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Bitcoin Price Prediction as BTC Spikes Above $23,000 – Is a New Bull Market Starting?

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The leading cryptocurrency, Bitcoin, is trading sideways, with the price remaining within a limited range of $22,500 to $23,350.

On January 23rd, BTC/USD closed at $23,114 after reaching a high of $23,114. BTC, the world's largest cryptocurrency by market capitalization, reached $23,000 for the first time since mid-August 2022 on Saturday.

This level was breached again on Monday, indicating a possible bullish trend ahead. This upward trend also pushed the total cryptocurrency market cap above $1 billion for the first time in 5 months.

There were numerous reasons for the bullish momentum in Bitcoin prices that drove them above the $23K mark. Let us now examine them.The CPI report released on January 12 showed a 0.1% decrease in overall inflation, the largest drop since April 2020.

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