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Bitcoin (BTC), Cardano (ADA): Crypto Capital Founder Predicts Bulls' Return Based on This One Thing

Thu, 01/12/2023 - 12:29
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Tomiwabold Olajide
Crypto Capital founder anticipates bear market burnout for BTC and ADA
Bitcoin (BTC), Cardano (ADA): Crypto Capital Founder Predicts Bulls' Return Based on This One Thing
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Crypto Capital Venture founder Dan Gambardello is optimistic about the return of bulls to the crypto market, the reason being that "bears are getting exhausted."

Bitcoin has started 2023 off on the right foot with a steady price increase over the last 12 days.

Traders betting on a slowdown in U.S. inflation drove the price of Bitcoin to its highest level in a month on Thursday.

The biggest cryptocurrency in terms of market value rose above $18,000 for the first time since Dec. 14. Bitcoin was trading up 4.3% at $18,197 as of the time of writing, according to CoinMarketCap data.

The surge in the Bitcoin price drove that of alternative cryptocurrencies, or "altcoins," higher. Most cryptocurrencies were trading in the green at the time of writing.

Cardano (ADA) Suddenly Soars 17%

Cardano's ADA was up 2.10% in the last 24 hours at $0.322. At the week's start, ADA suddenly jumped over 22%, buoyed by continued whale accumulation.

According to Santiment, an on-chain analytics firm, millionaire whale addresses purchased 217.2 million ADA at the start of 2023.

Investors await key releases

It is anticipated that Thursday's release of U.S. inflation data will reveal a slowing of inflation. According to economists surveyed by Dow Jones, the consumer price index might decrease by 0.1% in December.

Investors are hoping that the decrease will encourage the U.S. Federal Reserve to cut interest rates.

In a bid to rein in surging inflation, the Fed and other central banks have been hiking interest rates over the past year or so. These actions caused equities and cryptocurrencies to fall substantially in 2022.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.