It was just yesterday that Bitcoin was pulled back below its crucial resistance of $23K. However, the flagship currency started the day above $23K before making a slight drop around $22,900. The similar pattern is followed by Ethereum, BNB, Cardano, Solana, XRP and other altcoins which are trying their best to hold on to their levels.
Currently, Bitcoin is changing hands at $22,966 after a surge of 1.50% in the last 24hrs.
2023, A Recovery Year For Bitcoin
On the other hand, the crypto space is eagerly looking forward to next week’s Fed meeting updates and hopes for some ease in the interest rate hikes. The same is the prediction by Anthony Scaramucci, Skybridge founder and a crypto investor. Scaramucci believes that the Federal Reserve will not continue with their interest rate hikes before inflation hits 2%.
Further he claims that if his predictions turn out to be true, the market will start its recovery phase and a lot of risky assets will surge. As per Scaramucci, the year 2023 is a year of recovery for Bitcoin. The investor asserts that the King currency will see its price trade between $50,000 to $100,000 in the next two or three years.
The year 2022 was filled with too many negative events like, bankruptcy filing, liquidity issues and majorly the FTX collapse. After FTX collapsed, the entire cryptocurrency market had witnessed a major downfall where Bitcoin lost more than 50%.
However, since the beginning of 2023 the crypto market is seeing some light at the end of the tunnel as major cryptocurrencies have regained their lost trade level. Hence, the coming week with the Federal Reserve’s next move will definitely be a turning event in the crypto market.
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