Legendary Trader Peter Brandt Predicts Next Move As Bitcoin Price Hits $23.5K

Bitcoin price hits $23.5k today, having moved laterally close to the $23k level for the last 9 days. However, the BTC price does not keep up and has dropped to $23.3K. Legendary trader Peter Brandt has shared his prediction on Bitcoin price for a few days as Bitcoin enters a crucial week with the Fed rate hike decision and tech giants’ quarterly earnings.

Bitcoin price alterations $23.5K.

Peter Brandt, a high-ranking merchant and analyst, in a tweet on January 29 shared his Bitcoin analysis for the week. The upcoming week is crucial as the U.S. Federal Reserve announces its rate hike decision that is likely to drive the markets in the next few months. In addition, technology giants like Apple, Amazon and Google account for their quarterly results.

Peter brandt expects Bitcoin price to fall because it fails to break the strong resistance and continues to move laterally. The price of bitcoin saw an increase of 40% in January and seems low in anticipation of the decision to raise federal rates. Traders expect the BTC price to fall in order to buy at low levels.

However, he remains hopeful about a $65K Bitcoin price rally in mid-2023. According to brandt, the BTC price will reach $25k and witness a fix at $19k. Thereafter, a minimum of $65,000 will be available for attendance. However, it also believes that price prediction under current market conditions is difficult.

Crypto analysts Michael van de Poppe and Credible Crypto have also suggested a pullback in Bitcoin price before a massive rally above $25K.

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Fed Rate Hike Remains Primary Factor Impacting Bitcoin Move

While traders speculate whether the U.S. Federal Reserve will go with a 25 bps rate hike or another 50 bps rate hike, recent jobs and inflation data points to a lower rate hike. The CME FedWatch Tool indicates a 98.4% probability of a 25 bps rate hike.

The United States Dollar Index () also moves laterally below 102. Dxy is likely to remain volatile upstream of the decision to raise the federal rate and an increase will bring down the price of bitcoin.

Bitcoin price is currently being negotiated at $23,406, increasing by 2% in the past 24 hours. Minimum and maximum of 24 hours is $22,908 and $23,463 respectively.

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