Bitcoin 25% Climb Signals Recovery In Crypto Market – Will BTC Soar Higher This Week?

Christian Encila

2 years ago

3 mins read

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After a strong week for bitcoin (BTC) and many other leading cryptocurrencies, traders are now on the lookout for indicators of what could spark the next bull run.

After being battered by losses for the majority of 2022, bitcoin and other cryptocurrencies are on the rise in 2023, leading to predictions that the so-called crypto winter has thawed.

Bitcoin has begun the new year on a bright note. On Saturday, Bitcoin surpassed $21,000 for the first time in 60 days. At the time of writing, BTC is trading at $21,090, up 25% in the last seven days, data by Coingecko show.

  Image: Watcher Guru

Bitcoin Could Still Climb Higher

If this week’s US economic data shows that the Federal Reserve may be nearing the end of its interest rate hikes, the prices of major cryptocurrencies could soar.

Ed Moya, a senior market analyst at Oanda, wrote on Friday:

“Wall Street is very confident that the end of the central bank’s tightening cycle is upon us and that is providing some underlying support for crypto.”

The most recent Bitcoin rise is still a far cry from the alpha coin’s November 2021 record high of $68,990. However, this has provided market participants with enthusiasm.

The whole cryptocurrency market lost over $1.4 trillion in value last year because of liquidity troubles, bankruptcies, and the collapse of crypto exchange powerhouse, FTX.

It didn’t take long for the so-called “contagion” to make its presence felt in all corners of the crypto market after the wave of insolvencies.

Bitcoin dropped to a two-year low of $15,480 as the FTX epidemic engulfed the cryptocurrency market.

Whale Accumulation Boosts BTC Price

This spike in Bitcoin’s value is likely fueled by a number of causes. There is a rising expectation among market participants that the Federal Reserve would follow a more benign monetary policy by halting interest rate hikes or decreasing rates in the near future, possibly as early as the end of this year.

Last year, the Federal Reserve raised interest rates seven times, sending risky assets such as equities and tech stocks to slide.

SHIB total market cap at $5.8 billion on the daily chart | Chart: TradingView.com

In addition, data released by cryptocurrency company Kaiko indicates rising purchasing optimism among major bitcoin purchasers, commonly known as “whales,” which analysts say helps to support current high levels of demand.

Cryptocurrency whales, or crypto whales, are persons or organizations that possess enormous amounts of a particular cryptocurrency.

Meanwhile, although bitcoin has gained a nice boost at the beginning of 2023, in conjunction with risk assets as mentioned above, market observers say the leading coin is unlikely to retest its all-time high of $69,000, but it may have reached a bottom.

Featured Image from BW Businessworld

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.