Bitcoin price today January 23: Bitcoin skyrocketed, approaching $23,000

Bitcoin price is currently approaching $23,000 as Asian buyers push for new market strength, causing the crypto market to explode. According to professional traders, even though it is only the beginning of 2023, the virtual currency market prospered with the rising momentum of Bitcoin and Ethereum. The world’s largest cryptocurrency has fully recovered since Sam Bankman-Fried’s FTX exchange slid to the brink of bankruptcy, currently at nearly $23,000.

Many cryptocurrency investors believe that Bitcoin will continue its upward momentum despite the recent volatility in the virtual currency market. According to cryptocurrency trader nicknamed Kaleo, the Bitcoin price is likely to reach $30,000, the highest level since June 2022, representing an increase of more than 40% compared to the current time.

Observing market movements, it can be seen that recently, the Bitcoin price suddenly increased sharply. The world’s largest cryptocurrency has recovered since Sam Bankman-Fried’s FTX exchange slid to the brink of bankruptcy.

James Butterfill, Head of Research at digital asset management firm CoinShares, believes that Bitcoin is backed by macroeconomic data and investors have ignored the collapse of FTX.

Anthony Scaramucci, former White House Communications Director also thinks that 2023 is the year Bitcoin recovers. The price of this virtual currency can reach $50,000-100,000 in the next 2-3 years.

Bitcoin price update

On the Coindesk exchange, at 3pm on January 22, the Bitcoin price traded at $22,882, up 1.25%.

Statistical data over the past 24 hours shows that the world’s most popular and valuable virtual currency fluctuates between 22,588 – 23,344 USD/BTC (lowest price – highest).

According to CoinMarketCap, the 24-hour trading volume of the market reached 32 billion USD, the market capitalization reached 440 billion USD.

In the market, most large-cap cryptocurrencies tend to rise again, causing the total capitalization to reach more than 1 trillion USD.

Bitcoin price prediction

According to data from Santiment, a company that tracks and provides exclusive data on the cryptocurrency market, trader excitement has hit a six-month high, showing that the crypto community Analysts consider Bitcoin’s price rally to be a signal of a strong rally in the near future.

But how far will the Bitcoin price go? Currently, cryptocurrency investors are trying to find an answer to what the Bitcoin price will be like in 2023. According to virtual currency experts, Bitcoin faces many challenges if it is to continue its upward momentum. me. If Bitcoin can break through this barrier at $25,000, this virtual currency could push the price to $30,000.

According to expert Vijay Ayyar, Vice President of crypto exchange Luno, Bitcoin has been in a downtrend for over a year now. During 2022, there were many negative events that caused Bitcoin to continuously drop in price.

However, in general, the rate of decline of this cryptocurrency has slowed down much. This is a sign that the market is gradually accepting the bad news and selling pressure has been absorbed, investors move into the accumulation phase. This also means that the worst of the bear market is over and the negative news is re-evaluating.

Bitcoin looks to be stabilizing as it enters 2023 but some are of the opinion that the new year is 10 days in and the road ahead is too arduous. Some experts and institutions predict Bitcoin could fall further.

With interest rates and inflation still high, the risky asset channel may become less attractive in the eyes of investors. Katie Stockton, founder of Fairlead Strategies LLC, said that in the coming weeks, the Bitcoin price could continue to drop to November lows around $15,600. It is expected that the world’s largest cryptocurrency will continue to make a new “bottom” at the support area near $13,900.

According to analysts, negative news is covering the virtual currency industry. The Fed’s tightening of monetary policy has put great pressure on risk assets, including Bitcoin.

From a pessimistic perspective, analysts at JPMorgan Chase & Co even forecast a floor price of Bitcoin could be around $13,000.

In a study on December 5, Standard Chartered bank said Bitcoin could drop to as low as $5,000. As predicted, Bitcoin is one of the cryptocurrencies on the “surprise” list, possibly a 70% drop from the current price.

According to Eric Robertsen, head of global research at Standard Chartered bank, Bitcoin returns will decline along with tech stocks in the “nightmare scenario” of 2023. In particular, the sell-off. Bitcoin can slow down and the overall damage will happen.

“ More and more companies and crypto exchanges are no longer illiquid, leading to more bankruptcies and reducing investor confidence in digital assets ,” said Eric Robertsen.

However, famous cryptocurrency commentator Jim Messina believes that the price of Bitcoin may once again reach $ 60,000. Mr. Messina believes the financial system will be reshaped with the help of blockchain technology and digital assets.

Expert Carol Alexander, a professor of finance at the University of Sussex, believes that the Bitcoin price will reach $30,000 in the first quarter of 2023 and continue to rise to $50,000 in the third or fourth quarter.

In fact, Bitcoin has been on the rise since the time the US Department of Labor released positive inflation figures. The US Consumer Price Index (CPI) had the biggest monthly decline since the pandemic and witnessed 6 consecutive months of decline, and dropped to the lowest level since October 2021.

Many investors believe that the improvement of US CPI may affect the monetary policy of the US Federal Reserve (Fed) in the future. Not except for the possibility that the Fed considers the option to reduce interest rates and untie the knots for risky investment channels.

Jean Baptiste Graftieaux, global CEO of cryptocurrency exchange Bitstamp, thinks the next bull run could take place in the next two years.

While Anthony Scaramucci, former White House Communications Director, thinks 2023 is a “recovery year” for Bitcoin and the cryptocurrency could be trading at $50,000-100,000 in the next 2-3 years.