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Bitcoin is Back at $24k — But Here's the Catch

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By Jessy Sloan - - 5 Mins Read
Credit: Karolina Grabowska via Pexels |

There's great excitement in the crypto community as Bitcoin price is back at 24 thousand dollars. Earlier today, Bitcoin at peak was at $24,258 on the Bitstamp exchange before it reduced again as part of its reversals. This is the first time the apex cryptocurrency has reached such a pivotal level in many months. Many crypto enthusiasts expect the market to continue growing rapidly as the year unfolds. 

 Coincidentally, the Bitcoin price increase happened while the US stock market had an enormous rally. The tech-heavy Nasdaq 100 index was great and had increased by about 3 percent when Bitcoin reached the $24k level. 

Shares such as that of the Meta increased astronomically yesterday. Many experts believe tech company correlation with the crypto industry might have been the cause of the hike in Bitcoin price. Also, the increase in the price of the apex cryptocurrency came a day after the Federal Reserve raised its benchmark interest rate by a quarter percentage point. But, Fed Chairman Jerome Powell said that the federal government had started its deflationary process of reducing its interest rates. 

Before it increased astronomically, Bitcoin was initially moving around 1% higher at $23,821.00. According to data provided by Coinmetrics, it increased from $24,069.00 earlier in the afternoon to about $24,249.70 before it decreased. The latest increase in Bitcoin has been the highest since August 17. Also, many experts noted that this January, which the crypto market is experiencing, has been the best in many years. This January Bitcoin market has been the best since 2013. 

Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank said that despite the price increase, It seems the crypto market is not yet ready for a massive market rally. "The market took the latest FOMC as dovish, but bitcoin’s rally remains precarious. The price did rise on Wednesday but failed to close above $24k, and its momentum seems to be on the decline," the crypto analyst said. 

Crypto Not Ready For a Massive Bullish Rally 

Many crypto analysts and experts have said that despite the new Bitcoin peak recorded yesterday, they don't think the crypto market is ready for a massive bullish rally. Many think the crypto market needs a little bear market before a massive bullish rally begins. 

According to CNBC, "Bitcoin has rallied more than 40% since the start of the year, quickly paring losses from its disastrous 2022. Many investors and analysts are wary, however, that despite the current bullish trend, crypto isn’t ready for a rocket ship rally yet, and prices could pull back at least once more before it is."
But despite the opinions of the crypto analysts, it is undeniable that Bitcoin has been in good form. Data shows that the apex cryptocurrency has increased by more than 40% since the year started. After the losses witnessed last year, this is a very good development for the crypto community.