Bitcoin price prediction as BTC flirts with a new break towards $25,500

Bitcoin is down a bit on Sunday, with the world’s largest cryptocurrency by market cap last changing hands just under $24,500, down 1.5% on the day. That means Bitcoin is now down 4.0% compared to the weekly highs it recorded on Saturday in the mid-$23,000s.

Profit-taking is cited as the main driver of Sunday’s decline, although reports that international payment processor SWIFT will block USD transactions to Binance below $100,000 could also be weighing. This move by SWIFT was expected to make it much more difficult for retail investors to buy cryptocurrencies on the world’s most widely used exchange, as it removes a significant on-ramp from fiat to crypto.

Nonetheless, Bitcoin is still on track to close the week more than 7.0% higher, taking this month’s gains to more than 35%. That means January is on track to be Bitcoin’s best since October 2021, though there are still nine more days to go.

“Screaming Bottom Graphics”

Unsurprisingly, Bitcoin’s latest rally has generated a lot of excitement and debate. Many bears continue to believe that the macroeconomic environment (the Federal Reserve continues to raise interest rates as the US heads into a likely recession) has not improved enough to justify the recent rally.

Others disagree: The ongoing rapid decline in US inflation pressures (based on recent CPI, PPI, and wage growth data) suggests that the Fed will soon (ie, by the end of 2023/2024) will have room to start cutting interest rates to support the struggling economy. they argue. Bond markets certainly seem to believe this narrative, as US yields have fallen significantly in recent weeks, a trend that is normally good for cryptocurrencies.

$BTC printed a rare bullish weekly RSI divergence. never happened in $BTC history, a once in a lifetime opportunity.
The technical data was there, the charts were screaming bottom but as usual most were in bearish mode.

— Wolf 🐺 (@IamCryptoWolf) January 21, 2023

Many technical and on-chain indicators also suggest that it may have bottomed out. Technical analysts have noted that Bitcoin recently printed a rare bullish divergence from the weekly RSI. A bullish divergence on the RSI occurs when the RSI falls into oversold when prices bottom out. Then prices hit a new bottom (perhaps a few weeks later), but the RSI prints a bigger dip.

Others have cited factors such as Bitcoin’s recent big push north of its 200-day moving average and price realized as key signs of a long-term momentum shift. Bitcoin also appears to be following exactly on the heels of a multi-year market cycle that has been in play since 2015.

$BTC #Bitcoin
Bull market 2015-2017: 1064 days
Bear market 2017-2018: 364 days

Bull market 2018-2021: 1064 days
2021-*current* market low: 364 days

Days left to top if we just carbon copy the cycle time frame again: 1001 days pic.twitter.com/KoNZxJRuy5

—HornHairs 🌊 (@CryptoHornHairs) January 12, 2023

What’s next for BTC?

Bitcoin’s impressive break above the $21,500 resistance level (which is now a support area) earlier this week, despite Bitcoin’s 14-day RSI remaining in highly overbought territory, suggests that appetite bullish remains strong. Traders are now waiting to see where Bitcoin can repeat a similar break north of the $22,700 resistance area. While prices have temporarily risen above this level in recent days, sustained momentum has yet to be achieved.

US data due next week (quick PMI indices for January and December core PCE inflation numbers) could further bolster expectations of Fed easing in late 2023/early 2024 , thus providing more macroeconomic hurdles for cryptocurrencies. A sustained pullback above $23,000 would open the door for a quick test of the next major resistance area around $25,500.

Altcoins to consider

Cryptocurrency markets have performed well since early 2023, but the longer-term bear market is still in play. Investors may still want to consider diversifying their holdings with discounted pre-sale tokens from some up-and-coming and up-and-coming crypto projects. Here is a list of a few that InsideBitcoins analysts believe have the potential to do well.

FightOut (FGHT) – Preorder Now

The young move-to-win crypto niche has shown great promise, but early success stories like STEPN have significant limitations that have, until now, prevented them from conquering the mainstream. Billing itself as the future of moving to win, FightOut wants to change that in 2023. FightOut is a new web3 fitness app and gym chain that rewards its users for working out, completing challenges, and competing within a fitness metaverse first of its kind.

While existing M2E apps like STEPN only track steps and require expensive NFT token purchases to participate, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive purchases to participate. FightOut seeks to combine the physical and web3 worlds.

The project aims to eventually acquire gyms in all major cities around the world, while also promoting an integrated web3 fitness experience. At the center of FightOut’s digital ecosystem will be its smartphone app which, according to FightOut’s whitepaper, is scheduled to launch in Q2 2023.

The FightOut app will take advantage of smartphones and wearable technology to measure and track physical performance. The app will have its own internal tokenized economy, where users can earn rewards for completing M2E tasks and can create their own soul-bound token avatar, through which the user will be able to interact with the FightOut metaverse.

FGHT is the token that powers the FightOut metaverse ecosystem. Users will pay to participate in competitions and leagues with FGHT, and winning will be paid in FGHT.

FGHT can also be used in peer-to-peer fitness betting. FightOut’s FGHT tokens are currently selling at 60.06 for 1 USDT, and interested investors are encouraged to move quickly to secure their tokens, as the pre-sale has already raised almost $3.2 million in just a few weeks. FGHT is the token that will power the FightOut crypto ecosystem.

Visit FightOut now

Calvaria (RIA) – Presale almost over

RIA, the token that will power the afterlife fantasy-themed NFT battle card game Calvaria, is also currently up for pre-sale. Crypto gaming start-up play-to-earn (P2E) has raised close to $3.0 million in just a few months since launching its pre-sale. Only about 7% of your tokens are left in play.

Calvaria seeks to bring crypto gaming into the mainstream by tapping into a huge, existing market: the market for physical battle card games (think viral sensations from the past like Pokémon and Yu-Gi-Oh). And with the crypto gaming space expected to grow from $4.6 billion in size in 2022 to $65.7 billion in size by 2027, according to an analysis by Markets and Markets, there is plenty of room for massive growth. Calvaria is set to release its fantasy-themed card game “Duels of Eternity” in the second quarter of 2023.

Visit Calvary here

C+Charge (CCHG): Presale Now On

The carbon credit industry is projected to be worth $2.4 trillion by 2027. Democratizing access to accrue these benefits will generate big business in the coming years and this is something that crypto startup C+Charge hopes to achieve. C+Charge is currently building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will enable EV drivers to earn carbon credits.

C+Charge aims to boost the role of carbon credits as a key incentive for electric vehicle adoption. Today, big EV manufacturers like Tesla make millions selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing more of these rewards to be in the hands of electric vehicle owners, rather than just big companies.

C+Charge has just started the pre-sale of the CCHG token that its platform will use to pay at electric vehicle charging stations. The tokens are currently selling for $0.013 each, although by the end of the pre-sale it will have increased by 80%. Investors interested in taking an early part in a promising environmentally friendly cryptocurrency project should act fast, as the project has already raised over $350,000 in just a few weeks since the pre-sale launch. .

Investors should note that the remaining tokens can be picked up quickly. A crypto whale recently netted over $99 worth of CCHG in one transaction, as can be verified here at BscScan.

Visit C+Charge here