Bitcoin is preparing to rise to $ 25,000, cryptocurrency analysts say

According to the TradingView analytical platform, the flagship cryptocurrency continues to grow, preparing to rise to $ 25,000 in the near future. At the moment, BTC $74,970.00 Bitcoin 0.92% Market capitalization $1.48 trillion VOL. 24 hours $3.72 billion is aiming to rise above the resistance zone of $ 23,500.

Over the past 7 days, bitcoin has risen by 8.3%, reaching a market capitalization of $ 441 billion. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $ 22,100. According to TradingView analysts, if the price of BTC fails to overcome the resistance at $ 23,400, another downward correction will begin.

The value of the market’s flagship may be negatively affected by the US Central Bank’s interest rate hike — on February 1, it will hold a meeting to decide whether the rate will be increased. A few days ago, US Federal Reserve President Jim Bullard proposed to increase the rate by 50 basis points.

Yesterday, Arthur Hayes, founder and former CEO of BitMEX, predicted that bitcoin could collapse in the near future if the Fed does not change its monetary policy. Cryptocurrencies and other digital assets will start losing their value if it becomes known that the Federal Reserve will resume issuing paper money. «If the Fed fails to execute a reversal or several Fed officials deny any expectations of a reversal even after the 'good' consumer price index (CPI) is printed, bitcoin is likely to fall to previous l ows,» the former BitMEX chairman emphasized.