Bitcoin witnessed sell-offs in the last 24 hours, leading to a dip in its trading levels, but analysts’ predictions for crypto stood optimistic.
Crypto traders started booking profits at the end of the weekend, which led to a relatively weaker start to the week for Bitcoin. It has fallen below $43,000, while altcoins also shed losses or traded statically. However, experts and analysts believe the market is only going in cautious mode in the run-up to the US inflation reports. As a result, long-term predictions for crypto are optimistic, with BTC’s target at $50,000 within 2023.
The final policy meeting for the US Federal Reserve in 2023 could also impact the crypto market. The rising market volatility of the last few days could be in anticipation of the meeting. Multiple tokens lost value during the high market volatility, but their weekly returns are still in the green.
For instance, Ethereum is trading around $2,200 while its market cap is hovering above $280 billion. Similarly, Dogecoin, Avalanche, Solana, Cardano, and others are sitting on high weekly returns. If they hold their support levels until the US macro events get over, they could rally further in 2023. Meanwhile, Bitcoin’s trading range could be closely watched as a crucial market aspect for the next few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,800 on December 11, 2023, with BTC/USD trading lower by a margin of 4.7% in the last 24 hours. Bitcoin’s market cap was trading at around $817 billion amidst the high market volatility.
BTC/USD is trading higher than its 20-day EMA (39,071.17), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap decreased by around 4.12%, trading above $1.57 trillion. BTC’s year-to-date returns are above 152.67%
Join Millionero and start your crypto trading journey today!