Bitcoin Price Prediction When BTC Rises Above $22,000 – Here’s Where It’s Heading Now

by Arthur · February 15, 2023

Bitcoin Price Prediction When BTC Rises Above ,000 – Here’s Where It’s Heading Now

Bitcoin, the world’s largest cryptocurrency by market capitalization, has recently passed the $22,000 price level, sparking discussions about the future prospects of the digital asset.

While Bitcoin has witnessed several price increases recently, this recent rally has come amid unprecedented institutional investor interest and increased mainstream adoption.

This has resulted in analysts revising their Bitcoin price predictions, with some predicting a continued bull run, while others are more cautious in their outlook.

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Bitcoin rises in response to uptick in retail sales

US retail sales recorded an unexpected increase of 3% on a monthly basis in January 2023, which marked the most significant increase since March 2021 and far exceeded market forecasts for a 1.8% increase. This rise followed a fall of 1.1% in December.

Generally, robust retail sales data indicate that the US Federal Reserve may take a more hawkish stance on monetary policy, causing investors to move away from high-risk investments like Bitcoin and towards traditional safe-haven assets like gold.

El Salvador to establish ‘Bitcoin embassy’ in Texas

El Salvador has initiated plans to establish a “Bitcoin embassy” in the state of Texas, as declared by the country’s envoy to the United States, Milena Mayorga. In a tweet yesterday, Mayorga stated that she participated in discussions regarding the proposal with Joe Esparza, the Texas Deputy Secretary of State.

The Texas Secretary of State has confirmed that they did indeed hold a meeting with El Salvador’s representative to the United States, with the intention of exploring opportunities for cultural and business exchange. Nevertheless, the official has chosen to keep the details of the dialogue confidential.

Reports indicate that El Salvador has acquired the aforementioned digital currency, as mentioned in tweets made by the nation’s leader. Nevertheless, the authorities have refrained from revealing the details of the acquisition, much to the dismay of various human rights organizations, which have chastised President Nayib Bukele for his harsh crackdown on the country’s notorious street factions.

Despite the criticism, Bukele has maintained a large following among the population of El Salvador.

Bitcoin on the rise, US CPI behind it?

The US consumer price index (CPI) rose 0.5% in January, mainly driven by increases in food and rent prices. Although January’s annual price increase of 6.4% was slightly lower than the 6.5% recorded in December, it still exceeded the 6.2% forecast by economists.

The persistent rise in inflation continues to cause concern, and if this pattern remains unchecked, it could have significant implications for the wider economy.

The potential for a significant Bitcoin price rally towards $23,878 has emerged following the release of the US Consumer Price Index (CPI) data. The cryptocurrency market is sensitive to macroeconomic indicators such as the CPI, and any unexpected results can have a significant impact.

The US CPI was recently published, indicating a 0.9% increase in consumer prices in June, well above analysts’ forecasts. In the wake of the announcement, the price of Bitcoin experienced an upswing, which could lead to further gains.

Author of ‘Rich Dad, Poor Dad’ Offers Bitcoin Price Forecast: Insights Revealed

The renowned author of the best-selling book “Rich Dad, Poor Dad”, Robert Kiyosaki, has advised investors to pay close attention to the recent layoffs at leading companies such as Google, Microsoft, Facebook and Amazon. With a staggering 2.3 million Twitter followers, Kiyosaki has further expressed his expectation of a significant market crash starting this month.

According to him, all assets, including gold and cryptocurrencies, are predicted to undergo an initial decline in value.

From Kiyosaki’s perspective, the Federal Reserve will have to resort to printing money to support the markets once the crisis has taken hold. This measure will inevitably lead to an escalation of the national debt and a reduction in the value of the currency.

Kiyosaki has also envisioned that the value of scarce assets such as gold, silver and Bitcoin will experience a significant increase by the start of 2025. Nevertheless, the news has had little influence on Bitcoin’s price up to this point.

IMF’s Warning to El Salvador Regarding Bitcoin’s Risks

The International Monetary Fund (IMF) has issued a warning message to El Salvador regarding the dangers of its exposure to the Bitcoin market and called for more transparency.

El Salvador made history in 2021 as the first country to embrace Bitcoin as legal tender, after which the government started a Bitcoin buying spree.

Unfortunately, the public has not been informed of the exact amount of Bitcoin that the government has obtained through its purchase campaign. During a recent visit to El Salvador, the IMF advised the country to take necessary steps to reduce the potential dangers of involvement with digital currencies.

Bitcoin price

Currently, the current live Bitcoin price stands at $22,974, having recorded a trading volume of $25 billion in the last 24 hours. During this period, the price of Bitcoin has increased by almost 4%. Notably, it retains its position at the top of CoinMarketCap, with a live market capitalization of $443 billion.

The popularity of Bitcoin as a hedge against inflation and store of value continues to rise, bolstered by its growing acceptance and increased institutional interest.

**Bitcoin Price Chart – Source: Tradingview**

Looking at the technical aspect, Bitcoin is expected to face significant resistance at the $24,300 level.

A favorable bullish breakout above this level could trigger a rally towards $25,250, with a further breakout having the potential to drive the Bitcoin price towards $26,850. However, in the event of a bearish trend, the immediate support levels for Bitcoin could be located at $22,375 and $21,300.

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