Will Bitcoin (BTC) Price Hit $25K By End Of Feb? Here’s What Traders Can Expect

The post Will Bitcoin (BTC) Price Hit $25K By End Of Feb? Here’s What Traders Can Expect appeared first on Coinpedia Fintech News

Bitcoin’s price has again created an exciting trading session by surging with a minor upward retracement. BTC price witnessed a 2% gain after the market got influenced by Federal Reserve Chair Jerome Powell’s speech that sent ripples through the cryptocurrency world.

However, the market focused only on one sentence: Declaring 2023 to be a year of disinflation, which first sparked bullish hopes among crypto investors but later came to a realization that Fed intended to increase interest rates throughout the year, resulting in a panic situation in the crypto space.

As BTC price witnesses massive whale movements ahead of the golden cross, traders are preparing for an upcoming wild ride.

Golden Cross Ignites Bitcoin Whales To Make Massive Moves!

As Bitcoin price is approaching the final hour of its much anticipated technical event called “Golden cross,” it awakens the whales of the BTC market to accumulate a massive amount of coins. BTC’s 50-day EMA is about to cross above its 200-day EMA, which may put a nail in the coffin of short-sellers this week. On-chain analytics firm, CryptoQuant, predicts this golden cross will lead Bitcoin to make a new yearly high with a support level of $25K.

As the market prepares for this technical event, Bitcoin whales, or large investors holding significant funds, have been making massive moves that are creating a buzz in the community. In just the last 24 hours, multiple large transactions were recorded, totaling hundreds of millions of dollars in Bitcoin being moved from one wallet to another. In addition, on-chain tracker PeckShield Alert recently recorded a transaction of 412 BTC from an ancient wallet that was inactive for 11 years, hinting at a big price action ahead.

Is BTC Price Heading For $25K?

The last 24 hours brought a rollercoaster of emotions to Bitcoin investors due to the speech of Federal Reserve Chairman Jerome Powell. The BTC market shifted with every word he spoke, causing a tumultuous 24 hours for those invested in the crypto space.

As of writing, Bitcoin price hovers near $23.1K with a gain of 0.5%. A prominent crypto trader, MonoCoinSignal, predicts that BTC is set to flash an uptrend above its 38.2% Fib retracement. The analyst predicts that the BTC price may form a resistance near the 0.61 Fib level at $23.6K. On the other hand, a breakout below the EMA-20 level at $22.6K may plunge the asset to the bottom level of $21.2K.

It is to be noted that BTC whales may be positioning themselves for the golden cross with the expected price increases that will come up. But conversely, a freefall is expected if whales sell their assets after the event to avoid being caught in a downward trend.