Is Bitcoin (BTC) price heading towards $46,000 after this massive breakout?

[ad_1]

On Tuesday, several cryptocurrencies including Bitcoin (BTC) were trading higher with gains as the crypto market continued to rise. The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose almost 40% to cross the $23,000 level in January, indicating a substantial increase in the asset. This is the highest gain for Bitcoin since October 2021.

Bitcoin (BTC) price surge

The recent price surge has caused many leading analysts to focus on higher values, which were last seen in the middle of 2022. However, they are also forecasting further gains based on asset sentiment to traditional risk that sometimes act as a catalyst for the price of Bitcoin. According to crypto research conducted by Game of Trades, BTC is heading for a major breakout on its 1-year chart, with the likely prospect of hitting $46,100 sooner than initially expected. This would come after the first break of the resistance levels located at $25,000 and $32,000.

A price is considered to be at a resistance level when there is a reasonable expectation that the supply will be strong enough to prevent further price increases.

The rebound is strong given that it overcame significant resistance levels despite continued concerns over the effects of the collapse of crypto exchange FTX. And while a rally towards $25,000 is possible, it may hinge on traditional risk assets, which are led by blue-chip tech companies. Market experts say these traditional risk assets have regained a foothold in the past two trading days, fears of a recession have eased while the Federal Reserve is expected to be less hawkish. The government body is expected to raise interest rates on Feb. 1 by just 25 basis points, according to speculators.

Read more: Check out the best crypto telegram channels of 2023

BTC bullish sentiment intact

According to a report published earlier on CoinGape, other analysts expressed the same opinion on the price of Bitcoin (BTC). One such analyst is renowned cryptocurrency analyst Michael van de Poppe, who predicts that the price of the flagship digital asset could hit $35,000 in the coming months.

According to data obtained at the time of writing, the overall cryptocurrency market grew by 0.56%, bringing its value to $1.05 trillion. Moreover, the total volume of trades executed increased by 5.85%, reaching almost $56.55 billion. As it stands, the price of Bitcoin (BTC) is currently trading at $22,959. This represents an increase of 0.20% on the day, compared to an 8% gain on the week according to crypto market tracker CoinGape.

Also Read: Coinbase Reveals 3 New Tokens That Will Be Listed Soon

Pratik has been a crypto evangelist since 2016 and has covered almost everything crypto has to offer. Whether it’s the ICO boom, the bear markets of 2018, the Bitcoin halving so far – he’s seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

[ad_2]