• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

Christian Encila
by Christian Encila
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Leading the 2023 rally of  the cryptocurrency market is Bitcoin, the touted king of crypto. As of writing, BTC is changing hands at $23,742 which enabled the alpha coins regain its August 2022 support level which is at $22,722. This made crypto Twitter abuzz with enjoyment as analysts went full bullish on BTC with some setting ridiculous targets like $1.3 million by the end of the year. 

Related Reading: Crypto Queen, Who’s Wanted By The FBI, ‘Resurfaces’ After 5 Years

However, there are analysts which are extremely cautious of this current rally. The fear, uncertainty, and doubt surrounding Bitcoin now is how this rally could be seen as a bull trap which could potentially set up many long position holders for losses in the medium to long term. 

But with the bullish momentum going strong, BTC could still have enough room for a push towards $25,000. 

$BTC should hit 1.3m by this December. I got to this number by using the January gain average of 42% monthly.

Will be back around then to take profits. Easy math pic.twitter.com/6c3CZ3r7n8

— Pentoshi 🐧 (@Pentosh1) January 26, 2023

Short Positions Decimated By Previous Market Movements 

CoinGlass data shows that a total of $29.64 million of short positions were liquidated among all exchanges as Bitcoin broke through $23k. This may seem insignificant compared to January 14th short position liquidations that were valued at $141 million, but these liquidations might force some bears to go long as Bitcoin continues its climb. 

As of writing, the crypto king already climbed 42% upwards, according to Coingecko. This might continue as macroeconomics are somewhat improving.

At $23.7K, Can Bulls Push Bitcoin Price To $25K?

Short to medium term, the top coin might experience pain as the bullish momentum slows. As of writing, January 30th, BTC bulls seem to be exhausted. If this slowing momentum continues, the coin might revert to its current support at $22,622. This support should be able to hold a strong bear momentum if it ever comes to that point. 

Investors and traders should also watch the movement of stocks. This comes from the International Monetary Fund’s 2022 study between crypto’s relationship with stocks which shows a strong correlation between the two asset classes. As the time of writing, major tech stocks like Apple and AMD have strong correlation with Bitcoin. 

Related Reading: Polygon (MATIC) At $1.15 As Strong On-Chain Developments Continue

BTC total market cap at $456 billion on the daily chart | Chart: TradingView.com

Indices like the S&P 500 and the Dow Jones, however, have lower correlation. But the relationship between Bitcoin and stocks makes BTC susceptible to macroeconomic woes. With company investors being skeptical despite the market rally which started this year, Bitcoin might experience volatility as February rolls in.

For now, $25k seems to be a medium to long term target for Bitcoin bulls. Consolidating gains and securing the coin’s current support would enable investors and traders to eventually reach and potentially break the $25k resistance. 

Peter Brandt, a veteran trader and market analyst, predicts that Bitcoin will encounter significant resistance at $25,000 by March, with a subsequent retest of the $18,000 level.

If bulls maintain this level, the analyst anticipates another big advance that might result in the Bitcoin price approaching $35,000 by July 2023.

Featured image from Wired

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

cours-or-nouveau-record-chute-btc

Record de l’or et chute du Bitcoin : que se passe-t-il ?

6 hours ago
Metaplanet

Metaplanet Pushes Bitcoin Holdings Over $2 Billion With New Purchase

21 hours ago
Bitcoin

Bitcoin Mining Can’t Keep Up: Companies Buying At Quadruple Pace – Report

1 day ago
Bitcoin

Bitcoin Treasury Race Heats Up As Dutch Firm Shoots For $23-M Launch

2 days ago
Bitcoin

Unexpected Bitcoin Player: Japanese Nail Salon Targets $3-B In BTC Holdings

2 days ago
Bitcoin

Bitcoin Fortress: El Salvador Shields $678-M From Quantum Threat

2 days ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    1 hour ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    2 hours ago
  • From Institutional to Individual Investors: How XRP and...

    2 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    3 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.