what caused bitcoin to go up this january 2023

[Fara Chan]

We found out from the CPI news report, but we cannot confirm this as the main factor causing Bitcoin to increase. we have been in a bear market for a long time, and as we all know Bitcoin moves in cycles in this case Bitcoin will continue.

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

Regarding the trap/ actually taking the bullrun, we don't know about this, but if this is indeed a trap, of course this is a trap made to manipulate investors. but regarding this it is impossible to predict,is this a bull run market or just bull trap.

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[JoyMarsha]

The primary reason for the rise in the price of bitcoin in January has not been identified. As far as I can tell, the price gain might be attributed to a rise in institutional adoption of bitcoin, a general rise in demand for digital assets, and a general acceptance of crypto by the general public. Additionally, investor emotion and market speculation could increase it (increasing the price to $21,000). The upcoming US presidential election may also raise demand for bitcoin as US individuals attempt to shift their assets to bitcoin rather than fiat currency.

[Vampobit]

Could we argue that it has anything to do with the fact that people got large amounts of BTC out of Binance ? therefore, the coins don't get traded and therefore, the value increases ? what do you think ?

[Frankolala]

I see the price of bitcoin has increased, from 18000 now to 21000. and I think this is a good increase, at the beginning of 2023 and I think of course this is a sign that bitcoin will soon go to a bull market,

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

The drastic drop in price last year,has made bitcoin shoot up to 20k because so many people are holding their coins and not selling. This brought more demand for bitcoin since investors have understood that when bitcoin is in its bearish market was time to accumulate more bitcoin and took advantage of the market.

This made bitcoin demand high and so many investors learnt from the trauma of FTX crash that they shouldn't keep their coin in an exchange which led to so many investors withdrawing their coins from exchanges to keep it in their own custody. All these added to little supply in the market and much demand. Bitcoin cyclic history will always keep repeating itself because of its volatile nature. I guess this might be a trap but am still hodling for long. This is a sign of hope that bitcoin might rise up to 35k this year.

[kryptqnick]

I see the price of bitcoin has increased, from 18000 now to 21000. and I think this is a good increase, at the beginning of 2023 and I think of course this is a sign that bitcoin will soon go to a bull market,

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

Sometimes there's no immediate event to which growth or fall of the price can be attributed. I saw an interesting version in this thread yesterday that it was the Miss Universe contestant from El Salvador with a giant Bitcoin promo in her costume. Considering the huge audience of the event, it could be a big factor. Other than that, there was positive news recently regarding stabilization of inflation in the EU and the US, as well as positive prognosis for the EU economy for 2023 (or, rather, better than the one suggested earlier).

[fuguebtc]

The primary reason for the rise in the price of bitcoin in January has not been identified. As far as I can tell, the price gain might be attributed to a rise in institutional adoption of bitcoin, a general rise in demand for digital assets, and a general acceptance of crypto by the general public. Additionally, investor emotion and market speculation could increase it (increasing the price to $21,000). The upcoming US presidential election may also raise demand for bitcoin as US individuals attempt to shift their assets to bitcoin rather than fiat currency.

Not true, the things you mentioned still happen every day, but only on a small scale and few people pay attention, so it can't be said that there is a cause, unless there is big news from big companies or a big country that accepts bitcoin. So far no such news has been given. Bitcoin price increase is still a question, but we are not too bothered because it is bitcoin, always giving us surprises.

If I remember correctly the US election will be in 2024 and it has nothing to do with bitcoin here, there is no evidence that politicians are buying bitcoin.

[mindrust]

I see the price of bitcoin has increased, from 18000 now to 21000. and I think this is a good increase, at the beginning of 2023 and I think of course this is a sign that bitcoin will soon go to a bull market,

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

It is impossible for anybody to know what’s going to happen next. Well we may predict the result of some events correctly but it is never going to be 100% right every time we make a prediction. So when you ask if we are in a bull run or is this a trap, you will get all kinds of answers. Some will say bitcoin will go down it is a trap and some other say “no it won’t go down we are in the bulll”… How are you gonna know who is telling the truth? You can’t possibly know that. Nobody can.

[yudi09]

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

At around 07:45:00 AM today the Bitcoin price chart was at a price level of $21K passing the price of $18.9K yesterday. Any increase for us is a good sign. We can't give you the answer behind today's Bitcoin price increase.

But in my personal opinion, there is a suspicion that many investors are starting to apply patterns to hold Bitcoin assets in the long term so that the percentage of selling is starting to decrease.

Whether this is a sign of a bull run, I dare not say that this is a sign of a bull run because from the price of $21K, the Bitcoin price is now at $20.4K. Nonetheless, we expect this upward trend to continue.

[Majestic-milf]

 Bitcoin's price can be attached to a number of events and just like the others have related it to the reduction of inflation in the US, an impact from the CPI and all that, it probably skyrocted from it's low of $19k to it's current price of $20,538k due to the a sum of $5b worth of liquid assets lawyers unearthed from the defunct crypto exchange, FTX.
 Investors believe that with the decrease in CPI to a percentage of 0.1, there's hope yet for the US Fed reserves to at least put a reverse on interest rate increment. But like someone mentioned, these are all possible causes of Bitcoin price rise, and may not be the main reason, but we'd just bask in this rise and hope for more good news.
 
 

[bounceback]

If I had to speculate. I think it has something to do with the recent news from the United States about how inflation had been decreased or slowed down. Investors may be feeling specially optimistic about the economy in general and decided to put more money into all kind of assets like Bitcoin and stocks.

Yes, I agree with you because after CPI announced the inflation rate for December was lower than November and after that bitcoin price seems to be increasing slowly till now, so I think the recent increase may be due to the decrease in global economy inflation rate.
Although some say that this has nothing to do with the price of bitcoin, but if we look at the last few years the global economy has influenced the cryptocurrency market.

[Jody.Drummer]

The possibility of the news a few days ago regarding the prediction of the CPI which is in accordance with our wishes and of course with this America and its inflation. As for the bull run, we can't say this is the beginning of a bull run or a trap because of course it's hard for us to know for sure.
What has to be done is to endure the current conditions so that you don't falter with a little profit because basically sometimes we falter under conditions like this.
On the other hand, we also have to be careful because it is still a little difficult to predict now, so a decline can still occur.

[virasog]

I see the price of bitcoin has increased, from 18000 now to 21000. and I think this is a good increase, at the beginning of 2023 and I think of course this is a sign that bitcoin will soon go to a bull market,

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

Some people will say that market is pumping because of the CPI data but i don't think that CPI data was so significant that it pumped bitcoin to 21,000 overnight.

There are a lot of short positions opened at 18,500 and 19,000$ level as most people thought that fundamentally bitcoin is not so strong, but to everyone surprise the bitcoin is pumping and liquidating people's positions.

It's too early to say if bitcoin price is really on a bull run or it's a bull trap right now as it is weekend, however, things will be more clear on this monday.

[spectre71]

There is still ALLOT of bad news to come. Housing bubble, new and used car demand down, loan defaults. Let alone there is a high probability of more drama in the exchange arena.


 I am giving mine a haircut and take my profits now. I will turn CDA back on below my blended rate.

[lixer]

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

At around 07:45:00 AM today the Bitcoin price chart was at a price level of $21K passing the price of $18.9K yesterday. Any increase for us is a good sign. We can't give you the answer behind today's Bitcoin price increase.

But in my personal opinion, there is a suspicion that many investors are starting to apply patterns to hold Bitcoin assets in the long term so that the percentage of selling is starting to decrease.

Whether this is a sign of a bull run, I dare not say that this is a sign of a bull run because from the price of $21K, the Bitcoin price is now at $20.4K. Nonetheless, we expect this upward trend to continue.

We definitely can't say what was the reason it went up, but we could definitely say that it's a good thing, that part is a no brainer. When bitcoin goes up, it doesn't just profit at that moment, it also allows us to build a better foundation to a higher price which helps us get better.

I know that it's not going to be easy to accept this as a truth that easily, but if you could focus on being better at stay higher then it is easier to jump from there. But this requires it to stay at around these prices a little while longer, you can't just end up being good and then work towards making it possible without staying good, you have to first establish the current price.

[Yatsan]

CIP report, definitely. But I doubt the increase would be continuous. I was aware already of the possible pump this year but I never thought it would be as early as with this month. I've heard it from a stock investor which is my workmate. He mentioned just this week that there could be a recovery with things but he expected it to occur on the third quarter of this year. On the other hand, it is hard to see that the increase would be continuous because the reason for it is not as strong as with the previous pumps wherein a huge country adopted this technology and such. So maybe, the increase with demand won't support the increase with countinuous and consistent approach.

By early 2023, however, Bitcoin has already begun to show its true form. We all know that the Bitcoin market reached 21290 USD .If we now observe the current price of Bitcoin, we can see that the current price of Bitcoin is 20 thousand 814 USD. Hopefully this is how Bitcoin will move forward and Bitcoin will touch its all-time high by mid-2023. Because overall market seems to be very positive at present.

We're far from that, I think. I'd still assume that the true bullish run would occur because of such event as Bitcoin halving or factors which are directly towards this industry.

[royalfestus]

Fed rate hikes have been the main driver of the bear market, but as the market prices them in, they are starting to lose their impact. It is likely that we have another leg down to the $13K mark, but it is not certain. Although the price will not exceed its previous all-time high as usually happens when halving hasn't happened, 2024-25 will be big years for the bull market

[ilovealtcoins]

Fed rate hikes have been the main driver of the bear market, but as the market prices them in, they are starting to lose their impact. It is likely that we have another leg down to the $13K mark, but it is not certain. Although the price will not exceed its previous all-time high as usually happens when halving hasn't happened, 2024-25 will be big years for the bull market

If the Fed does not raise interest rates, there is no inflation, then bitcoin will still enter the winter of 2022. Therefore, it is incorrect to say that falling inflation is the cause of this increase. This is the second time in a row that inflation has fallen, but the last time bitcoin was no better. Bitcoin is a pump and dump market, so it is normal for bitcoin to spike or drop without stopping.

[solehdavid]

Despite Bitcoin's current rise, there is no significant increase in search volume. This means the potential is huge. If Bitcoin holds above $30,000 in the coming months, we could see new investors entering the market much faster as search volume starts to increase again.

[Asiska02]

I see the price of bitcoin has increased, from 18000 now to 21000. and I think this is a good increase, at the beginning of 2023 and I think of course this is a sign that bitcoin will soon go to a bull market,

but I want to ask is bitcoin going to a bull run, or is it just a trap,? which later the price of bitcoin will fall again to 18000 or 17000?

Bitcoin's price drop below $20,000 was long overdue, and the current increase should be welcomed. Many factors could have contributed to the recent price increase, which is a positive sign that bitcoin will recover and that we will see another bull run in the coming years that will far exceed the current ATH.

A friend of mine did speculate that bitcoin will begin to pump stating from the first month of the new year, as I don’t fully believe in speculations I just disregard the news but now is words are coming to pass. Whether speculated or not speculated, we’re all expecting to see a positive uptrend in the coming months.

[The Cryptovator]

Yes, I noticed a sudden pump today. I'm not excited, but I'm happy. Because we don't know if it started with a real bull or a bull trap. If it's legitimate bull, it's all about investor faith. Investors are starting to believe that 2023 will be a bull year, as opposed to last year, which was extremely bloody for a variety of reasons. On the other hand, negative news has decreased while there is little positive news around us. To be honest, Bitcoin deserves more than $20,000. We'll have to see if it can stay there.