Bitcoin is causing a stir. Lately, the queen of cryptocurrencies, weighed down in 2022 by the bursting of bubbles on risky assets (including stocks) and scandals (FTX, etc.), has recovered ground since the beginning of 2023, recently returning to more than $21,000, thus returning to the peak of early November. This strong resistance of the graph (from the point of view of technical analysis) and the speed of the price rise could favor profit-taking and a possible downward correction in the short term.
This year, investors are betting on a gradual increase in the bitcoins they should see their nerves put to the test. In fact, the underlying trend has not yet turned bullish again in this phase, while many uncertainties could favor unpleasant surprises and high volatility. Indeed, inflation, whose ebb has lifted the markets in recent months, could fall less than expected, so that the Fed could maintain a restrictive monetary policy longer than hoped, which would be particularly unfavorable for the Nasdaq and bitcoin, historically closely related. The adverse trajectory of global liquidity is a headwind for everyone risky assetswhose, whose cryptocurrencies.
Crypto: Can bitcoin really go down to $5,000 and gold go up 30%? Stock exchange advice
For his part, Bloomberg commodities strategist Mike McGlone says he remains on guard as the world economy experiences a “historic reset”, after years marred by the Covid-19 pandemic (which caused a historic shock to GDP) and a major war in Europe (invasion of Ukraine), among others.
>> Discover 21 million, Capital’s cryptocurrency newsletter. Weekly price advice and analysis to support you in your investments. Right now, with the promo code SOLDES2023, enjoy 5 months free for an annual subscription.
Subscribers to Momentum, Capital’s premium stock market investment letter and newsletter, and those to 21Millions, its dedicated cryptocurrency newsletter, were recently able to take advantage of significant price increases in ether (Ethereum) and bitcoin.
Indeed, the queen of cryptocurrencies accelerated upwards as expected after initially overcoming the resistance of the chart (technical analysis) of 16,946-17,057 dollars, then, in a second step, the resistance of 18,200-18,540 dollars. Our main short-term target (the strong resistance zone at $20,352 to $22,000) has been met as expected. As for Aether, it too dropped out of the game, as expected.
After the FTX affair, what future for cryptocurrencies in 2023?
Find our full analysis at Momentum and 21Millions. And immediately, with the promo code SOLDES2023, take advantage of 5 months free for an annual subscription. To register, just click on the link below.
>> Buy and sell your investments (stock market, cryptocurrencies, etc.) at the right time thanks to Momentum, Capital’s investment newsletter based on technical and financial analyses. Right now: 5 MONTHS FREE on the Momentum newsletter for the next 100 subscribers with the promotional code “SOLDES2023”. Offer valid on annual pass until January 31, 2023.