The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Ripple’s XRP followed the larger crypto market in the red this morning after a positive Friday session. As there were no new developments in the SEC v. Ripple case to offer guidance, XRP was left in the hands of the broader crypto market.
According to expert Egrag Crypto, XRP might soar to a high of $1.4 if it successfully reverses the current downturn in which the asset has been trapped since May 2021. In its current 21-month slump, XRP has developed a falling wedge pattern (This pattern is a bullish reversal pattern).
The analyst outlined two potential outcomes for the asset at its current price: a drop to $0.22 if the downtrend is maintained, and an increase to $1.4 once the trend reversal takes hold. The last time the price of XRP reached $1.4 was in May 2021.
When the price of an asset is heading downward but the price swings start getting smaller and smaller as they go down the slope, producing a wedge shape, a falling wedge pattern develops. This pattern, which implies that the buyers are taking control and the selling pressure is waning, is regarded as positive since it may portend an increase in price.
Egrag predicts that as XRP begins to see a trend reversal, the price of $1.4 would come into play. He did, however, mention that a crucial resistance level for the asset’s price movement would be the Fibonacci point at $0.786. Notably, XRP’s bullish run to $1.4 becomes significantly more possible if it can overcome the resistance at this level.
Since yesterday’s low of $0.4013, the price of XRP has been rising steadily for the past few days, and it is currently trading at $0.4150. The price has been able to climb above the crucial $0.4126 resistance level thanks to the bulls, and a good close above this level is likely to confirm that the current trend is up.
In the last few weeks, it has been made evident that the Bitcoin bulls are aiming to seize complete control of the market; nevertheless, we have not yet seen a particularly significant pump, and industry professionals continue to compare the year’s performance to that of 2019.
150% Pump Before July?
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in the space of only a few short months.
Tung believes that 2023 is showing tendencies that are almost the same as those seen in 2019, and he is convinced that the king cryptocurrency will have a large increase before July, just as it did in 2019.
As for Bitcoin, the fact that the king coin was able to recover after hitting the $22,800 support level on February 1 suggests that bulls are buying declines to this level. On February 2, the bulls were able to drive the price higher, over $24,000, but they were unable to maintain those higher levels.
Moving averages that are climbing higher and a relative strength index (RSI) that is in the overbought zone both suggest that the route of least resistance is upwards. The price of bitcoin may reach $25,000 if it moves higher from where it is now trading, which is $23,400. It is quite probable that this level will serve as a challenging obstacle.
A break and closure below the 20-day exponential moving average, which is now at $22,279, would be the first indicator of weakness in the market. This might cause the stops of a number of short-term traders to be triggered, which would result in the token falling to $21,480.
As a crypto enthusiast, what do you make of the current market conditions for Bitcoin? Will it reach $25,000 as predicted, or will it face some roadblocks along the way?
Altcoin Sherpa, a well-known crypto strategist, and analyst, recently made several price predictions for the cryptocurrency market in February 2023. In his recent tweets, he discussed his next levels for Bitcoin (BTC), Solana (SOL), Avalance (AVAX), and STEPN (GMT).
Bitcoin (BTC) :
Altcoin Sherpa is becoming more bullish on BTC as it remains in its current range. He predicts that a gap closure of up to $30,000 is probable, based on his analysis. However, he also cautions that the recent January rally does not necessarily indicate a bull market and that BTC has not yet reached its bottom.
According to the analyst, Solana is heading toward the $30 area, and if BTC continues to rise, it could reach the mid-$30s. He notes that the future of SOL is unclear, and its value depends on the holdings of the FTX/Alameda exchange.
Avalanche (AVAX) :
The analyst predicts that AVAX will retrace to $17, a drop of more than 20% from its current value of $21.48. He explains that the retreat is due to pressure from the 200-day exponential moving average (EMA) and certain support and resistance levels.
STEPN (GMT) :
Altcoin Sherpa predicts that STEPN is bottoming and will rally to $0.79, a 38% increase from its current value of $0.57. He explains that if BTC remains stable, GMT is likely to make a low around its current value and proceed higher to $0.79.
Altcoin Sherpa’s recent price predictions provide a glimpse into the potential future of the cryptocurrency market in February 2023. While his predictions are based on his analysis, they should not be considered investment advice.
The fact that Bitcoin has established what seems to be a firm support level of over $23,000 has brought a lot of excitement to the community. At the time of going to print, one king coin was valued at $23,492; however, only a few days before, the token had even reached and breached $24,000 for a brief period.
All eyes are on Bitcoin’s performance in February as predictions pile up and commentators get enthusiastic. That Martini Guy, a crypto specialist who posts videos on YouTube, has forecast that Bitcoin’s price would reach $28,000 by the following Friday.
That Martini Guy predicted as the CME gap/exchange is about to close, Bitcoin will have a tremendous rise and go higher than $28,000.
The expert believes that Bitcoin’s price will fluctuate slightly around $25,000 over the next few days. He also believes that Bitcoin’s price may start at that level but will most certainly surpass his $28,000 target before the day is done.
Recent monetary policy decisions made by the Federal Reserve in the United States have significantly impacted the cryptocurrency market. Bitcoin and other digital assets rose in value after the Fed said it would slow rate rises to 25 basis points.
Technically speaking, Bitcoin is rising and is headed toward $23,800, where there is some near-term support. If this level is breached, more buying might send the price all the way up to $24,000, where an upward trendline may give support around $24,550.
In addition, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both showing signs of a trend toward selling, which means that more selling pressure might potentially drive the price of Bitcoin (BTC) higher upwards. It is clearly highly expected that the king coin will see a massive surge this month, so let’s watch and see.
At the time of publication, the price of bitcoin remained relatively stable at roughly $23,100. The number of positive predictions for the cryptocurrency that is considered to be the king of cryptocurrencies is growing.
Bitcoin to Hit $50k by May
Aaron Arnold, a crypto analyst and the founder of the YouTube channel dedicated to the cryptocurrency space known as Altcoin Daily, recently had a conversation with Bitcoin tech analyst Carl Runefelt, who said that Bitcoin now has a clear bullish divergence.
Runefelt has expressed his strong belief that it is feasible for BTC to reach 50,000 over the next four months, despite the fact that this could seem a little bit odd to some people.
The analyst says Bitcoin will hit $26,000 to $30,000 in February, $33,000 to $37,000 in March, $39,000 to $43,000 in April, and definitely $50,000 by the end of May. And while Runefelt seems quite sure of his prediction, it would seem that the comment section does not agree with him.
A significant number of people are emphasizing the fact that his forecasts are never accurate. For example, he anticipated that Bitcoin would be worth $300,000 in 2022, but instead, the token fell to $14,000.
Some even went so far as to compare him to Jim Cramer, claiming that whatever he forecasts for Bitcoin, the token will move in the opposite way. For instance, if he claims that Bitcoin will reach $50,000, then it is possible that BTC could fall to $20,000 in value.
If Bitcoin manages to break out of its current trading range and close over $23,250, it might trigger a new wave of buying. Under these conditions, it’s possible that the price would climb to about $23,650. The $24,000 mark may represent the next point of difficulty. Continuing the current upward trend would push Bitcoin’s price to the $25,000 area.
Some industry analysts continue to hold the view that Bitcoin’s price will continue to fall, despite the fact that it has just dropped below the well-publicized level of $23,000 and is now trading at $22,922.
What the Expert Says
Michael van de Poppe, a prominent crypto expert, started his prediction by pointing out that Bitcoin’s price dropped a bit over the weekend. This week sees the release of important economic statistics as well as earnings reports from top tech businesses, both of which will most likely have some kind of impact on the price of the king currency.
The expert predicts that Bitcoin will likely continue to soar up for a short period of time but that the token will then return back to its downturn and drop $20,000, imitating a scenario that was witnessed in 2021.
If bears are successful in driving the price below $22,800, the decline might extend to the 20-day exponential moving average, which is now at $21,716, and then to the psychological support level of $20,000 from there.
On the other hand, if the price manages to bounce back up after touching $23,000, this would indicate that the bulls have successfully turned the level into support. This might bring the probability of a rebound up to $25,211.
If the price of bitcoin and US dollar futures breaks through the level of $25,211, it is possible that it will surge into the region between $30,000 and $32,000. As a result, sellers are likely to protect this level with all their might.
Peter L. Brandt is the founder and CEO of Factor LLC, a global trading company where he trades proprietary capital, foreign exchange, futures, fixed income, and equities markets. He has authored books and is always one of the active members who make predictions in the crypto industry.
He spoke out about those who have recently placed their hopes and formed their market views based on the S&P500 index’s trend line.
Brandt Explains About Magic Line
According to Brandt, the “magic line” investors have drawn on numerous charts has been making the rounds in the cryptocurrency and trading communities for the past few weeks. If this line were to break, it would indicate that the entire market—clearly including cryptocurrencies, given that their correlation with the majority of stocks has been at an extremely high level since 2021—would be in the process of turning around.
Brandt, on the other hand, does not appear to share the same enthusiasm as other traders and believes that the breakthrough of that line will result in nothing, in contrast to other traders who are eager to witness the firm breakout and acceleration of the rally.
The well-known analyst does not elaborate on why, in his opinion, the trendline that virtually every trader and investor emphasizes in their analysis is irrelevant or does not give the market momentum.
Some people have expressed agreement and remarked that while he is not recommending that this fractal plays out, it does demonstrate the fact that occasionally the market can finish a decline and reach a greater high without following the trend that has been in place since the 1970s.
He received praise from one user for stating it. Some individuals have inquired about it and urged him to clarify whether it is due to fundamentals or macro.
Currently, the global market cap of crypto is at about $1.05T. The market seems to have started recovering since the FTX fiasco.
Bitcoin price is trying to break out of the consolidation and rise beyond the crucial resistance at $23,400. Therefore, despite constant bearish interference, the star crypto stood strong and closed the day’s trade around these levels. A well-known crypto analyst, Rekt Capital believes that the BTC price may continue with its uptrend as long as its dominance maintains above certain levels.
The BTC dominance is rising and hovering within a descending parallel channel. Hence is believed to reach the upper resistance close to 46% if the uptrend is maintained. This may rise the price beyond the crucial resistance mentioned above. However, if the dominance levels fail to rise beyond 46%, then the BTC price may undergo a minor rejection followed by a sideway trend.
If the BTC price wants to ensure the highest chance of breakout, then it needs to hold above the crucial levels at $23,400 before the end of the present month.
“ To ensure a higher chance of breakout, BTC should ideally Monthly close above the blue $23,400 resistance.
Otherwise, BTC could set itself up for a dip inside this ~$20,000-$23,400 range (blue-blue) to consolidate here for a few weeks,”
Litecoin (LTC) Price
Further moving to the other altcoins like Litecoin, the analyst says that the lite version of Bitcoin is poised to surge and spark a rally towards the north soon. The LTC price after the recent breakout broke above the bullish flag and is trying hard to confirm the breakout while the monthly close is just round the corner.
“It is clear there is a very different reaction to LTC at these prices.
In the past, LTC would either fail a post-breakout retest from the green area (pre-2018) or fake-breakout (2020)
But this time, LTC has broken out from a Bull Flag continuation pattern,”
The year 2023 has so far been a positive one for cryptocurrencies, especially the twenty sixth cryptocurrency, Aptos which has offered 10x profit to investors. Aptos which was launched in mid-Oct 2022 has managed to gain more than 400% since 2023. The altcoin also hit an all-time high of $19.61 on January 26, 2023.
At the time of reporting, Aptos is trading at $17.87 with a fall of 0.51% over the last 24hrs.
Aptos To Face A Huge Sell Off
While Aptos investors are enjoying their profits, most of the industry experts believe it to be a pump and dump event which will see a pull back soon. One such crypto analyst known with an anonymous name, Kaleo. The analyst is trying to inform his 559,500 Twitter followers that this smart contract-enabled blockchain will soon see a sell off against the US dollar.
Kaleo claims that when Aptos is compared with Bitcoin which is about to form an upward movement, Aptos will most likely see a massive sell off.
However, it is also important to note that Aptos, which started the year 2023 at $3.45, managed to hit an all-time high of $19.61 just a day ago. This phenomenon points towards the currency’s massive bull run.
Bitcoin At $45K
On the other hand, Kaleo also spoke about Bitcoin’s price action where he claimed that the flagship currency will soon overpower altcoins. Further the analyst believes that Bitcoin might soon move towards $45,000 level before sliding below $30,000 this year.
At the time of writing, Bitcoin is valued at $23,104 after a surge of 1.25% over the last 24hrs.
After registering a bullish momentum for nearly a month, the crypto market is now dwindling between bears and bulls. The first born cryptocurrency Bitcoin which had regained its long lost $23K level, has now been pulled back towards the $22K area. The similar pattern is followed by Ethereum, BNB, XRP, Cardano, Solana and other large cap altcoins.
At the time of publication, Bitcoin is valued at $22,669 with a plunge of 1.30% over the last 24hrs.
XRP To Spike In The Coming Days
While major cryptocurrencies face the heat of negative pull back, a popular crypto analyst and trader is forecasting a bullish target for Bitcoin, XRP and SYN. The analyst who is anonymously known as Cantering Clark informs his 159,200 Twitter followers that Ripple’s XRP is all set to see a massive upward movement.
As per the above chart, the analyst is trying to convey that XRP has surpassed its high volume node range along with maintaining its trade above $0.422. However, at present the altcoin has lost its $0.42 level.
Currently, XRP is changing its hands at $0.407 after a loss of 4% over the last 24hrs.
Bitcoin’s Bull Run To End In FOMO
Next the strategist shifts his focus towards Bitcoin where he claims that the flagship currency is yet to complete its bull run. He then hopes that Bitcoin’s bull run will end with fomo (fear of missing out).
Synapse (SYN) To Surge 115%
Lastly, the analyst concludes his analysis with Synapse (SYN) which is a platform that allows transfer of digital assets between blockchains. According to Clark, Synapse is set to spike nearly 115% once SYN moves beyond $0.70 level.
At the time of writing, Synapse is trading at $0.797 with a pull back of 9.71% in the last 24hrs.
The cryptocurrency market has seen positive sentiment in the past three weeks, with the price of Bitcoin fluctuating around $23,000 in the last 24 hours. However, key metrics from short-term and long-term holders and Bitcoin miners have provided a less clear picture of the future price action.
Notably, while Bitcoin miners have been offloading both fresh and old coins, long-term holders have been increasing their holdings in recent weeks.
As a result, the struggle between Bitcoin bulls and bears continues, with no clear long-term trend emerging. According to crypto analyst Rekt Capital, for the rally of the past few weeks to continue, Bitcoin needs to reclaim $23,300 as support.
From a long-term perspective, popular YouTube crypto analyst Benjamin Cowen thinks Bitcoin price will be in a consolidation mode for the greater part of 2023.
Bitcoin Price Analysis
In a recent address to his over 790,000 YouTube subscribers, Cowen, a crypto analyst, stated that the Bitcoin market will likely be volatile in the coming quarters.
He cited historical data, which shows that the price of Bitcoin has consolidated within a year-long range before entering into a bull market.
As such, he believes that the price of Bitcoin could reach $25,000, where it may encounter resistance. Cowen also noted that the price of Bitcoin could experience short-term fluctuations, driven by macroeconomic factors such as inflation and a potential recession.
Furthermore, he added that the narrative of a rising market may be supported by the high accumulation of Bitcoins by short-term holders. With long-term holders also increasing their holdings, the rally may continue before an eventual price correction.
DonAlt, a pseudonymous trader, tells his 449,000 Twitter followers that bears are in a precarious position following Bitcoin’s run from $15,731 in November to its Thursday high of $19,117. The analyst released a chart at the beginning of January depicting important levels of resistance that BTC must overcome in order to sustain momentum. So far, Bitcoin has performed as he had intended. The top cryptocurrency by market size is already performing a lot better.
He has recently released yet another prediction, let’s see what it is.
What Next For Bitcoin Price?
DonAlt recently explained a fresh forecast in a tweet. He argues that the narrative he has for the impending rally is one of stalled capital agony fueled by bears retard shorting below $20,000. He goes on to suggest that this narrative does not allow for pullbacks until we are near the top. Therefore, he forecasts that it will only be down for some time, just until bears buy.
In a separate tweet, he explained that BTC might experience an infusion of new funding from high timeframe (HTF) investors toward the end of this month. According to the trader’s chart, a monthly close above $20,000 is bullish for Bitcoin in the high timeframe.
DonAlt’s first high timeframe resistances are around $35,000 initially and then $58,800 if BTC ends the month on a positive note. The cryptocurrency analyst also notes that Bitcoin’s current uptrend above $20,000 and BTC’s peak at $69,000 are comparable. Analyst claims that Bitcoin printed misleading breakout setups in both cases.
Another user named CryptoK agreed with his opinion in a reply to his tweet.
Another user by the name of @ShrekBTC also agreed with this prediction given by DonAlt.
The Bitcoin price is $22,679.60 with a market capitalization of $437,026,128,271.67.
Top Analyst Predict Bullish Continuations for XRP, APT & FTM- Is This the Beginning of Altseason or a Bull Trap?
The crypto markets traded sideways throughout the past weekend as the price of the major tokens appears to have been fluctuating within a range. The BTC price is also unable to breach the crucial resistance at $23,000, which was expected to be cleared quickly after clearing the pivotal zones at around $22,800.
However, some of the altcoins are displaying immense potential to rise beyond the resistance and maintain a notable upswing in the coming days. A popular analyst, Micheal van de Poppe, believes these tokens may maintain bullish momentum and clear the barrier soon.
Here’s his outlook on the key altcoins you need to keep a watch on for now.
Ripple has been showing significant strength which led to a 30% upswing in the past couple of weeks and uplifted the price beyond the crucial levels of $0.42. After the fresh upswing, the XRP price is believed to experience a minor pullback below $0.4 regions which may further trigger a strong recovery.
“That worked out for XRP
Now, I’d like to see $0.395 and hold as support
It not, then I’d be looking at $0.35 next,”
The Fantom price surpassed the main target by close to $0.25 and surged heavily to reach $0.4. Currently, the asset is facing some bearish action, which is preventing the price from rising above the highs.
However, the bulls are resilient and have been able to hold the price close to $0.4 which elevates the possibility of a bullish breakout in the next few hours.
“ This one should provide continuation in the coming week, but preferably I’d be cautious here too.
Aggro entry zone is around $0.34, which is a must-hold. Did give a bounce already.
Conservative long approach around $0.305,”
Aptos price, after a massive start in November, maintained a descending trend and within a very narrow range. The trading volume also remained extremely low due to which the price maintained involatile. However, the trend flipped heavily since the start of 2023. The bullish volume exploded and the momentum remained elevated.
“ This one has been accelerating quiet fast and I’m getting comments whether it can reach $360 this year.
Time to be conservative on this asset.
Aggro entry approach-$11.25
Defensive entry approach- $8.25 – $9.
Going to be incredibly interesting market,”
Ethereum Shanghai upgrade is coming in March, centralized exchanges led by Coinbase are providing staking services not willing to store private keys. According to JPMorgan analysts, the upcoming Shanghai upgrade, which will make over 16,097,225 staked Ethers available for withdrawal, will be a huge boost to Coinbase operations. Notably, Ethereum stakes have not been withdrawing their Ethers since 2020.
“Staking in Ethereum forced holders to lock up their Ether indefinitely, which we have viewed as a big dis-incentive to stake ETH historically,” JPMorgan analysts noted in a letter to investors. “We think the Shanghai Fork could usher in a new era of staking for Coinbase.”
Coinbase is heavily reliant on trading fees to make quarterly earnings aside from the digital assets on its balance sheet. The introduction of staking programs significantly diversifies the company’s revenue collection avenues. With Ethereum being the second largest digital asset – about $28.15 billion in total value locked (TVL) – the exchange is keen to tap into the network’s future.
“In Q3, we launched Institutional staking for Ethereum globally and while adoption is still in its early days, we are optimistic about the long-term opportunity. In addition, we offered users additional utility for their staked Ethereum through our wrapped cbETH product. This product allows users who own Ethereum to “wrap” it, allowing them to continue to earn yield on their assets via staking, while also being able to buy or sell that asset,” Coinbase noted in 2022 third-quarter earnings results.
Coinbase launched Cardano (ADA) and Solana (SOL) staking during the first quarter and second quarter of 2022 respectively. Notably, the crypto exchange generated approximately 11% of its 22Q3 revenue from staking, compared to 6.2% during the same period the year before.
From trading around $20,900, the world’s largest cryptocurrency Bitcoin has surpassed $22,000 in just 24 hrs. This whooping upward movement has pushed other currencies like Ethereum, Cardano, XRP, Solana among other altcoins. The moment has resulted in the global crypto market cap gaining its $1 trillion mark again.
At the time of writing, Bitcoin is changing hands at $22,723 with a surge of 8.47% over the last 24 hrs.
Bitcoin Price At $30K ?
Meanwhile, as the flagship currency has broken its crucial resistance of $21,000, most of the industry experts are predicting more price rally ahead. Among these is the well-known crypto analyst, Crypto Kaleo who is targeting for BTC’s next bull run. The analyst informs his 550,000 followers over Twitter saying Bitcoin is all set to hit its next major resistance of $30,000 which was last seen in June 2022.
However, he believes that before Bitcoin makes a move towards the said target, the King currency will see some pull backs. If that happens, Kaleo claims that Bitcoin will tumble below $20,000 before reaching $30K. The analyst addresses this phenomenon as a short squeeze.
Short squeeze is when a trader purchases an asset for a particular price so that he can sell them at a lower price and keep the difference. Here the overleveraged short positions are used in the future markets. However, when the market rallies against their predictions, these traders will be forced to buy the borrowed assets.
Now, as Bitcoin has spiked more than 23% in the last one week, Kaleo strongly believes that a short squeeze is approaching.
On the other hand, as per the data the Bitcoin Fear and Greed Index indicator has dropped to neutral which indicates increased trading volume. Bitcoin’s trading volume has hit $10.8 billion after a surge of 114% in the last seven days. Hence, an increasing trading volume often leads to price volatility and this is the reason traders should make their next move cautiously
Since this morning, the world’s largest cryptocurrency by market cap, Bitcoin, has been hovering around $21K. This bullish momentum has influenced other cryptocurrencies like Ethereum, Solana, XRP, BNB, Cardano and other major altcoins.
Meanwhile, a well-known crypto analyst and trader, Credible is showcasing his bullish analysis towards Bitcoin. The analyst informs his 335,700 Twitter followers that Bitcoin’s bear market has officially occurred.
The analyst says that as Bitcoin surpassed $21,500 this morning, but he urges that Bitcoin bottom has kicked in. Hence, there might be a pullback around $18,000 before a surge
Furthermore, the analyst claims that once Bitcoin starts its journey above $21,500 again, the flagship currency will surge towards its new all-time high in the next six months
Bitcoin At New ATH?
Next, the strategist argues that Bitcoin’s currency trade is mirroring that of September 2020. During this time BTC was trading near $9,000 before spiking towards its ATH of $60,000 level.
As per Credible, Bitcoin has entered 5th wave of Elliott Wave and will soon see a new ATH around $150,000. He expects this to happen by 2023.
Currently, Bitcoin is trading at $20,855 after a surge of 0.62% over the last 24hrs.
Popular and pseudonymous cryptocurrency analyst il Capo of Crypto (Twitter: @cryptocapo) believes an imminent capitulation is awaiting the industry despite the recent Bitcoin rally above $21k. Addressing his 705.6k Twitter followers, the analyst highlighted several scenarios for top crypto assets. Generally, the analyst indicated that the base consolidation in the past few months is weak to guarantee a strong parabolic crypto move.
As such, a crypto market correction below the previous lows is imminent according to the analyst.
“Bitcoin is in a ltf parabolic move. But there’s a problem for bulls. This move is already overextended. The base of the parabola was weak, and when this ltf trend breaks it often results in sharp declines and full reversals,” the analyst indicated.
In conclusion, the analyst indicated now may be a good time for short-term traders to protect profits before a $12k surprise. Moreover, Bitcoin price already broke the 2017/2018 ATH, which is a strong factor in bearish sentiment.
Bitcoin and Crypto Market Outlook
The crypto market has enjoyed relief from FTX and Alameda’s fallout and also the 2022 bear market. The Ethereum (ETH) market has surged over 21 percent in the last seven days to trade around $1,565 on Monday. Nonetheless, the asset is still 67.7 percent lower than its ATH set on November 10, 2021. The bitcoin market, on the other hand, is down approximately 69 percent from its ATH.
Meanwhile, the Solana ecosystem is enjoying the crypto FOMO rally with a modest growth of about 145 percent in the past fourteen days. While Solana network was the most hit by the FTX implosion – down over 90 percent since ATH – Santiment believes the recent rally is fueled by liquidated shorts.
The pioneering cryptocurrency, Bitcoin, has recently broken through the $18,800 mark after struggling to move beyond $17,000. This bullish trend has affected the entire crypto market, as most of the major cryptocurrencies are currently controlled by bulls. Additionally, the global crypto market capitalization has risen by 2.87% in the last 24 hours, and is currently valued at $910 billion.
One notable crypto analyst and trader, Smart Contracter, who had previously predicted the bottom of the market in 2018, has now reversed his stance on Bitcoin. He informed his 218,100 Twitter followers that his bearish outlook on Bitcoin has changed, and that he is now considering taking long positions if there is a breakdown.
Bitcoin At $20k Soon ?
The analyst also claims that Bitcoin will soon outshine other cryptocurrencies if the pace is maintained.
As indicated by the chart, the strategist is suggesting that Bitcoin has already surpassed $18,800, and will continue to climb. Smart Contracter’s prediction is based on the Elliot Wave Theory.
At the time of publication, Bitcoin is trading at $18,918, having risen by 3.94% in the last 24 hours.
Additionally, the analyst also mentions Bitcoin’s dominance in the market, stating that it will increase from its current 38% to 43%.
Lastly, Smart Contracter discuss about Avalanche (AVAX), a smart contract blockchain. As per the trader, Avalanche has dropped by nearly 90% from its all-time high. He also states that when AVAX makes a downward move, he will consider purchasing it.
At present, Avalanche has gained 2.35% over the last 24hrs and is now valued at $15.65.
The cryptocurrency market has remained exceptionally bullish since January 2023, and especially in the past week. The flagship cryptocurrency, Bitcoin, has successfully reached $18,000 levels after reaching $16,000 levels. A similar pattern has been observed with Ethereum, XRP, Cardano, and other major altcoins.
Meanwhile, a well-known cryptocurrency analyst and trader, Altcoin Sherpa, has made bullish predictions for Bitcoin and Aptos.
Bitcoin (BTC) Analysis
The analyst makes an effort to inform 188,400 Twitter followers that Bitcoin is on the verge of hitting its next bullish target of $19,000. However, he also says that he is not sure if BTC will first see a dip before the bull run or not.
At the time of writing, Bitcoin is selling at $18,146 with a surge of 4% over the last 24hrs.
Aptos (APT) Price Analysis
Altcoin Sherpa talks about Aptos and claims that the altcoin will soon shoot by more than 31% if Bitcoin maintains its bullish move. The analyst believes that Aptos will hit $7 if the bull run continues.
Currently, Aptos is trading at $5.18 with a loss of 1.60% in the last 24hrs.
Furthermore, Altcoin Sherpa alerts his followers that though the crypto market is observing a recovery rally since the start of 2023, the bottom has not yet occurred. By this he means that the crypto market will probably see a bearish pull back before the next bull run. However, he urges traders and investors to turn this into an opportunity to buy the dip.
WOO Network (WOO) Price Analysis
Lastly, the strategist puts light on WOO Network (WOO) which is a liquidity network. He says that WOO is about to experience a downfall if Bitcoin makes a downward movement.
As per Sherpa, if Bitcoin falls, WOO Network will plunge between $0.15 and $0.14 area.
At the moment, WOO is changing hands at $0.16 with a fall of 1.73% over the last 24hrs
Bitcoin’s (BTC) price has surged to a three-week high after Sunday’s breakout above $17k. A continued crypto bullish sentiment could push Bitcoin price towards last December’s high of around $18,300. However, the tension in the Bitcoin and cryptocurrency market remains high in the coming weeks with DCG insolvency fears.
Additionally, the Fed chair Jerome Powell is expected to speak on key monetary policies tomorrow and Consumer Price Index (CPI) data is expected later this week.
Nonetheless, the crypto market has received bullish sentiment from several analysts supported by key on-chain data. For instance, Glass node data on open futures contracts show more calls than put – buying and selling of underlying assets respectively – on Bitcoin trades in 2023 Q1. Notably, the Bitcoin open futures market is used as a liquidity and volatility indicator on the spot prices.
As the FTX and Alameda debacle continues, analysts believe crypto prices have already factored in these events. Thus, the ongoing fiasco between Digital Currency Group and Gemini Earn customers could be signaling the end of the 2022 bear market.
Closer Look at Bitcoin Price Action
According to CryptoQuant’s on-chain analyst VentureFounder, the Bitcoin market is at a crucial crossroads that could lead to a 20 percent outburst. Having retested the $16.3k support for the past two months, VentureFounder believes Bitcoin price is on the precipice of a major breakout.
“Bitcoin has been stuck between $16k and $18.5k for 2 months now. Watch this range very very carefully, a break from either direction can bring 20% volatility, which could happen soon. A definitive break of $16k could see $13k, make $18.5k support we can see $22.5k,” the analyst noted.
After outlining fundamental points on Bitcoin and Ethereum including inflationary data and historical analysis, Zhuoer concluded the latter will be out of the bear market earlier than the former.
Meanwhile, the global cryptocurrency market cap today is $887 Billion, up approximately 3.3 percent in the last 24 hours. Bitcoin has a market dominance of approximately 37.4 percent while Ethereum follows with 17.9 percent.
Bitcoin is currently trading at a gain to start the day. Over the course of the weekend, the price of the token picked up speed and broke through the $17,000 resistance level. At press time, Bitcoin is exhibiting bullish indicators and may proceed to advance toward the resistance level of $18,000. However, there are rumblings that terrible news is on the horizon for the king of cryptocurrencies.
Another Sell-Off Event for BTC?
Nicholas Merten, a cryptocurrency analyst, and influencer, recently warned in the latest video that another significant Bitcoin sell-off might take place very soon. According to Merten, the dormant sell-side pressure that resulted from the Mt. Gox scandal could rear its head and cause Bitcoin to see yet another leg downward.
Mt. Gox was a cryptocurrency exchange that was once responsible for over 70% of Bitcoin transactions. In 2014, the platform was hacked, and tens of thousands of Bitcoin were taken; the exchange subsequently declared bankruptcy.
According to Merten, there is a question that has to be asked, and that question is whether or not the Mt. Gox trust is going to result in a decrease in the price of BTC. More precisely, the issue that is more pertinent is whether or not the long-awaited unloading of this Bitcoin back to its original holders is going to occur as a result of demand from those holders to be able to finally obtain access to that Bitcoin.
Because we observed that Mt. Gox’s BTC holdings didn’t even drop by half during that previous bull market, the second concern the analyst raises is whether or not the sell-off from that will be the bottom.
It fell from approximately 200,000 to 137,000 BTC, says Merten, adding:
“If we see this kind of sell pressure or in this case unloading of Bitcoin into the supply in the open market, what is that going to mean for price?”
Providing BTC to Mt. Gox’s old customers, as Merten suggests, could be a massive source of sell-side liquidity, he argues. The analyst predicts that this will lead to intense pressure from sellers.
Those who have held Bitcoin since it was in the double- or triple-digit range, or even just a few dozen or a few hundred dollars, will likely want to cash out their holdings, as Merten expects they will eventually come to believe that Bitcoin as an asset is obsolete.
There was a 1.83% increase in Bitcoin’s value during the past twenty-four hours, and a 3.06% increase over the past seven days, bringing its current value to $17,252.
Analysts predict a bullish 2023, but the cryptocurrency market’s signals and sentiments suggest otherwise. Most altcoins are now battling with marginal gains, while Bitcoin is attempting to break through the $17k barrier.
Amid the ongoing bear market, a cryptocurrency expert has forecasted what’s next for Ethereum (ETH) and a few other altcoins. In a recent interview with Scott Melker, the cryptocurrency analyst Cheds said that ETH has a “clean trigger level” between $1,420 and $1,430, at which time it will have overcome both the previous support level and the 200-day moving average (MA).
As for XRP, the analyst said that one has to follow through. If the bulls don’t bounce here at $0.3416, that’s no Bueno.
“That’s a great start to some type of a small-to-medium-type of a move. Maybe up to like $0.38 to $0.39. And if it doesn’t, then you’re in real trouble, because look at the long lower shadow. That’s buyers jumping in, rejecting lower prices, getting back up above lost support,” he added.
What’s next for DOGE, ADA, SOL, and MATIC?
For the popular meme-coin Doge, the analyst said,
“It’s the classic rocket ship slow bleed. Losing the MA-200, losing support here. I mean I think it’s going to about [$0.05] or [$0.057, $0.058]. Probably range lows.”
Talking about Ethereum rival Cardano, in his opinion, it could be worthwhile to short it if ADA once more reaches the $0.30 range. Cheds stressed that “the biggest bounces come in downtrends” with regard to Solana (SOL). The analyst claims he has a “positive” feeling above $11.50.
According to Cheds, Polygon (MATIC), a blockchain scaling solution, has to maintain support. He said that the $0.72 level is a crucial holding level for the asset, and about $1.06 is the next possible level to be on the lookout for.
The overall cryptocurrency market is showing signs of growth, even as the global cryptocurrency market struggles to regain its $1 trillion market capitalization.
Currently, the global crypto market cap has gained 1.55% in the past 24 hours and is trading at $819.85. This price rally is led by Bitcoin, the largest cryptocurrency by market cap, which is currently valued at $16,864 after a 0.77% increase in the past 24 hours. Resistance for Bitcoin is at $16,900, while support is at $16,850.
Crypto analyst Kevin Svenson has expressed a bullish outlook on Bitcoin. In a tweet to his 118,900 followers, Svenson mentioned that Bitcoin’s relative strength index (RSI) is about to move beyond its diagonal resistance, potentially marking the end of its two-year downward trend.
The RSI is an indicator that measures the currency’s movements.
In addition to his tweet, Kevin Svenson has also released a strategic video explaining the potential of the upcoming RSI breakout for Bitcoin.
According to the analyst, this movement is crucial for cryptocurrency. Svenson believes that the breakout, which he expects to occur within the next two weeks, will bring about a shift in Bitcoin’s trading pattern. He cites a similar weekly RSI breakout at the end of the 2018 bear market for Bitcoin.
If the RSI follows Svenson’s prediction, he claims that Bitcoin’s price could reach a target of $21,000. At its current trading value, Bitcoin would need a 25% increase to hit this target.
The cryptocurrency market is flashing red as the majority of currencies are trading down. Bitcoin, the world’s first cryptocurrency, is slightly in the green, trading above $16,700. Ethereum, the second-largest cryptocurrency by market cap, is in the red.
At the time of publication, Bitcoin is selling at $16,735, with a 0.03% gain in the last 24 hours. Ethereum has a 0.10% loss, with a trade of $1,1215.
A Bullish Ride For Bitcoin Soon
Caleb Franzen, a senior market analyst, and renowned crypto analyst have claimed on Twitter that Bitcoin is set to experience a bull run soon. In a chart shared by Franzen, the flagship currency has successfully moved past its support line of $16,686.
However, Franzen also mentioned in a Twitter thread that he had made a similar prediction for Ethereum in December 2022, but it faced rejection at the specified level and plummeted by nearly 13.5%.
Nevertheless, after the leading altcoin fell from $1,277 to hit $1,168 on December 17, 2022, it recovered to $1,219 three days later. On the bearish end, on December 23, 2022, Franzen claimed on Twitter that Bitcoin was likely to drop to $13,400 or even hit the $11,900 range, supported by a chart.
It’s important to note that after Bitcoin reached an all-time high of $18,000 in December 2017, it dropped to nearly $13,400. However, the analyst also notes that all of his targets are just predictions and there is no guarantee that they will be met.
It was on this day 14 years ago that Bitcoin was created. The anonymous software developer(s) – identified only by the alias Satoshi Nakamoto – mined the first block of the Bitcoin network on January 3, 2009. This block is referred to as the Genesis block.
There is no doubt that Bitcoin has come a long way since that day. However, despite the grim outlook of the market as 2023 begins, Erik Voorhees, the founder, and CEO of cryptocurrency exchange ShapeShift believes that Bitcoin will hit $40,000 by summer. Voorhees shared this prediction in a recent interview on January 2nd.
Voorhees pointed out that if his forecast were to come true, it would be a 2.5X increase from its current price of $16,748, which he said is a very good return on investment. The cryptocurrency industry expert was unable to provide a specific date for the next bull run, but he said it will occur anytime between the next three years and six months.
The cryptocurrency company founder speculated that the macro environment, interest rates, and the gradual tightening of monetary circumstances will play significant roles in determining how the crypto market will develop during the course of this year.
He also admitted that the reputation that cryptocurrency has among people who are not involved in the industry is completely baseless, but he predicted that such pundits will be caught off guard when the next surge occurs. The crypto pioneer said that regardless of whether or not the market is bullish or bearish, the current era is one of revolution.
Tim Draper’s Prediction For Bitcoin
Tim Draper, a Bitcoin bull, has made one of the more bullish forecasts for 2022, predicting that Bitcoin will be worth $250,000 by the end of that year. Despite the closure of the FTX exchange, Draper is certain that the value of Bitcoin will reach this quarter-million mark.
According to an email from Draper, he believes that the dam is about to burst since women control 80% of retail buying, yet only have 1 in 7 Bitcoin wallets at the moment. In order for Bitcoin to reach this value, it would need to increase in value by 1,400%. Draper also mentioned that a bottom may have been reached in the market, despite the low prices and falling trading volume.
At the time of writing, BTC is worth $16,759, an increase of 0.22% in the past 24 hours. It remains to be seen which of these forecasts will be accurate as the year continues to progress.
The year 2022 has been a rollercoaster ride for the crypto space, especially for Bitcoin. In the past year, the flagship currency has been dragged down to nearly $15,500 before making some upward momentum.
However, with the start of 2023, a popular crypto analyst and host of InvestAnswers, James Mullarney, believe the new year will be favorable for Bitcoin. In a recent strategy video, the analyst predicts that the cryptocurrency will enter its next bull run in the second half of the year.
While the prediction is bullish, the analyst also notes that although Bitcoin has had its worst days in 2022, it can’t stay there forever because he believes the accumulation is increasing while the supply is decreasing.
Ethereum To Attract Stakers
Mullarney also discusses Ethereum and states that while the asset is set to unlock staking in March, this will attract more institutions and organizations to lock their stakes. The current stakers will receive nearly 5% annual interest for staking their ETH. Hence, the analyst believes that with the Beacon chain getting enabled in March 2023, more stakers will get in.
On the other hand, the host also claims that the present stakers have waited for more than six to nine months to receive their staked ETH. Hence, he says that the stakers are expected to sell their ETH, which will see immense selling pressure.
Furthermore, the analyst is of the opinion that once the selling pressure settles, the network will see more stakers, especially from institutions who are looking forward to grabbing that 5% of their staked ETH, which is predicted to increase in the days to come.
Meanwhile, as the two largest cryptocurrencies are all set to mark their next bull run, at present the currencies are struggling to grab some bullish momentum.
At the time of publication, Bitcoin is trading at $16,739 with a surge of 1.07% over the last 24 hours. On the other hand, Ethereum has managed to gain 1.72% in the last 24 hours and is now trading at $1,217.
The price of XRP has recently been rejected at important points as the asset continues to be impacted by numerous events, from legal to market sentiment.
cryptocurrency analyst Michal van de Poppe stated that XRP has encountered resistance at the $0.37 level and may return to the $0.343 level quickly based on its previous movement.
As per analysts, there is significant liquidity on the downside that could be taken advantage of if the price does not bounce back. He drew parallels between the current state of XRP emphasizing the importance of the $0.265 level as a significant support level for the token.
Ali Martinez, another cryptocurrency expert, agrees with van de Poppe’s assessment and believes that XRP’s price may halt its climb due to certain technical indicators.
The TD Sequential, a technical indicator used to identify the end of a trend and the potential for a price reversal, is reportedly showing a strong sell signal on the XRP price chart for the four-hour time frame.
The price of XRP has fallen below key levels like $0.3616 and reached a new monthly low only the week before last. It is likely to continue declining as there is no clear support in sight and the Relative Strength Index is not close to being in oversold territory.
At the time of writing, one XRP is worth $0.3439, representing a 1.17% increase over the past 24 hours but a 2.3% decrease over the past seven days.
Sellers may try to take advantage of any weakness in XRP to bring the price down to the key support level of $0.30. If they are unable to stop the decline and the price breaks below the $0.30 support level, it could lead to new, lower lows in 2023 and a pessimistic start for XRP.