in terms of its prices.
Where Is Bitcoin Heading Next?
Investors are now confused and happy as they debate how much Bitcoin can fly.
Bitcoin (BTC) is the world’s most expensive and prestigious cryptocurrency. Bitcoin is not the largest cryptocurrency by price, but it is also the largest cryptocurrency by choice, trade volume, and market capitalization.
However, the data published by the CPI shows that the current wave of inflation might soon vanish in the future.
The Consumer Price Index (CPI) climbed by 0.1% from the preceding period and 7.1% from the preceding year. This was lower than the anticipated 0.3% and 7.3%, correspondingly.
As inflation plunges, the prices will rise less than expected means that people will now have higher purchasing power, and their investment power will also rise.
Crypto is one of many marketplaces that has been optimistic about the future, but the shares markets across the US also soured following the low inflation rate news.
Most notably, Dow Jones reached the 800 indexes, and S&P 500 rose by 4%.
As Bitcoin (BTC) crossed the $17000 mark, the chances are very high that the world’s most expensive cryptocurrency will go high.
Analysts agree that soon the BTC will go higher and reach the $19000 mark. The possibility of a relatively lower price hike at 25BPS will soon send the BTC above $20,000.
BTC Price Might Go 60%+ High In Future
Exorde Index is a tool that accurately predicts Bitcoin and a few other top-ranked cryptocurrencies.
According to the EX Index, Bitcoin price will rise 60%+ in the future. The Exorde Index collects data from different online sources and analyzes the data to provide pinpoint results. Basically, Exorde is a decentralized platform that analyzes the data.
The decentralized platform predicts price, measures the investor’s sentiment, and measures web trends.
The internet-based platform not just points at the exact Bitcoin prices of the future. But it also provides valuable insights about the other cryptocurrencies.
The price index tool of Exorde is very helpful for investors and will help investors continue monitoring the future price of Bitcoin.
As the world’s most expensive and biggest cryptocurrency by market cap, BTC is on the rise. It has reduced the selling pressure. Moreover, the buying trend will continue to dominate the market for at least a few days.
BTC bulls are currently strong and, on the rise, so now is the best time for investors to invest in Bitcoin as the token is expected to surpass the $20k mark.
Bitcoin is also strong on the technical side; both MACD and RSI are now in the green zone showing positive movement. This positive movement shows the future rise and strong market hold.
The next major resistance level for Bitcoin is around $1900; if the crypto token surpasses this resistance level within the next few days, the cryptocurrency will rapidly jump over the $20,000 mark.
This technical side of the Bitcoin price performance is the indicator that investors can earn lucrative profits this week; 2023 seems too far away.
