Bitcoin and Ethereum Price Forecast with Improving US Consumer Morale

Bitcoin (BTC) maintains progress this January 13th morning and increased by 3.8% in the last 24 hours it now posts a price of $18,842, allowing it to rise more than 12% in the last seven days.

BTC hit a two-month high and the cryptocurrency market’s continued growth got a significant boost after data from the US Consumer Price Index (CPI) showed signs of lower inflation.

As a result, Ethereum reached $1,408 today and other cryptocurrencies such as Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP) are also showing signs of strength.

The FTX collapse and its negative effects on bitcoin and other digital currencies seem to be receding.

Indeed, the value of bitcoin has increased by 10% in the last two weeks. According to experts, this is Bitcoin’s longest winning streak. In addition, if macroeconomic conditions remain favorable, prices should continue to rise in the coming weeks.

In addition, another positive aspect of the Bitcoin (BTC) network was demonstrated by the report: environmental advantage. This means that BTC’s environmental benefits outweigh its downsides by 31 times, which may explain BTC’s overall upward trend.

Meanwhile, Samsung Asset Management has announced plans to launch a Bitcoin futures ETF on the Hong Kong exchange.

Considering this The Hong Kong Stock Exchange is the only licensed exchange in Asia offering Bitcoin futures ETFs, some believe that spot crypto ETF products will soon be allowed. But so far, this news has had little impact on Bitcoin prices.

US consumer sentiment is improving

Initial index Consumer confidence for the United States rose to 59.7 from 59.1 in December 2022 by UoM. The expectations sub-index increased from 58.4 to 59.9, and the current conditions sub-index decreased from 60.2 to 59.4.

Meanwhile, the inflation forecast for the end of the year was reduced from 4.6% to 4.4% in the initial calculation, and the 5-year forecast was reduced from 3% to 2.9%.

These numbers showing confidence in an increasingly restorative future.

The cryptocurrency market is optimistic.

The global cryptocurrency market continued to rise and gain momentum during the day for the first time in weeks, allowing market capitalization exceeded 900 billion dollars. As a result, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and many other cryptocurrencies have increased in value.

However, Bitcoin’s price rally came after US Consumer Price Index (CPI) data showed signs of slowing inflation.

Bitcoin’s environmental pros outweigh its cons by 31 times

Another aspect of the Bitcoin (BTC) network was highlighted by a climate technology investor. the environmental advantages of the network are 31 times greater than its disadvantages.

Daniel Batten, a self-proclaimed philanthropist and environmentalist, claimed during a Twitter discussion on January 12 that “Bitcoin is probably the most important environmental technology of our time.”

According to Batten, the 31-to-1 positive impact-cost ratio was determined through research and interviews with grid engineers, climatologists, BTC mining engineers, methane mitigation specialists, and solar and wind turbine installers.

According to research, Bitcoin has 21 potential environmental benefits and only 5 potential environmental deficiencies.

The US dollar has fallen

The The depreciation of the US dollar was another factor that helped digital currencies. The broad U.S. dollar failed to extend its modest gains, even as lower U.S. inflation bolstered optimism that the Federal Reserve will slow the pace of interest rate hikes. low point in seven months.

Fed officials were relieved to see this consumer prices fall in Decemberthey celebrated what they were able to do for the first time in two and a half years to slow the pace of monetary tightening.

Bitcoin price

Bitcoin is currently trading $18,842, the 24-hour trading volume is $36 billion. Bitcoin has crossed $18,500 and is slightly lower.

Moving up this level will quickly create more space receive $19,850 or more, Up to the $20,000 psychological trading level. Bitcoin’s next support level is at $18,400 or $17,300, which could present BTC’s pullback levels in case of a downward correction.

Bitcoin Price Chart – Source: Tradingview

At the same timeRSI and MACD indicators have reached overbought levels. As a result, we should watch $19,000 as failure to break above this level could result in a lower move in BTC.

The price of Ethereum

Current price of Ethereum 1408 dollars, the 24-hour trading volume is $9.5 billion. ETH/USD ad pair$1,350 has broken the key resistance level et now A good way to reach the $1500 level.

On the downside, the immediate support level for Ethereum is $1,350, and candles closing above this level should lead to a real rally higher for many investors. If the $1,430 level is breached, the ETH price may reach the next $1,500 resistance level.

Ethereum Price Chart – Source: Tradingview

On the downside, ETH price may find support near $1,375 and a break below this level could lead to further selling at $1,330. However, Today’s uptrend is strong, so look for buying opportunities.

Other high yield cryptocurrencies

The global cryptocurrency market is uncertain, but several new cryptocurrencies are making headlines. Let’s explore the opportunity to take advantage of it!

Fight Out (FGHT)

It works in the same way as the Fight Out Platform (FGHT). personal sports trainer, except that the FGHT badge is an award for training periods. All activities are recorded and can be used to improve the stats of his metaverse avatar. opportunity Earn FGHT tokens It adds an extra incentive for people to stay healthy and exercise while taking advantage of blockchain technology.

Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to the token sale that started last week, it already is It has collected more than 2.8 million dollars. Current sale price 60.06 FGHT for 1 dollar (FGHT can be purchased with ETH or USDT), but this will increase as the sale progresses.

C+Charge (CCHG)

C+Charge (CCHG) a Binance Chain-based peer-to-peer payment system for electric vehicle charging stations (VE). Due to launch in the second quarter of next year, it aims to increase access to carbon credits by rewarding consumers who charge their electric vehicles at their terminals.

According to forecasters, the project has the potential to benefit from the expected significant development of the carbon credit market. Coherent Market Insights believes so the market will exceed $2.4 trillion by 2027About $211.5 billion in 2019.

The ability to earn carbon credits for C+Charge is an additional incentive to accelerate the already rapid transition to electric vehicles. The voluntary credit market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a major role in that expansion. Till now, the presale has raised $264,700 so far.

Meta Masters Guild (MEMAG)

The presale for the Meta Masters Guild starts today, a mobile oriented gaming guild This will create a mix of Web3 games and win-win games. Its Ethereum-based games include playable NFTs and redeemable incentives MEMAG, the company’s native token, can then be staked and sold. He will be available in seven stepsthe first of which he now offers MEMAG for $0.007.

Even before MEMAG’s IPO, this price will gradually increase to $0.023, a 228.5% increase for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s first game (Meta Kart Racers) is released in the second quarter of this year.

Additionally, if the broader market and global economy improve, its local cryptocurrency could be a major beneficiary.

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news

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