Traders say that with the launch of stocks, Bitcoin has the ability to surpass $17,000 for the first time in 2023.
Bitcoin has increased
Bitcoin approached $17,000 on January 3 as the first Wall Street opening of the year approached. The data received showed that the BTC/USD pair reached $16,766 on Bitstamp, showing its best performance since December 27. Analysts and traders were eagerly awaiting the start of Wall Street trading after European stocks posted gains the previous day and US futures followed suit. Since the FTX crash in November, both stocks and gold have looked much more appetizing than Bitcoin. In part of an analysis he made on Jan. 2, popular trader Crypto Chase stated, “If BTC is finally ready to join the party, I can see it rise by 17.3K~ as shown below.” The other account, Cold Blooded Shiller, similarly posted $17,300 as a target of interest for the bulls, especially if the S&P 500 plays in their favor. “Despite a market-wide bounce, BTC is still below key ~$17300 resistance,” Rekt Capital wrote on the monthly BTC/USD chart.
Prior to the open, the US dollar started to see volatility, following a rapid upward move that pushed the US Dollar Index (DXY) above 104.8 for the first time since mid-December. “Local action above weekly level from support I marked on USD/EUR,” price action trader Lucshury wrote in an update. The trader said in his statements:
“If it can hold above the week, I would expect more upside in DXY and therefore downside in ES/Crypto. Again, it depends on whether it can hold the weekly level at support.”
BTC avoids rising DCG tensions
Meanwhile, internal events, including concerns over potential problems for the Digital Currency Group (DCG), had noticeably little impact on BTC price strength. Amid ongoing doubts about the fate of the holding’s group of companies, including Grayscale, operator of the Grayscale Bitcoin Trust, the largest Bitcoin institutional investment vehicle, one client in particular has publicly commissioned DCG.
Gemini co-founder Cameron Winklevoss asked for a response in an open letter to DCG CEO Bary Silbert. Winklevoss reiterated that the Gemini funds that have been locked since the start of the FTX debacle total about $1 billion, reiterating that DCG must meet the deadline by January 8 to ‘solve this issue’. Silbert, who was previously vocal on social media, had not yet responded to the letter at the time of writing.
Privacy is the key area of development
Macro strategist Lyn Alden says he expects Bitcoin (BTC) to be more valuable by the end of this year than it is now. In a new interview with What Bitcoin Did Podcast, Alden predicts, with a big caveat, where he thinks BTC will be in terms of price by the end of 2023. Alden said in his statements:
“It’s hard to make one-year estimates with something so volatile. My expectation would probably have been higher. But I will also say that I doubt it will be at all-time highs. My expectation would be somewhere in between… Higher from here, somewhere lower, with the warning that if something serious happens, it’s like some kind of crazy liquidity crisis, that is, lower, which is not out of the realm of possibilities. But my expectation will be somewhere between the highs here and before.”
When asked what he will focus on to further develop the Bitcoin network, Alden focuses on privacy, modifiability and scalability going forward. cryptocoin.com As we mentioned, BTC is instantly traded at $ 16,856. In addition, Alden should conclude his words with the following statements:
“Ways to make the network more private and more scalable… Not just for the [Lightning Network], but for Bitcoin use in general. Anything that makes Bitcoin more affordable and gives people a wider range of options to use. So they can use the base layer, they can use Lightning, they can do something protective if they want. They have loads of stacks to choose from which best serves their needs. So for me, it’s like looking at the classic bear market situation.”