Bitcoin touches highest price since August 2022: BullRun run or bulltrap? Over the weekend BTC briefly exceeded 23K, but many analysts are labelling the January rally a 'bull trap'.
An incredible and unexpected rise in prices in the crypto market is provoking a familiar debate: is the worst is over or is the rally of the last few weeks just the prelude to new woes?
Since the beginning of January, the price of Bitcoin has risen 38%. to briefly exceed 23K over the weekend, the highest price since August 2022. Ethereum also saw the value of ETH up around 38% to a high of 1.650.
- The prices of Bitcoin and the entire crypto sector have started to rise in unison since the publication of the report of the US Federal Reserve which confirmed that US inflation began to slow in December.
This positive figure has fuelled hopes that the FED may loosen its grip on interest rates to tame the rise in prices from 2022. . But there are many analysts labelling the rally in January as a 'bull trap', arguing that it is still too early to declare victory.
The cryptocurrency markets, in fact, still have some significant hurdles to overcome before a bull run, including the lingering fallout from the collapse of FTX and the recent declaration of bankruptcy by Genesis.
How long can this positive momentum last? Hard to say for now, although the general hope is that we are facing a substantial and lasting turnaround. substantial and lasting.
One will have to keep waiting at least until the FOMC meeting FOMC meeting in early February, when the new interest rate hike will be announced. will be announced, which is expected to be around 25 basis points. expected to be around 25 basis points.This post is based on this twitter thread.