Bitcoin going up - Caused by Powell’s Speech

[adamgil721]

Despite having had a fantastic start to the year, Bitcoin has been in a downward trend from the start of the second week of February, which was accelerated by a speech by Federal Reserve Chair Jerome Powell. A lot of specialists have predicted that Bitcoin will once more drop to $20,000 in price. However, as of the time of writing, the royal currency has made a U-turn and is once again going upward.
 

In order to reduce inflation, Jerome Powell is anticipated to keep raising interest rates.

However, given that the unemployment rate has declined, economists anticipate Jerome Powell to take a hawkish stance. Following the FOMC's first meeting of 2023, the Federal Reserve only last week raised the interest rate by 0.25%.
To maintain the uptrend, a sharp reversal below the psychological $25,000 level is necessary. If the price of Bitcoin holds steady for a longer period of time, it may rise above $30,000. According a recent publication from coinpedia, A steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19.