Bitcoin Price Prediction – Is The Next Stop $18,000 for BTC 2023 New Year Rally?
During the Asian session, Bitcoin price prediction has turned optimistic, with BTC increasing about 1.50% to $17,220. Similarly, Ethereum, the second-largest cryptocurrency, rose roughly 3.50% to $1,310.
On January 9, investors flocked to the stock markets on the expectation that the Federal Reserve of the United States would soon be able to ease its aggressive fight against inflation, driving up the price of publicly traded Bitcoin miners' by $17,250.
Gains of double digits were seen in intraday trading for Bitcoin mining coins like Riot Blockchain (RIOT), Hut8 (HUT), Bitfarms (BITF), and Marathon Digital Holdings (MARA). The large-cap S&P 500 Index went up by 1%, and the technology-focused Nasdaq went up by 2% during the rally in equity markets, but the gains went down as the rally did.
In the United States, this week's closely watched data on consumer price inflation is expected to show that prices have continued to ease, and the markets have been happy about this. The Federal Reserve's rate-hike campaign was successful on January 7, as data from the Labor Department revealed a slowdown in job creation and wage growth in December.
After Friday's nonfarm payroll reports were released, market participants expected the Fed's funds effective rate to peak at 5.06%. Still, following Monday's release of the jobs report, that expectation dropped to 5%, as reported by Bloomberg.
Meanwhile, Fed Funds futures prices indicate that investors anticipate a more gradual increase in interest rates in the coming months.
Bitcoin has a 24-hour trading volume of $14 billion at its current price of $17,200. With a price goal of $17,200, Bitcoin is trading in a bullish trend. If a doji candle forms near $17,200, it means that buyers have run out
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