Anthony Scaramucci: BTC Will Hit $50K in 2-3 Years

Bitcoin has been doing quite well over the past few weeks. The currency has already jumped up by about $5,000 since the end of 2022, which will likely go down as one of the most disastrous periods for the world's number one digital currency by market cap.

Timeline of Bitcoin

As the crypto market shows signs of consolidation, many traders are skeptical about the future and predict a Bitcoin dip in February 2023. Despite the skepticism, some experts believe that this outlook actually improves the probability of prices rising further.

The Bitcoin price has been displaying a bullish trend, characterized by higher highs and higher lows, since reaching $24,000 last week. Despite current market indicators suggesting neutrality, potential volatility could drive the price to a new all-time high.

Bitcoin [BTC] showed immense prowess after the U.S. Federal Reserve Board raised interest rates by 25 basis points. Initially, the king coin led the crypto market decline, but this only lasted a few hours as bulls took back control.

Ethereum closed in on the $1,700 level on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell. Speaking after Tuesday's session, Powell hinted that the Fed could continue to hike rates, should the data show the need for action.

An important technical event has just occurred in the Bitcoin (CRYPTO: BTC) market — for the first time in more than a year. What Happened: Bitcoin's 50-Day Simple Moving Average (SMA), now at $19,825, has moved north of its 200-Day SMA, at $19,723.

Data shows the Bitcoin volume dominance of Binance has hit a new all-time high as activity on other exchanges has fallen recently. Binance Accounts For 95% Of Bitcoin Volume Among Bitwise 10 Exchanges According to the latest weekly report from Arcane Research, trading volume excluding Binance has declined 42% during the past week.

A dormant Bitcoin wallet address transferred about 412 BTC worth 9.6 million today. The dormant wallet was inactive for nearly 11 years and made a massive profit on Bitcoin purchased in 2012.

While the star cryptocurrency, Bitcoin price has regained its lost $23K level, popular crypto analyst and trader Michael van de Poppe is flashing a bullish stance against BTC. The analyst makes an effort to inform his 647,300 Twitter followers that the one who is betting against Bitcoin's upward movement will eventually push BTC's price.

On Monday, Bitcoin fell for the fifth day in a row before recovering later in the day to trade close to $23,000. Over the last 24 hours, the largest cryptocurrency by market capitalization has lately decreased by around 0.5 percentage points.

Bitcoin (BTC) might be gearing up for an upward trend reversal as the asset's Spent Output Profit Ratio (SOPR) suggests that the market has slipped into the first stage of a price change in an ascendant direction.