Bitcoin price just below the $23,000 level

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Bitcoin closed the day close to where it started on Tuesday, hovering around $22,870 as of this writing. This hasn’t dampened the enthusiasm around the token, as investors are more curious than ever about where Bitcoin could go from here, partly affected by anticipated GDP numbers. Read on as we provide an estimate.

Bitcoin Price Likely to Be Affected by GDP Figures, Price Performance So Far

Bitcoin (BTC) continued to consolidate its recent gains on Jan. 24 as markets braced for a big week of US economic data. Specifically, Gross Domestic Product (GDP) figures for the fourth quarter of 2022 will be released on Thursday, followed by consumer confidence data the next day. Despite this, BTC/USD remained above $23,000 for most of the session, reaching as high as $23,134. However, it is important to note that a short-term pullback could occur before the continue the uptrend.

Bitcoin has been in an uptrend since November 21, when it fell to a new yearly low of $15,476. After creating a higher low, Bitcoin accelerated its rate of rise on December 30. On January 13, the price broke out of a long-term declining resistance line that had been in place for almost six months, which was a strong sign that the correction was over. Furthermore, the fact that the break was combined with a move of the Relative Strength Index (RSI) above 70 further legitimized the rise.

After the breakout, BTC price moved above the $21,000 area and validated it as support. If the rally continues, the next closest resistance area would be at $24,500. A break above could take Bitcoin price to $30,000. On the other hand, a rejection could lead to a drop towards the $21,000 area once again.

It is worth mentioning that the release of GDP figures for the fourth quarter of 2022, due to be released on Thursday, could have an impact on the price of Bitcoin. However, its exact effect is difficult to predict as market reactions can be highly volatile and depend on multiple factors.

In conclusion, while there are signs of a long-term bullish reversal in the Bitcoin market, traders should pay attention to upcoming GDP numbers as well as other economic data as they may have an effect on the Bitcoin price. . As always, it is important for traders to closely monitor the market and make informed decisions based on the available data.

Bitcoin is expected to perform accordingly as multiple factors play a hand

Considering current market trends for Bitcoin (BTC), its price is likely to be in the middle of wave three of a five-wave upward move. This wave has extended to a length of 2.61 times that of wave one, which is common in this phase of the movement.

BTC price is likely to drop towards the 0.382 Fibonacci support level at $20,740 or the 0.5 level at $19,900, before turning higher again. However, it’s worth noting that a more accurate prediction can only be made once wave four is complete.

The 3.61-4.21 extension region, which ranges from $26,075 to $27,840, is considered a suitable cap for the price. However, if the price falls below the wave one high at $18,410, it would invalidate the bullish outlook and send Bitcoin price to $16,000.

The most likely prediction for the Bitcoin price in February is a drop towards $20,740 before a rise to $26,000. But if the price falls below $18,400, it would indicate a downtrend and a retest of $16,000.

Although Bitcoin’s current trend is bullish, on a longer time scale it finds resistance at the $35,000 level. It is important to note that this level has previously acted as a formidable resistance for BTC and it may take some time for the price to break above this level.

The volume balance also indicates a long-term uptrend, which is a positive sign. Additionally, the RSI has been above 70, indicating strong positive momentum in the longer term. However, when looking at short- and medium-term analysis, a high RSI can also signify overbought conditions, which could lead to a potential correction.

Overall, BTC is considered to be technically positive long-term, with a key level to watch at $35,000. Based on current market conditions, there are several potential scenarios that could play out.

While these factors provide insight into the possible future of BTC, it is important to note that market conditions are very dynamic and investors should always keep an eye on market trends and invest accordingly.

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Is Bitcoin the best cryptocurrency to invest in right now?

Bitcoin has been the investment symbol for novice investors, however, it is not 2013 and there are no limitations to the alternatives. We have put together a list of some of the best crypto projects to invest in right now, not necessarily similar to Bitcoin, but quite “innovative” for the current market scenario.

To get started, let’s take a look at Meta Masters Guild. The pre-sale for MMG, a player-earn gaming platform, has exceeded expectations by raising $1.26 million in just two weeks. This has led to the second stage of the pre-sale being sold out, causing the sale price of its native MEMAG token to increase from $0.010 to $0.013.

With another price increase scheduled in two weeks, early investors may want to act quickly to secure the biggest discount on what could be one of the most successful tokens of 2023. The pre-sale has seven stages in total, with the final stage having a price of $0.023 for 1 MEMAG token, which means that investors buying now at $0.013 will have made a 77% profit before the token appears on exchanges.

Next on the list is the To struggle the platform’s native token, FGHT, which has raised more than $3.3 million in its presale stage. The pre-sale is nearing its next stage and price increase, making it an ideal time for investors to buy. The platform offers a personalized exercise experience, with video lessons and progress rewards. It also allows users to customize their avatars and purchase accessories from the Fight Out store. Experts predict that the value of FGHT will increase at least 10 times in the coming months, making it a profitable investment to improve both physical health and financial situation.

To close it all skulls, an NFT-based P2E crypto card game that focuses on unique monsters from the underworld, has raised over $2.96 million in its pre-sale stage and is generating a lot of buzz among investors. The game features a unique storyline and advanced gameplay features and the developers have created both P2E and F2P versions to attract new players.

The price per RIA token increased by 225% during the pre-sale and centralized exchanges such as BKex, LBank and Changelly Pro confirmed that they will list RIA, which is expected to cause an increase in value. A $100,000 giveaway is also planned for the final release, with details available on Calvaria’s website.