Bitcoin’s 2023 price action driven by the desire to regain losses, according to professional trader

Cointelegraph Episode 7 crypto trading secrets The podcast is now live. This week’s episode features an interview with cryptocurrency trader Zoran Kole, who goes by @Captain_Kole1 on Twitter. Kole shared his thoughts, answering a number of questions asked by host Benjamin Pirus during the taping of the March 1 episode. This includes his take on what he thinks will have had the most impact on the price of Bitcoin (BTC) so far in 2023 (at the time of the show). recording), and whether that holds true for the rest of the year.

According to Cointelegraph’s BTC Price Index, Bitcoin will start trading between $16,000 and $17,000 in 2023. The fortune climbed to nearly $24,000 by the end of January, and in February he topped $25,000. The coin then dipped below $20,000 in March, but has since risen above $26,000.

“There are rumors that Binance is using BUSD to buy up a lot of bitcoin,” Cole said. Binance USD (BUSD), a Binance branded stablecoin issued by Paxos Trust Company, faced regulatory uncertainty in February. Binance CEO Changpeng Zhao claims Paxos fully owns and oversees his BUSD. But Cole believes that so far, price action in 2023 may be the result of prolonged price restraint and people’s desire to recoup their losses in 2022.

“Put more simply, I think the lure of a one-deal reversal in 2023 is part of the reason why prices have been higher since the beginning of the year.”

But Kole doesn’t exactly believe that rationale is valid all year round. he explained:

“I expect to see a lot of range behavior. We’re going to try to distribute it, so I think we’re going to see quite a bit of chop towards the end of the year.”

Cole also answered a few other questions during the episode, including giving his thoughts on BTC’s potential future cycles.