Bitcoin and Ethereum Price Predictions: BTC Dips to $23,000 - How Much Further Can BTC and ETH Fall?

cryptonews.com:

Bitcoin has been unable to break its losing streak and is poised to end the week on a bearish note as investors steer clear of riskier investments due to growing macroeconomic uncertainty exacerbated by higher-than-anticipated inflation figures. 

The significant losses come in the wake of the Personal Consumption Expenditures (PCE) data, which revealed a more significant than expected price increase from the previous month. 

Additionally, Bitcoin options contracts worth approximately $1.8 billion are due to expire today, which may trigger volatility in the short-term price movement of BTC.

As of now, the price of Bitcoin is $23,070.20, with a trading volume of $25,828,731,350 over the past 24 hours. Bitcoin has experienced a decline of 3.57% over the past 24 hours. 

The current price of Ethereum is $1,598.62, with a trading volume of $8,619,530,362 over the past 24 hours. Ethereum has declined by 2.85% over the past 24 hours.

The global cryptocurrency market is currently showing a downward trend and is expected to end the week on a negative note as investors avoid taking risks due to increasing macroeconomic uncertainties, which have been compounded by higher-than-anticipated inflation figures. 

According to the PCE price index from the US Bureau of Economic Analysis, the annual inflation rate in the country rose to 5.4% in January from 5.3% in December. 

As a result, the core rate of PCE inflation increased, reaching 4.7% for the first time in the past four months.

These statistics support the notion that the Fed may have to maintain higher interest rates for an extended period to counter inflationary pressures. 

Both core and total PCE inflation increased by 0.6% from one month to the next. The markets have factored in a 75%