Predicted price of cryptocurrencies on February 1, 2023: ETH, BTC, and Cardano
In 2021, the appeal of cryptocurrency was still strong. Goldman Sachs now accepts cryptocurrencies. The first large cryptocurrency business to go public was Coinbase in April 2021. In October of that same year, the first bitcoin-focused exchange-traded fund in the United States made its debut.
Bitcoin, the most well-known cryptocurrency, had a successful year. Since the beginning of 2021, the value of the digital currency has increased by almost 70%, increasing the entire market value of cryptocurrencies beyond $2 trillion.
This year has seen a considerable growth in the values of most of the major coins, which has been wonderful for the cryptocurrency market. Three more successful digital currencies are Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE).
Investors can anticipate a wonderful voyage if the history of cryptocurrencies is any guide to the future.
The following are key cryptocurrency forecasts for 2023:
Price Prediction for Bitcoin
As of right now, the price of one bitcoin is approximately $23,672, with a 24-hour trading volume of almost $26 billion. It is ranked first on CoinMarketCap and has a $456 billion market cap.
The BTC/USD price has surpassed the triple peak level of $23,400 in the last four hours and now has the potential to rise to $24,066.The price could hit $25,150 if it exceeds $24,066.
In Bitcoin, an upswing is often initiated by the breakout of a symmetrical triangular pattern. As a result, we can anticipate further price increases for BTC.
A break of this level might extend the selling trend all the way to $22.800 or $22,350 on the downside, where Bitcoin’s immediate support is still sitting around $23,350.
Estimated price of Ethereum
With a 24-hour rise of 2.25% and a $8.1 billion trading volume, Ethereum is currently trading at $1,629 USD. On CoinMarketCap, it is presently ranked second with a market capitalization of $199 billion.
Ethereum has been rising since the breakout of a symmetrical triangle pattern, and it is now likely to find immediate support around $1,620 levels.On the downside, $1,560 serves as support, and a breach below it might push ETH back below $1,500.
Upside: Ethereum encounters immediate resistance at $1,660 or $1,680. ETH may reach levels of $1,745 if a bullish break above $1,680 occurs.
Cardano Price Prediction
Cardano That price drop, which began in August last year, is set to come to a conclusion. Factors that contributed to a continual sell-off were the staggeringly high global inflation rate and strong remarks from central bankers that this inflation would not go away without harming the underlying economy.
In anticipation of inflation falling to 2%, which would be unusual because bumps along the way are more likely, markets have been rising a little too quickly.
The ADA price has not seen a rise in volume to its typical trading level since 2018. This size of a rally on such low volume suggests that it is built on a fragile foundation and could crumble with the slightest shock, such as an unanticipated rise in inflation as opposed to a drop.
Cardano’s price has risen above the important horizontal level and the red downward trend line. This, along with the huge caps at $0.384 and $0.40, should be a warning to traders that any further rise will need a lot of help from central banks, more drops in inflation, and less geopolitical risk.
It may be argued that a significant change has occurred if volume starts to climb more, keeps increasing through February and March, and then breaks over the levels once more in May 2022.
Due to the increased volume behind it, the rise is more broadly backed and will perform better in any market turmoil. With the next $1.54 level as the price target for 2023, the volume buffer may more easily push price action above $0.84 and better withstand any market shocks.