Bitcoin price is below the $23,000 level

The Bitcoin price has risen more than 35% since the beginning of the year. Furthermore, it recently touched the $23k price level, last seen in August 2022. Investors are now curious if the coin will cross this level and continue to rise above it.

Experts Split on Bitcoin Future as Industry Fights Concerns

Bitcoin (BTC) has been seeing a significant rally in 2023, reaching a new high of $23,000 over the weekend, the first time it has reached this level since August 2022. However, despite this bullish trend, analysts Market leaders remain divided on the future of the world’s largest cryptocurrency. Some believe this is a sign of a bull market, while others warn that it could be a trap to catch investors off guard.

Some experts have pointed out that this may only be a temporary rise and is likely what market watchers call a “dead cat bounce” – a brief rise during a bear market, which does not necessarily indicate a change in the downtrend.

For example, in a January 19 blog post, Arthur Hayes, co-founder of cryptocurrency investment firm 100x.VC, explained that Bitcoin’s rise may simply be because it was already at a low base. He discussed different scenarios this could lead to, which don’t necessarily mean a resurgence in the sector. Day traders and other investors have also said that the price increase may be temporary.

Cryptocurrency intraday trader Skew noted on Twitter that the weekend surge was “driven by Asian supply,” while analyst Toni Ghinea tweeted: “the bigger the pump, the harder the fall for BTC”.

Similarly, trader “il Capo Of Crypto” suggests that the current rally is “the biggest bull trap” he has ever seen. On the other hand, other analysts take a more bullish view, with popular cryptocurrency trader PlanB stating that the bear market is over and the bull market has begun.

To be sure, while Bitcoin’s rise may have been a ray of sunshine for the industry, the industry’s concerns are far from over.

On January 20, cryptocurrency brokerage Genesis Global Trading (GGT) filed for bankruptcy, adding to the line of large cryptocurrency firms that have recently gone bankrupt. GGT is a subsidiary of the global cryptocurrency conglomerate Digital Currency Group (DCG). GGT joins big names like FTX, Celsius Network and many other crypto companies that have had to close their shops in the last six months.

While the significant price rise has provided a glimmer of hope, it has coincided with the bankruptcy filing of cryptocurrency lender Genesis, the latest victim of the FTX crash-induced sector contagion. This highlights that the crypto industry still faces challenges and it is important to consider the long-term trend and not just short-term price movements.

Technical indicators suggest a bullish outlook for Bitcoin

Bitcoin prices hit a 5-month high over the weekend, raising hopes of a resurgence in the crypto industry. The world’s most valuable crypto hit $23,000 briefly over the weekend before falling just under 1% to around $22,905 as of this writing. The prices of Ether, the second most valuable cryptocurrency, were also down 1% from Saturday.

After seven days of gains, the Bitcoin price was high enough on Jan. 13 to push the cryptocurrency out of the ‘Fear’ zone, according to a market research platform. While the Bitcoin Fear and Greed Index currently considers Bitcoin as “Neutral”, giving it a score of 50 out of 100.

Looking at indicators and metrics, there are mixed signals about the range of Bitcoin’s rally. Bitcoin open interest and estimated leverage ratio point towards a longer uptrend, with Bitcoin price breaking above the important 200 day EMA as well. However, if the price falls below this level, it could retest $19,500.

Will the August high be broken this week?

According to the predictions, the Bitcoin price is expected to remain relatively stable, with the low price expected to be around $22,000 the next day and around $22,700 during the week. The maximum price is expected to be around $24,500 on the 24th and around $26,700 during the week. The Bitcoin price may fluctuate slightly, but it is expected to stay within a relatively tight range for the next few days.

It is important to note that cryptocurrency is a highly volatile market and predictions can be difficult to make. It is always a good idea to do your own research and consult multiple sources before making any investment decisions.

Also, it is worth noting that market analysts are divided on the future of Bitcoin, with some predicting a bull market while others warn of a trap, so it is important to stay informed and be careful when investing in Bitcoin.

Bitcoin Alternatives With Potentially Outsized Returns

Bitcoin may very well be the number one cryptocurrency, but it comes with its fair share of downsides. Among them, the fact that Bitcoin has a massive market capitalization limits users to make exponential gains from the token since it is already quite large. However, thanks to the versatility of the crypto market, investors never run out of projects to invest in. Here are a few we recommend:

Meta Masters Guild (MMG) is a new mobile gaming platform that is completely based on Web3 technology. The platform is designed to provide an enjoyable and sustainable gaming experience at the same time. MMG’s focus is on mobile games, which are cheaper to produce, more addictive, and have a larger audience of casual gamers.

The company is currently developing three games, Meta Kart Racers, Raid NFT, and Meta Masters World, with Meta Kart Racers set to launch in late 2023. MEMAG is the platform’s native token, but instead of using them for rewards , the ecosystem will use GEMS, an off-chain token for rewards and as a currency in all its games.

MMG is currently in the second stage of its presale, with a hard cap of $1.12 million. Investors can participate in the pre-sale to access the coin at an affordable price of $0.013 and as the coin gains more recognition in the market, demand is expected to increase and the price of the coin to rise.

Next on the list is To struggle, a revolutionary fitness platform that aims to create a strong training community by combining the concepts of move to win and validated achievements. It has generated significant interest from the crypto community, raising close to $3.3 million in its pre-sale.

The FGHT token, which is the utility token of the platform, is priced at $0.0166 in the first stage of the fundraising. Experts predict that the FGHT token will be one of the best performing coins of the year, making it a very attractive investment option for those looking for new opportunities in the crypto market.

And finally, skulls is a blockchain-based card game that allows players to own and monetize their in-game assets. The game operates on a “pay to play” model, rewarding players with their native token, RIA, and players retain ownership of all of their in-game assets.

Each card in the game is a unique, non-fungible (NFT) token and the game has additional features such as story mode, a scholarship system, an in-game app, and an NFT marketplace. The game offers free and play-to-win options and the pre-sale has raised $2.93 million so far.

Read more-

FightOut (FGHT) – New Move to Earn project

• CertiK audited and CoinSniper KYC verified
• Early stage presale live now
• Earn free cryptocurrencies and meet your fitness goals
• LBank Laboratories Project
• Associated with Transak, Block Media
• Rewards and participation bonuses