With a 40% increase since the beginning of the year, Bitcoin (BTC) is off to a great start in 2023. Bullish momentum has emerged as a consequence of investors grabbing on optimistic news about macroeconomic issues, and investors hope that current levels may serve as a foundation for the first cryptocurrency to continue its upward trajectory in February.
As Bitcoin looks to finish January making its fourth consecutive weekly green candle for the first time since August 2021, investors will be hoping for more of the same come the end of next month. Notably, the machine learning algorithms at PricePredictions project that Bitcoin will likely continue to climb further to trade at $24,342 on February 28, 2023.
In comparison, the crypto community at CoinMarketCap predicts that Bitcoin will change hands at an average price of $20,254 on February 28, 2023.
The artificial intelligence forecasts use different technical indicators, such as the Bollinger Bands(BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others; price forecast represents an increase of 4.5% from Bitcoin’s price at the time of publishing.
Notably, halfway through the month, Bitcoin is projected to stand at $23,868 on February 14, 2023, on Valentine’s Day, as per data collected on January 24.
Bitcoin price analysis
At press time, Bitcoin’s price was trading at $23,269, with a minor loss of about 0.68% in the last 24 hours. On the weekly chart, the asset has climbed by 1.63%.
Bitcoin’s technical analysis on TradingView is mixed, with the summary aligning with the ‘buy’ sentiment at 14 while moving averages are for the ‘strong buy’ at 12. Oscillators are pointing at ‘neutral’ with 8.
The price of Bitcoin is maintaining its upward momentum in the market, and it is now on track to finish this month with its best monthly performance since 2013. However, when compared year over year, it continues to show losses that are more than 38%.
Concerning the fear and greed index, the development that has taken place in Bitcoin over the last month is remarkable, as it has completely abandoned the severe fear, fear, and neutral positions. After a significant amount of time spent in greed, he is now already positioned with a 61.
Bitcoin investors will pay close attention to the Federal Reserve meeting that begins this week. This will be the first meeting of the year, and market analysts anticipate that it will result in a more moderate increase in interest rates, of up to 25 basis points from the previous 50 basis points.
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