Analyst charts Bitcoin’s potential rally to $25K by March
Bitcoin price broke above $21,440 on major cryptocurrency exchanges for the first time since the FTX implosion.
Much of the buying pressure was retail driven as crypto mirrored stock markets’ Friday surge.
Veteran trader and markets analyst Peter Brandt has shared his prediction for Bitcoin price in 2023.
Cryptocurrencies roared into the weekend as Bitcoin price spiked to highs above $21,000 for the first time since FTX’s debacle began to unfold in November.
Data from CoinGecko shows that the benchmark crypto hit prices near $21,450 on major crypto exchanges on Sunday, with major altcoins tracking the leading digital asset. Ethereum broke above $1,500, Solana jumped to trade at highs of $24 and Dogecoin rose as high as $0.088.
It’s notable that the rise in crypto prices followed a tick up for growth stocks and risk assets as the US inflation slowed further in December to suggest a potential pivot from the Federal Reserve.
Bitcoin price rally- analyst points to $25K by March
Bitcoin is up more than 22% in the past seven days, with BTC currently showing resilience above the $20,000 support level.
While on-chain data indicates the weekend buying pressure wasn’t so much as institutional investor-driven, the potential for bitcoin going higher remains if prices consolidate above the psychological level.
According to veteran trader and markets analyst Peter Brandt, BTC’s bullish trend will benefit from a weekly close above $20,800. He shared the prediction in a tweet.
Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
The seasoned trader predicts a run to major resistance at $25,000 by March, with rejection seeing BTC retest the $18,000 level. If bulls hold this level, the analyst forecasts another sharp rally that could end up with Bitcoin price testing resistance levels around the $35,000 mark by July 2023.
Although he warns that no one can predict the markets with certainty, his long term outlook for Bitcoin has the cryptocurrency’s price above $100,000 by 2025.