The cryptocurrency market has been surging this week, with Bitcoin reaching heights unimaginable just a year ago. According to CoinGecko, the king of cryptocurrencies is up 14% in the past seven days and is now trading around the $23,000 mark, having broken through the $22,000 and $23,000 resistances that had been holding it back.
It’s no surprise that investor sentiment about cryptocurrencies has changed drastically in the last twelve months, with both Bitcoin and Ethereum soaring, along with the other major altcoins. The entire crypto market has seen a massive resurgence across the board.
According to Bloomberg, the market capitalization for the entire crypto space is now back up to $1.05 trillion, according to CoinMarketCap.
The End of Crypto Winter?
Twitter has been abuzz with bullish sentiment since Bitcoin broke through its barrier. Analysts believe that breaking the $23k wall is a sign of the bull market that began in December. Some are even predicting that Bitcoin could reach $100,000 in the long-term.
It’s finally happening. We could soon see a stunning $30K candle. Wow.
Don’t get too optimistic though, today might not be the day it happens.
Be cautious, people. pic.twitter.com/22UMHUNBCv
—KALEO (@CryptoKaleo) January 20, 2023
Just a few hours earlier the NASDAQ was launched, and the market surged by almost 3% thanks to tech stocks. Bitcoin has a strong correlation with the traditional financial sector, so it’s likely that other cryptocurrencies will follow suit as major indices such as the NASDAQ keep going up.
The overall economic outlook is looking positive, with a soft landing in sight. This will create optimism in both stock and crypto markets, as evidenced by the December Consumer Price Index (CPI).
Image: Crypto News
What Lies Ahead for the Alpha Coin?
Analysts believe that the short-term price movement of Bitcoin will slow down slightly, with the next target being $30,000 within the next few weeks or months. At the time of writing, Bulls should try to maintain the current support at $22,661, which Bears might try to retest in the near future. The uptrend was resisted by $23,328.
