Bitcoin defies broader market trends, breaking above $25,000 for the third time in three days

By Tsunami On Feb 19, 2023

Bitcoin’s recent bullish run has taken the cryptocurrency above $25,000 for the third time in three days, defying broader market trends. Despite previous attempts to break through the psychological resistance of $25,000, Bitcoin has failed to do so convincingly, falling back below within the hour. However, this time around, Bitcoin has recovered from earlier lows of $24,600 on Sunday, rising 2% in the past four hours. In the previous 24 hours, Solana (SOL) and Polkadot (DOT) recorded a 6.5% and 7.5% increase, respectively, putting them on top of the top 15 list, while Bitcoin rose by 1.5% as of press time.

Bitcoin’s strong performance since the start of January has seen it climb 50% year-to-date, starting the year at around $16,000 and rising steadily in the first couple of months. This bullish run has also spearheaded an increase in the overall crypto market cap, which has surpassed the $1 trillion mark and currently sits at $1.14 trillion. The only top 10 project with a better seven-day performance is Polygon, which is up 18.83% in the last week compared to 13.4% for Bitcoin.

Economist Peter Schiff warns of Fed interest rates’ impact on cryptocurrency prices

Although Bitcoin’s performance is impressive, economist Peter Schiff is concerned about the impact of Fed interest rates on stock, cryptocurrency, and commodity prices. Schiff believes that the Fed’s inability to raise rates high enough to get inflation back down to 2% without creating a worse financial crisis will result in the Fed surrendering long before inflation returns to 2%.

It took the #Fed until 1986 to get the high #inflation rates of the 1970s down to 2% (a benchmark that wasn’t achieved again until 1998, 12 years later.) The Fed Funds rate hit a high of 16.2% in 1986. Today’s Fed Funds rate is 4.6%. Interest rates still have a long way to rise!

— Peter Schiff (@PeterSchiff) February 18, 2023

Trading suite Decentrader predicts big move for Bitcoin, with $180,000 as the target

Despite concerns over the Fed’s impact on the market, trading suite Decentrader believes that Bitcoin’s current price behavior is in line with historical norms. Comparing current price behavior to Bitcoin’s previous four-year halving cycle, the firm argues that everything is playing out as it should. Decentrader CEO Filbfilb even states that $180,000 is “the target” for BTC/USD upside.

The recent move from $17k to $23k matches the 2017 move around the 1000 day mark.

Price ranged and moved slightly higher for 30 days and then put in another big move of roughly equal size.

If #Bitcoin continues to mirror 2017 we could be in for a big move this week. pic.twitter.com/lX5xjOu5Jx

— Decentrader (@decentrader) February 18, 2023

As Bitcoin continues to break through psychological resistance, it remains to be seen whether it will maintain this bullish run into the future. However, if Bitcoin continues to mirror 2017, as Decentrader suggests, the market could be in for a big move this week.

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