Bitcoin Crosses $24K, Ethereum, Dogecoin Spike After Fed Hints Disinflation: Analyst Says Further Apex Crypto Moves Will Be 'So Violent'
Benzinga
Published Feb 02, 2023 02:43
Updated Feb 02, 2023 04:10
Bitcoin Crosses $24K, Ethereum, Dogecoin Spike After Fed Hints Disinflation: Analyst Says Further Apex Crypto Moves Will Be 'So Violent'
Benzinga - Major coins traded green on Wednesday late evening, as Federal Reserve Chairman Jerome Powell hints at ‘disinflation’. The global market cap went up 3.91% reaching $1.09 trillion, recorded at 8:30 p.m. EST.
| Bitcoin | +3.81% | $24,001 |
| Ethereum | +5.96% | $1,680 |
| Dogecoin | +0.08% | $0.094 |
Dogecoin (CRYPTO: DOGE) was up 0.08% in the last 24 hours, pushing its price up to $0.094.
U.S. equities rallied on Wednesday after Powell said for the first time that the disinflation process has begun. The tech-heavy Nasdaq Composite closed up 2%, and the S&P 500 and the Dow Jones Industrial Average (DJIA) rose 1.5 and 0.02% respectively.
See More: Best Crypto Day Trading Strategies
Despite a turbulent 2022, ARK Invest remains steadfast in its prediction that bitcoin prices will surpass $1 million by 2030.
Analyst Notes: “Bitcoin initially dropped after the Fed signaled policy will stay restrictive for some time. Risk appetite is struggling today and that is dragging down crypto. If inflation continues to ease at a healthy pace, the bull case for crypto will remain. Bitcoin turned positive as Powell didn’t fret over the recent easing of financial conditions. Powell didn’t go full hawk and that gave many traders permission to pile back into risky assets. Bitcoin has massive resistance at the $24,000 level but if that is breached, momentum traders may try to keep the rally going towards the $26,500 region,” said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Kaleo said that Bitcoin's move above the current range is likely to be "so violent" that the next real range above $24,000 will be within a higher range of $28,000 to $30,000.
Have a feeling the move above this range for Bitcoin will be so violent that the next real range you'll have the opportunity to bid above $24K will be $28K-$30K.According to Michaël van de Poppe, the crucial resistance level for Bitcoin remains at $23,300.— K A L E O (@CryptoKaleo) February 1, 2023
“Otherwise, I'm projecting a sweep at $22.3K and expecting to see $21.6K as a potential test here,” he said.
Read Next: 'Gala Dinner With Donald Trump' Now For 1 Ethereum As Sweepstake NFT Floor Price Plunges By 94%
Get The App
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.