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

Episode 7 from Cointelegraph Crypto Trading Secrets podcast is now live. This week’s episode features an interview with crypto trader Zoran Kole, who goes by @Captain_Kole1 on Twitter. Kole shared his opinion in response to several questions asked by the host Benjamin Pirus during the recording of the episode on March 1 – including his opinion on what he thinks will most affect the price of Bitcoin (BTC) so far in 2023 (according to the show. recording), and what can remain there for the rest of the year.

Bitcoin starts 2023 trading between $16,000 and $17,000, according to Cointelegraph’s BTC price index. The assets were close to $24,000 at the end of January and exceeded $25,000 in February. The coin then dipped back below $20,000 in March, but has since rebounded to $26,000.

“There are murmurs that Binance is buying a lot of Bitcoin using BUSD,” Kole said. Binance USD (BUSD) is a stablecoin under the Binance brand but issued by Paxos Trust Company, and faced regulatory uncertainty in February. Binance CEO Changpeng Zhao confirmed that Paxos owns and oversees BUSD. However, Kole thinks the 2023 price action so far may be the result of prolonged price suppression and the public’s desire to capitalize on 2022 losses:

“To put it more simply, in 2023, I think that the attractiveness of making it again in one trade is the reason that the price has increased since the beginning of the year.”

However, Kole doesn’t think the rational will stay in play for a year. He explains:

“I expect a lot of related behavior. So, all buyers who can buy $15,000, $16,000, $17,000 will probably look to spread somewhere above $20,000, lower $30,000. So, I think we will see some deduction at the end of the year.

Kole also answered a few other questions during the episode, including giving his thoughts on the future cycle for BTC.