Slowly, in small steps, something is starting to happen on the cryptocurrency market. For the past year, since the onset of the current bull market, we have seen constant fluctuations in the price of BitCoin, alternating with minimal increases. However, in the last 24 hours its rate has skyrocketed. We recorded over 10% increase in the value of the leader on the cryptocurrency market. Thus, these are the highest quotations since August last year.
After the drastic fall of BTC to USD 15,000, which was caused by the FTX scandal, BitCoin is again close to USD 24,000. This is more than 10 percent increase compared to the previous day. Other cryptocurrencies followed in the footsteps of their leader, including Ethereum, which currently has a value of over USD 1,700.
Some say that the so-called “short squeeze”, i.e. a sharp increase in stocks caused primarily by increased demand for closing short positions. According to data from CoinGlass, within the last 24 hours, traders liquidated their short-bitcoin positions with a total value of over USD 61 million, thus raising the price of the title BitCoin.
Others bet on tax loss collection, where investors bet on selling at a loss at the end of the year to reduce tax, then build up their holdings again.
Cryptocurrency enthusiast Mike Novogratz, who already has some hit predictions at the end of his speech at the Bank of America conference, suggested that BitCoin would increase to $30,000 later this quarter:
“When I look at the price action, when I look at the excitement of calling customers, the increasing FOMO, I wouldn’t be surprised if we hit $30,000 by the end of the quarter.”
It is true that this particular forecast is definitely lower than those he shared with us earlier, but still – we are talking about growth.