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(Kitco News) – The crypto market initiated its next rally in late Friday trading, as Bitcoin (BTC) rose above $22,700 for the first time in more than four months after trading sideways last week.The rally helped push the total crypto market capitalization past $1 trillion.
And the positive momentum wasn’t limited to cryptos as the stock market trended higher for the day, leading to green finishes for the S&P, Dow and Nasdaq, which closed the day up 1.89%, 1.00% and 2 with an increase of 66%., accordingly.
After a brief dip below $21,000 support in the early morning, Bitcoin bulls charged higher in the afternoon session to push the top crypto to $22,775 for the day, a price last seen more than four months ago in September, TradingView data shows.on the 13th..
BTC/USD 1-day chart.
Source: TradingView
The possibility of a move higher was predicted in a morning Bitcoin update from Kitco Senior Technical Analyst Jim Wyckoff, who highlighted that a “Bull flag or bullish flag [appeared] to be formed in the daily chart”.
Based on the chart setup, Wyckoff concluded that Bitcoin bulls “have a solid overall near-term technical advantage amid an uptrend in prices on the daily chart.The price path of least resistance remains sideways to the upside.”
Market analyst Rekt Capital noted that Friday’s midday rally pushed Bitcoin closer to its 200-day moving average (MA).Traditionally, a break above the 200 MA was a clear signal that the bear market was over and a new bull cycle had begun.
[#BTC:]now just +10% away from the 200 week MA (orange) retracement.
[$BTC:] [#Encrypted] [#Bitcoin] [pic.twitter.com/z6NUc9zv8q]
— Rekt Capital (@rektcapital)
[January 20, 2023]
Michael van de Poppe, founder of Eight Global, posted the following tweet, offering a realistic prediction of how things might play out during 2023.
This year we will likely have a 2-4 month window in which the markets experience strong relief.
It may actually be the case right now.
Therefore, an increase of $35k is possible
[#Bitcoin].
Be prepared, maximize, save this year and you’ll be golden.
— Michael van de Poppe (@CryptoMichNL)
[January 20, 2023]
And technical analyst Geert van Lagen showed what’s possible if Bitcoin goes into full beast mode and finally has the hit many crypto investors have been hoping for since early 2021.
[$BTC:][1D]A potential form of incoming super macro blower top I’m waiting for.
The effects of 1-2 leading diagonals are so severe.
On the way up, it will be important to analyze the actual price waves, to assess whether the price has already had its five waves or not.
[#Btc:] [pic.twitter.com/c2kDIGMlVm]
— Gert van Lagen (@GertvanLagen)
[January 20, 2023]
Altcoins are on the rise
BTC’s midday rally turned out to be a boon for the altcoin market as prices rose across the globe to the delight of crypto investors worldwide.
Daily performance of the cryptocurrency market.Source: Coin360
At the time of writing, the biggest gainer of the day is Hedera (HBAR), up 33.1% to $0.0779, followed by Aptos (APT) up 22.64% and Render Token (RNDR) up 19.35%.
The total cryptocurrency market cap is now $1.027 trillion, and Bitcoin’s dominance rate is 41.7%.
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