The US CPI report was the necessary bump for Bitcoin as it soared to the $18K resistance level in just a couple of hours after the release of the report. It was a massive success as BTC gained 5.2%. The following price retracement was insignificant, and the asset managed to hold on to the $17.7K, level where it stabilized after a full day of trading.
The current market situation around Bitcoin is an indication of true resilience. BTC shook off the bad news about Binance and led the whole market to a short-term recovery that calmed down some retail traders.
This a good sign for the community
After three weeks of trading under $17.4K and experts predicting the worst scenario and forecasting a drop to $10K, BTC finally peaked above $18K. While it is not a major victory that we all should celebrate, the ability of the asset to form a rally amidst a week of bad PR is exactly what we want to see. Investors are still bullish on Bitcoin.
The improvement of mood across the crypto domain should not be affecting your ability to think critically. Many experts are saying that the bear market will bottom out at the beginning of the next year. Some people say that hitting $10,000 by February is not outside the realm of possibility.
Since the fallout of the FTX collapse will continue haunting the industry for a while, this scenario sounds like something that could happen.
However, even losing about 40% of the current value won’t be enough to completely disrupt the industry. Bitcoin has strong legs and won’t give up that easily, although an industry-wide collapse may happen in Q1 of 2023.
There are projects that support BTC
Bitcoin and the rest of the crypto industry are interconnected. If there is enough goodwill from investors working with other networks, the price of Bitcoin will be propped up automatically. Cardano has many exciting upgrades in Q1 of 2023, Polygon will most likely do well, and Ethereum will roll out a very important upgrade in March.
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