Is Bitcoin about to launch to the moon?
I don’t think so, but it is banging on the bullpen, threatening to break down the fence. January 2023 is proving to be a boom cycle for the crypto king.
Bitcoin began in 2023 at $16,547.91. It steadily beat against the bullpen that has kept the bulls confined while the bears freely roamed the financial market landscape.
By January 8, 2023, it cracked the $17,000 threshold, inching past previous price resistance.
To regain its pre-FTX levels, Bitcoin must stay above the $21.5k mark. As of this writing, Bitcoin is comfortably holding well above $22k.
If the old saying is true, “persistence wears down resistance,” then the Bitcoin bull is about to bust out of its pen.
Where Bitcoin goes, altcoins follow.
Altcoins have outperformed Bitcoin recently but have yet to recover their previous price levels. Bitcoin is toying with price levels of November 2022. A bull run will soon follow if the resistance levels continue to fall.
The global crypto market cap (the total value of all the coins that have been mined X current market price) continues to inch toward the $ 1 trillion mark, passing it over the weekend. Although it briefly crossed the threshold last week, it did not hold, sliding just under the mark. The last time crypto enjoyed the trillion-dollar club was in Q3 2022 (third quarter).
The irony is that Bitcoin was trading around $22k, while Ethereum traded around $1.5k — the same trading levels today.
Cycles expert at Weiss Crypto Daily, Juan Villaverde, believes that Bitcoin’s current run is a reset of the November 2022’s bear market low. According to Villaverde, the bull market will be in sight only after the new low is established.
How it impacts everyday people
The news is exciting, even if it becomes a splash in the pan — for now. The global economy continues to reel with uncertainty seeking positive footing and upward direction.
There is something about the adrenaline rush of watching your coins turn green on the trading chart. It puts you on the edge as you see your exit strategy approaching.
If you are going long, it gives you a warm feeling as you see your bottom line moving upward.
The current events of the cryptoverse — Bitcoin in particular, but not exclusively — are samplings of a bull market. Hopefully, it will whet your appetite in days to come and profits to increase.
If your trading strategy is not in place, take your time; settle it now. If you need some help, ask someone you trust. If you don’t know whom to ask, the everyday people community can help.
To learn more: Crypto strategy
To learn more: Everyday people community: Are you in?
The cryptoverse is for you. Join me as, together, we take the most unexpectedly incredible journey down the many paths it has to offer.
Disclaimer: I am not a financial planner, and therefore do not offer financial advice. I am an avid student of the cryptoverse who is willing to make available the things that I learn to everyday people willing to take a chance, change, and explore your financial freedom in the cryptoverse.
New to trading? Try crypto trading bots or copy trading on best crypto exchanges
#Bitcoin #launch #moon #Ronwriter #Coinmonks #Jan