Could Bitcoin Be Set To Have The Best January Since 2013?

Could Bitcoin Be Set To Have The Best January Since 2013? 

Bitcoin Rally

Despite a number of crypto firms collapsing in 2022, cryptocurrencies have since seemed to start of 2023 with a bullish sentiment as a number of crypto tokens see their prices skyrocket, recovering from the low prices they suffered in Q4 2022.

Bitcoin in particular has seen a great start this month with the largest cryptocurrency seeing its price jump by more than 40% these past 30 days.

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Bitcoin price

1st of January, 2023: $16,500

Now: $23,100

— The Spectator Index (@spectatorindex) January 27, 2023

According to data from CoinGecko, January has added $280 billion to the entire crypto market with Bitcoin now having a market cap of $448 billion at the time of writing. 

This past weekend, Bitcoin also saw a new five-month high $23,950 before now returning to a trading price of $23,270.

2023 Bullish Year For BTC?

All things considered, this massive rally Bitcoin has seen within the past month has many in the community wondering whether this could hint at a bullish year for the cryptocurrency. But a number of crypto analysts say otherwise.

Despite the bullish sentiment that started off the year, many crypto analysts have pointed out that finance experts have warned against an upcoming recession this 2023, which could heavily impact the prices of cryptocurrencies.

Leading cryptocurrency analyst Altcoin Sherpa warns that although Bitcoin could touch a high price of $25K in February, it would most likely retract its price.

“What am I saying? Bottom in? Not really. Different macro environments and I’m more playing everything safe. That said, I’m still net long and I will be playing this rotation for as long as it gives. Still expecting at least 25k to be honest,” he wrote to his 190,000 followers on Twitter.

What am I saying? Bottom in? Not really. Different macro environment and I'm more playing everything safe. That said, I'm still net long and I will be playing this rotation for as long as it gives. Still expecting at least 25k to be honest.

— Altcoin Sherpa (@AltcoinSherpa) January 30, 2023

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