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Bitcoin Surges Above $23,000 As Buying Pressure Increases

It has been a positive day for Bitcoin (BTC). The FED hiked once again interest rates 75 basis points as inflation continues to grow. Stocks and cryptocurrencies reacted positively after hearing the presentation given by Federal Reserve Chair Jerome Powell. While the S&P 500 moved higher by 2.6%, Bitcoin registered 9.23% gains compared to 24 hours ago. 

Bitcoin Surges Above $23,000 as FED Hikes Interest Rates

Bitcoin and cryptocurrencies continue to move higher. Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), are all experiencing price increases above 6% in the last 24 hours. The best performing coins include Ethereum (13.63%), Bitcoin (9.23%), and Cardano (8.64%). 

This price increase is also closely linked to what experts believe about the future of the cryptocurrency market, especially when it comes to analysing Bitcoin’s price. According to a panel of experts from the financial technology company Finder, Bitcoin could surpass $100,000 by the end of 2025. 

If that happens, then Bitcoin would have to grow by at least 400% from current prices in order to reach $100,000. Let’s not forget that Bitcoin surged to $69,000 in late 2021 before entering a bear market that pushed its price below $20,000 for a short period of time. At that time, analysts thought that the next level to break for Bitcoin was $100,000, however, it could not surpass $69,000. 

It is also worth pointing out that the same panel considered that Bitcoin could hit $256,000 by 2025, therefore, price predictions have reduced their targets for Bitcoin in the next few years. This year’s bear market has been fueled by central banks around the world (especially the FED) raising interest rates as inflation grew. This macroeconomic condition has reduced investments in risk assets such as digital currencies. 

Another thing that we should take into consideration about Bitcoin’s bear market is that there have been several issues that pushed Bitcoin lower. For example, the collapse of the Luna (TERRA) ecosystem was one of the issues that pushed Bitcoin lower in 2021. 

Panellists consider that it could be a good moment for investors to accumulate coins. However, they also consider that the bear market could continue until the first half of 2023. Therefore, it is very important to take that into consideration and analyse the market accordingly. 

Finder’s Founder, Fred Schebesta, explained that the market is yet fearful and that technology remains strong. On that matter, he stated:

“The market is currently fearful. However, technology hasn’t changed and is still strong. Bitcoin is following the downturn of other parts of the economy, but I have a strong conviction that it will bounce back.”

According to data shared by CoinMarketCap, Bitcoin is now being traded at around $23,164 and it has a market capitalization of $442.74 billion. At the same time, Ethereum reached a price of $1,645 per coin and it has a market capitalization of $200 billion.