Bitcoin has always been the alpha currency in the crypto space. In fact, this is true, because it all started with the invention of Satoshi Nakamoto, which was first used to pay for pizza. Now we can’t even imagine how someone could own hundreds of BTC at once. Since then, the pioneering cryptocurrency has risen in value. However, the situation has not always been stable and, as we know, the value of BTC has fallen and risen many times in recent years.
Bitcoin to dollar rate chart (BTC/USDT)
Bitcoin rate forecast
What is happening with the BTC cryptocurrency? What to do if you are a happy owner of BTC and what is the immediate future for the first cryptocurrency? An analyst from our CryptoBread.net team answered these questions.
Bitcoin has been demonstrating a confident, non-correctional upward movement since the beginning of 2023, after updating the minimum value of the current trend and 64-day accumulation. In terms of accumulated volumes, the accumulation zone is very large. It is the sales of accumulated volumes by major players that justify this growth. BTC growth since January 1 was more than 45%.
Since January 18, the news feed has been filled with reports that crypto brokerage Genesis Global Capital may be preparing for bankruptcy proceedings. This news caused an immediate reaction from the crypto community. But the main question hung in the air.
Why do some bankruptcies cause cryptocurrency prices to plummet, while others cause them to rise rapidly?
The answer is here: Genesis Global Capital's problems began in July 2022 - after the bankruptcy of the notorious crypto-hedge fund Three arrows capital.
The bankruptcy of FTX in November also played an important role. Genesis Global Capital previously invested $175 million in Sam Bankman-Fried's company. Withdrawals from the platform have been stopped. Thus, we can conclude that the crypto market has long taken into account the financial problems of Genesis Global Capital in its prices back in July and November 2022.
BTC forecast widget for today
The widget shows the Bitcoin forecast from a technical point of view. analysis in real time at specified intervals.
What to do with Bitcoin now?
What are BTC holders doing right now with their assets? They sell? If so, is this a safe and wise decision?
- First, if we consider hodlers rather than speculators, they will most likely maintain their positions in BTC until the end of this bullish mini-cycle, which is often occurs when global trends change.
- Secondly, long-term holders will continue to hold Bitcoin until the next peak of the bullish trend.
If you are holder of BTC, then the position has probably been accumulating for quite a long time and the value of the position in dollars is averaging out towards the prospect of reaching a new all-time high in the next bullish trend. In this case, it is better to save your BTC and stick to your savings strategy.
If you adhere to a speculative strategy and do not know whether growth will continue or not, and FOMO does not let you go, you need to close part of the position and set a stop loss at breakeven or even at a good plus. This way you will win in the event of a correction and will not miss the continuation of the upward movement (if it continues, of course).
Bitcoin Cryptocurrency Outlook?
This bull mini-cycle could last up to $30,000-$40,000, which would be roughly halfway through a key bear cycle - just like Bitcoin's previous bear cycle fell from $20,000 to $3,000, and in the intermediate bullish mini-cycle rose to $13,000:
Thus, we see that Bitcoin is still far from leaving the crypto market, as some fear. A bullish trend can only be a harbinger of a bearish circle. The most important thing for holders is not to panic, forget about FOMO and make sober decisions. This is the only way to avoid losing capital and benefit from the situation.
