On January 3, 2009, Bitcoin’s mysterious creator Satoshi Nakamoto mined the first block of BTC, marking the beginning of the digital currency’s 14-year lifespan.
Bitcoin was created in the Genesis block, but it’s unclear if they were ever transferred to a wallet.
The celebration of Bitcoin’s launch this year is certainly optimistic for some analyst on Twitter expecting near-absurd gains for BTC in 2023.
But the bullish move of the top cryptocurrency has yet to be reflected on the charts. Corresponding CoinGeckoBTC lost 0.5% on the intraday.
What does the future hold for Bitcoin?
Since its inception 14 years ago, the top cryptocurrency has experienced multiple bear market cycles. This has been the narrative since late 2022 that the cycle will continue and finally a new one all-time high reach. But party poop aside, that might not be the case.
Several things are currently hampering Bitcoin’s uptrend. One is the loss of strong institutional investor confidence in cryptocurrency. Just last week, news of Bitcoin trailing stocks and gold hit the markets.
This certainly hit the idea that Bitcoin is a digital substitute for gold and has made institutional investors wary of BTC and cryptocurrency overall. Macroeconomic headwinds were also part of the equation.
Michael Berrythe guy who bet against the real estate market in 2008 said that the inflation will increase in 2023. This agrees with the US Federal Reserve possible increases in the interest rate.
Added to this is the weight evolving situation between the Winklevoss twins and DCG, which caused fear, uncertainty and doubt.
As the wounds of Terra Luna’s multiple high-profile crypto meltdown, Celsius3 Arrow Capital and FTX are still very fresh in 2022, investors are wary that this could drag the crypto market to new lows.
BTC Total Market Cap at $324 Billion on Daily Chart | Chart: TradingView.com
with Greyscale with subsequent and significant falls to contend with Ethereum and Bitcoin Trust, FUD is certainly in the air even as the community celebrates Bitcoin’s Genesis Day.
Is $17,000 achievable?
It’s now January economic calendar The US is certainly fraught with major events that will test and weaken BTC and the broader financial market.
The most notable of these are the Federal Open Market Committee meeting minutes, which are expected to provide insight into future Federal Reserve decisions on rate hikes.
As the FOMC meeting approaches, the top crypto will remain at its current support at $16,515. But for BTC to reach even $17,000, it needs the current Resistance break at $16,812 which may or may not happen after the FOMC session ends.
-Featured Image: Bitcoin Binge/Medium
Source: Crypto News Deutsch