- Bitcoin price broke above $21,440 on major cryptocurrency exchanges for the first time since the FTX implosion.
- Much of the buying pressure was retail driven as crypto mirrored stock market gains on Friday.
- Veteran trader and market analyst Peter Brandt has shared his prediction for the Bitcoin price in 2023.
Cryptocurrencies roared into the weekend as Bitcoin price spiked above $21,000 for the first time since the FTX debacle began in November.
Data from CoinGecko shows that the benchmark crypto reached nearly $21,450 on major crypto exchanges on Sunday, with major altcoins trailing the leading digital asset. Ethereum broke above $1,500, Solana jumped to trade at a high of $24, and Dogecoin surged as high as $0.088.
Notably, the surge in crypto prices followed an increase in growth stocks and risky assets as US inflation slowed further in December, signaling a potential Federal Reserve pivot.
Bitcoin Price Rally – Analyst Points to $25,000 in March
Bitcoin is up more than 22% in the past seven days, with BTC currently showing resilience above the $20,000 support level.
While on-chain data indicates the buying pressure over the weekend was not so much driven by institutional investors, the potential for bitcoin to move higher remains if prices consolidate above the psychological level.
According to veteran trader and market analyst Peter Brandt, BTC’s bullish trend will benefit from a weekly close above USD 20,800. He shared the prediction in one tweet.
— Peter Brandt (@PeterLBrandt) January 15, 2023
The veteran trader predicts a run to major resistance at $25,000 by March, with rejection as BTC retests the $18,000 level. If the bulls continue at this level, the analyst predicts another sharp rally that could lead to resistance levels for Bitcoin’s price test around $35,000 in July 2023.
While he warns that no one can predict the markets with certainty, his long-term vision for Bitcoin is for the cryptocurrency’s price to top $100,000 by 2025.