Bitcoin, Ethereum and Dog Coin are rising - why does this analyst say that it will enter a bull market in 2023
With the market value of global cryptocurrencies rising by 0.85% to US $805.75 billion, the main tokens gained momentum on Monday night.
Bitcoin and Ethereum appeared in green on Monday night, although stock futures trading was flat. At the time of writing, the S&P 500 index and Nasdaq futures were up 0.1% and flat, respectively.
Micha ë l van de Poppe, a cryptocurrency trader, said that he hoped Bitcoin would remain above US $16600, which would "cause the price of Bitcoin to continue to rise to US $17000".
In another tweet, Van De Poppe pointed to the "green candle" on the Bitcoin chart and said it was a "bull market". The green candlestick indicates that the opening price of Bitcoin is lower than the closing price of the day.
Santiment pointed out that the next Fed interest rate policy meeting will be held in more than four weeks. According to the market intelligence platform, cryptocurrency may "gather some [bullish] momentum to start 2023."
In addition to the distant FOMC meeting, Santiment pointed out that the US dollar index, which is ready to "fall again", is a factor that may support the rebound of cryptocurrency. The dollar index measures the strength of the dollar against a basket of six other currencies.
"If Bitcoin can break through the 51 day period we have been staying in, we may try to enter the 20-21K region," Santiment said. However, if it fails to break through the top of the Santiment range, it may move towards the $14000 mark.
Even so, the sequela of 2022 will continue in the new year.
On Monday, Cameron Winklevoss, co-founder of Gemini Exchange, accused Barry Silbert, CEO of Digital Currency Group, of using "malicious delaying tactics" to resolve Gemini's dispute over the redemption of its Earn products. After the collapse of the FTX cryptocurrency led by Sam Bankman Fried, there was a dispute of 900 million dollars.