Cryptocurrencies roared into the weekend as Bitcoin price spiked to highs above $21,000 for the first time since FTX’s debacle began to unfold in November.
Data from CoinGecko shows that the benchmark crypto hit prices near $21,450 on major crypto exchanges on Sunday, with major altcoins tracking the leading digital asset. Ethereum broke above $1,500, Solana jumped to trade at highs of $24 and Dogecoin rose as high as $0.088.
It’s notable that the rise in crypto prices followed a tick up for growth stocks and risk assets as the US inflation slowed further in December to suggest a potential pivot from the Federal Reserve.
Bitcoin price rally- analyst points to $25K by March
Bitcoin is up more than 22% in the past seven days, with BTC currently showing resilience above the $20,000 support level.
While on-chain data indicates the weekend buying pressure wasn’t so much as institutional investor-driven, the potential for bitcoin going higher remains if prices consolidate above the psychological level.
According to veteran trader and markets analyst Peter Brandt, BTC’s bullish trend will benefit from a weekly close above $20,800. He shared the prediction in a tweet.
The seasoned trader predicts a run to major resistance at $25,000 by March, with rejection seeing BTC retest the $18,000 level. If bulls hold this level, the analyst forecasts another sharp rally that could end up with Bitcoin price testing resistance levels around the $35,000 mark by July 2023.
Although he warns that no one can predict the markets with certainty, his long term outlook for Bitcoin has the cryptocurrency’s price above $100,000 by 2025.