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.
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.
Ethereum (ETH) is noticeably on the rise along with the overall increase in performance of most crypto assets. Though general crypto market sentiment continues to be the key driver of Ethereum price growth, network activity has boosted confidence among all Ethereum investors. In January 2023, Ethereum emerged from a downturn that had been in place since May.
According to the Titan of Crypto, Ethereum is forming a Bullish Cypher Pattern. “Just like for #BTC, a bullish cypher pattern is currently playing out on #ETH weekly chart as well,” he said on Twitter.
According to the anonymous cryptocurrency analyst Crypto Yoddha, Ethereum has successfully broken out of the symmetrical triangle or “pennant,” paving the path for its price to perhaps reach $3,500 soon.
This pattern specifically appears when the price of an asset consolidates in a way that results in two trend lines that are converging and have about equal slopes. Price is poised to either break through the top trendline for a breakout or the lower trendline for a breakdown as it progresses toward the apex.
According to experts, ETH’s Aroon Indicator shows a decline in positive sentiment. An analytical tool for determining trend strength and trend alterations is the Aroon indicator. The strength of the uptrend is measured by the “Aroon up” line, and the strength of the downtrend is measured by the “Aroon down” line. The Aroon Indicator shows that the bullish mood has dramatically waned during the last few weeks on the daily chart and at 21.43%, the Aroon Up line was seen.
At the time of writing, Ethereum is trading at $1,680 and is up by more than 7 percent in the last 24 hours.
Is SHIB’s price staggering surge a sign of a bullish season or a risky gamble? Well, the answer to this remains a mystery as the meme coin’s price trades unpredictably nowadays. The popular meme coin Shiba Inu has made a solid start this year, gaining over 40% in just a few days, pushing investors to invest in this meme coin as the upcoming launch of Shibarium beta creates high anticipation among the meme community.
Will SHIB Price Accomplish Its Bullish Goal?
Shiba Inu’s bullish potential has now become a trending topic in the altcoin market as it paves its way to touch extreme highs in the next few weeks. However, Shiba Inu is preparing to test its potential with the release of US GDP numbers this Thursday, and its current price trend does not look promising.
As a result, SHIB may flash a slight downward correction and fall under intense selling pressure soon as it may develop a challenging situation to hold its uptrend.
In the last few days, the developing team of SHIB has continued to burn millions of SHIB tokens as the primary goal of the much-awaited Shibarium Layer 2 solution is to reduce the enormous circulation supply in order to stabilize the token’s price.
With optimistic comments from SHIB developer Shytoshi Kusama, the meme coin may invalidate any bearish analysis and quickly climb to break through its next resistance levels.
Shiba Inu To Turn Bullish Above This Level
The exponential surge in the SHIB price has caught the attention of potential investors to invest in this meme token amid an uncertain market sentiment. As the SHIB price inches closer to forming new tops, its uptrend wins the hearts of altcoin traders.
According to CoinMarketCap, SHIB’s price hovers around $0.00001157 with an uptrend of 3.15%. Looking at the daily price chart, the token may spark a short-term bearish retracement to trigger a strong upward rally.
SHIB price forms a ‘cup-handle’ pattern which may slump the token below the 23.6% Fib retracement to $0.00001083 near EMA-100. However, after retesting its support, SHIB may again initiate a bullish rally and follow its Elliott wave to break above its Bollinger band’s upper limit and trade near $0.000015.
However, the SMA-14 slowly heads toward an overbought region at level 76, which may begin a freefall for the SHIB token if the market makes a reversal due to high selling pressure. A breakout below EMA-50 may thrash the digital asset to trade at a bottom level of $0.00000775.
Solana price has broken a three-week rising trend, thus questioning the momentum to push beyond pre-FTX levels. According to our latest crypto price oracles, Solana’s price has dropped approximately 5.4 percent in the past 24 hours to trade around $23.22 today. After rallying over 100 percent in the past three weeks, the Solana bears are slowly taking control.
Consequently, a possible retrace could push Solana’s price to around $15, where the digital asset may find temporary solace. Moreover, the 200 MA in 4-H has risen to this level. Additionally, the RSI shows an overbought asset with a falling divergence, which indicates an imminent price fall. Perhaps the asset is forming a head and shoulder on the lower time frames, which could lead to psychological sell pressure.
Whether the bulls defend the rising trend in the coming weeks or not, the ultimate decision is likely to be affected by the Bitcoin market sentiment. Moreover, the January 2023 cryptocurrency rally has significantly been affected by Bitcoin price.
Solana Fundamental Aspects Shows More Pain Ahead
The Solana ecosystem has grown to a top 20 project by market capitalization due to its huge backing from whale investors. However, the network activity has significantly declined in the past year fueled by the FTX collapse. According to statistics from the token terminal, as shown below, Solana’s weekly active users have been declining in each subsequent quarterly since 2022.
Additionally, the total value locked (TVL) in the Solana ecosystem has significantly reduced since late 2021. The Solana TVL has moved from over $11 billion to about $270 million today.
Nonetheless, the Solana developers are hard at work building DeFi projects to be shipped out through the Saga mobile App Store.
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 Crypto Predictions for January 2023- Bitcoin (BTC) & Ethereum (ETH) May Hit These Levels in the Coming Week!
Bitcoin price is going up today and the major altcoins have also absorbed a significant bullish momentum. During the past weekend, BTC prices surged by nearly 15%, inciting a strong bullish trend for the rest of the week.
Although the tokens witnessed a minor pullback with some consolidation, the trend continues to remain bullish. Presently, the markets are about to encounter another weekend with the possibility of producing another bullish wave during the upcoming weekend.
Will Bitcoin (BTC) Price Hit $24,500?
Bitcoin price is failing to surpass $23,000 as the bears are hindering the rally at $22,900. The past few hours witnessed significant selling pressure accumulated that was observed a couple of days ago that slashed the price by 5% then.
Moving ahead, the bears were exhausted to some extent which helped the bulls to uplift the price beyond the crucial resistance at $21,410. Further, the prices exploded and marked highs beyond $22,500 for the first time in the past 4 months.
The BTC price after rebounding from $20,500, sliced through the crucial resistance levels at $21,500 and soared beyond $22,500 marking new highs for 2023. Now the bulls appear to be perplexed as the assets are being impacted with minor bearish pressure. However, the upcoming weekend may witness a breakout after experiencing excessive price compression.
A breakout may lead the price to rise beyond $24,000 while in case of rejection, the price may test the lower support at $22,500. If failed to sustain at these levels then a drop to $20,550 may be imminent.
Ethereum (ETH) Price Poised to Hit $1700 this Weekend
After facing a rejection of $1780, Ethereum’s price dropped heavily to mark the bottom just above $1000. However, since the start of 2023, the price maintained a significant upswing and rose above $1650. Presently, the second-largest crypto is facing notable bearish pressure which may be overcome during the upcoming weekend.
The ETH price is currently trading close to one of the important resistance levels at $1657 and facing bearish actions. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and ignite a rebound. However, the next price zone to cross could be between $1750 to $1770 which may clear the path toward $1800.
Last year, Ethereum made its historic shift to the proof-of-stake (PoS) mechanism, which is the ‘Merge’ event in the network, and now the eyes of the crypto community are on the upcoming ‘Shanghai’ upgrade, which may take place in March. ETH traders eagerly await the Shanghai hard fork, which will allow users to access their locked Ether staked on the beacon chain. Thus, the price of Ethereum remains on the bullish verge as the mood in the crypto market gradually improves.
ETH Price May Retrace To These Levels
Ether’s price has made over a 22% increase by the first two weeks of January due to the anticipation of the upcoming Shanghai upgrade. Moreover, the demand for the second-largest digital asset has witnessed an exponential surge as whale investors continue accumulating massive holdings.
However, several analysts believe Ethereum may flash a downward retracement if it brings fear situations near resistance levels, forcing investors to liquidate huge ETH holdings.
According to a well-known crypto analyst, TheNewsCrypto, ETH has formed a descending channel pattern and developed crucial levels in the price chart to validate further momentum. The analyst predicted Ethereum’s price might spike to its initial resistance level of $1,697.90 if it holds above its support level of $1,407.87.
He further noted that the ETH price might head toward its next resistance level of $2,041.14 if it breaks above its immediate resistance level. However, a price reversal is expected if ETH’s price trades below $1,400, from which it can witness a freefall of $1,067.18.
Will Ethereum Hit A Big Milestone?
After several big trading sessions in the ETH price chart, the asset’s trend has now slowed down near its crucial region of $1,500 as it faces intense selling pressure from bears. According to CoinMarketCap, Ethereum is currently trading at $1,557 with a minor downward retracement after failing to break above $1,600.
Looking at the daily price chart, both RSI-14 and Stochastic RSI trade in the overbought region at the level of 82 and 96, respectively. Hence, a downward correction to $1,425 for Ethereum is predicted as ROC starts to decline to 23.6% Fib retracement.
However, the 200-week MA indicates that the asset is under the bull’s control. If Ethereum holds above the EMA-200 trend line, it may consolidate further and again make an attempt to cross smaLong. A breakout above $1,600 may send Ethereum to trade near Bollinger band’s upper limit at $1,690. Conversely, a trade below $1,500 may plunge Ethereum to the bottom levels, challenging December’s price trend as it can again bring volatility near the $1,320-$1,400 region.
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 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.
The year 2022 is drawing to a close, and all that’s left to do is examine the charts of various cryptocurrencies in order to get an idea of how these assets will behave in the not-too-distant future. Famous analyst Michael van de Poppe picks out a few cryptos to analyze and do an analysis of, and we’re gonna be talking about those tokens.
Van de Poppe believes that FTM has been trading in a sideways range for the previous 12 trading days and is consistently testing new highs. He also said that the entry had been removed, therefore that was the coin flip at $0.20. Nevertheless, a move toward $0.225 and $0.235 might be triggered by breaching and recovering $0.2075-0.21, says the analyst.
At the time of writing, one token is worth $0.203412, reflecting a decrease of 0.4% over the course of the last 24 hours but an increase of roughly 4% over the course of the previous 7 days. After falling below $0.223 at the start of last week, Fantom has shown indications of recovery, with the price recently hovering between $0.26 and $0.289.
Elrond – EGLD
The current price of EGLD is $33.98. Over the course of the last day, it has seen a price gain of 1.7%, while over the course of the last week, it has seen a price drop of 3.6%.
The Elrond bears have shown their dominance over a significant majority of the time, while EGLD investors have been left in a tangled mess as a result of this.
Michael van de Poppe says:
“I must say, I don’t have any interest in crypto like this, unless levels are getting flipped for support. In that way, regaining $39 is the first step.”
Van de Poppe believes that there has been a level hit on MATIC, and the analyst is predicting that following a solid recovery, we will be continuing to move toward $0.84.
For the last several months, the price of MATIC has been moving sideways within a wide trading range that spans between $0.69 to $1.05.
It is anticipated that the bears would sell the rally up to the 20-day exponential moving average. If the price moves in the other direction from here and breaks below $0.76, the token may go all the way down to the significant support located at $0.69.
However, if bulls are successful in driving the price over the 20-day exponential moving average, MATIC may try a rally to the $0.97 resistance level, which is located above it.
Due to the ongoing volatility among the main market movers, Litecoin’s price action at the start of the month had been bumpy. The majority of altcoins have decreased in value together with bitcoin during the past month. However, with a strong performance on Christmas Day, Litecoin became the biggest gainer. This improved its performance and pushed it in front of market leaders like bitcoin and Ethereum.
Nevertheless, LTC had a problem just before reaching $70. This implies that if you beat $70, LTC will probably rise quickly to $80. But for LTC, $100 is still a long way off. Litecoin was ranked fourth among active cryptocurrency projects by LunarCrush.
But the upcoming halving event in August 2023, which could signal a positive trend for Litecoin, is a significant event to watch out for. The block reward could then fall by another 50% to 6.25 LTC when this occurs. As long as demand is high, this drop in supply can result in an increase in price.
Cryptocurrency analyst Michael Van De Poppe said that LTC Price is continuing to show strength.
According to Glassnode Data, the Puell multiple was 0.77. The Puell Multiple contrasts the 365-day moving average with each day’s coin issuance. A multiple of the average Puell is indicated by the current figure.
The profitability of the miners was therefore somewhere between low and huge profits. The profitability of the Litecoin network, according to Santiment, was -11,300. This measure provides an overview of market sentiment as well as network profitability.
Ether, the second-largest cryptocurrency by market capitalization, has seen a decline in value recently. As of the time this article is being written, Ether has dropped in value by 0.09% over the past 24 hours and 0.39% over the past 7 days, with a current value of $1,218. There has been a bearish sentiment among traders and investors for an extended period of time.
Massive Price Spike Soon?
The well-known pseudonymous analyst known as Kaleo seems to believe that we will soon see the light at the end of the tunnel. In point of fact, he believes that soon the price of Ether would rise by an additional $2,000, which would represent an increase of 60%.
Although Kaleo has an optimistic outlook for Ethereum in relation to the US dollar, he is pessimistic about the future performance of Ethereum in relation to Bitcoin (ETH/BTC). The expert made a prediction earlier this week that the ETH/BTC exchange rate would likely continue on a downward trend.
This suggests that the king cryptocurrency would surpass the smart contract protocol in the months ahead. However, he makes it clear that even if the ETH/BTC chart is bearish, this does not indicate that Ethereum can’t make gains relative to the dollar.
Kaleo also clarified that:
“I don’t see this rally leading to new ATHs, just relief and continuation of accumulation within a larger range similar to what we saw in 2019.”
What Ether’s Chart Shows
“On Ether’s chart, I believe traders should pay special attention to the newly created resistance level around $1,230.20. This level was established not too long ago. If the candle manages to shut around it, the energy that has been gathered may be sufficient for a move to the zone around $1,280. As a result, the number of purchases has just begun to increase, which is an indication of the resilience of purchasers.”
That which Kaleo foresees may or may not come to pass. He has a lot of crypto market experience, but he isn’t a seer, thus he can’t see into the future. We’re keeping our fingers crossed that Ethereum’s much-anticipated upgrade, the Shanghai hard fork, brings about the significant increase in value that he has predicted.
Despite Thursday’s carnage on the US stock market, the price of bitcoin (BTC) remained stable. The unanticipated breakthrough of BTC last week led to a rally to almost $18,357 before a severe fall at the end of the week. In the end, BTC ended the week at $16,781. At the time of writing, Bitcoin was trading at $16,843 and was up by more than one percent.
According to investor Bill Miller, one catalyst will probably help Bitcoin (BTC) to reverse and perform better. Miller said that despite its volatility, Bitcoin may be included in investment portfolios as a “sound speculation”.
In a recent interview with Barrons, he recalled that Bitcoin was $5,800 at the market low in 2020. The price of one bitcoin is currently roughly $17,400. Since then, Bitcoin has increased by 190%, and the market has gained by 70%.
He added, “If anyone has a time horizon of longer than a year, you should do quite well in Bitcoin. I wouldn’t call that an investment. I would call it speculation, but I would call it sound speculation.”
Despite the upheaval in the cryptocurrency markets over the past year, Miller believes Bitcoin is still holding up well. Miller said that a change in the policies might be the catalyst that turns BTC around. Interest rates are rising as the Federal Reserve works to combat inflation.
“I’m surprised Bitcoin isn’t at half of its current price given the FTX implosion. People have fled the space, so the fact that it’s still hanging in there at $17,000 is pretty remarkable,” he added.
The upcoming weekend falls on the same day as the Christmas break. One might anticipate that volumes will be even lower throughout this weekend if they are already low on typical weekends. Will the market catastrophe once again shake the entire industry?
The previous week has been negative for the majority of cryptocurrencies on the market due to debate around Binance’s proof-of-reserve system. However, Litecoin has taken a big hit and has been struggling recently as it lost 15% of its value during the previous week.
According to crypto expert Michael Van De Poppe, historical price movement indicates that Litecoin is preparing for a massive boom. Even after its last corrective move, the crypto expert says that the altcoin is still positive on the weekly period.
He believes Litecoin is on the rise. It has got some beautiful levels, he says, and pointed out that $63 is undoubtedly a level we should keep an eye on. In the event of a new rally towards $100, he says that one would like to see this level ($63) hold as support and likely see a bounce towards here ($80). After which, it will consolidate and continue making this run.
According to Van de Poppe, LTC Price appears to be replicating its market structure when it bottomed at the end of 2018. According to the crypto expert, Litecoin saw a 28% dip in December of that year before launching a big rise. Poppe believes that Litecoin is in a similar situation and that LTC will continue to rise once the correction is over.
“This is very comparable to what we saw in 2019 in price action as well… We did see this sideways action, breakout, came all the way back, taking the lows, sideways action, breakout.”
On-Chain Data Hints at a Recovery?
A recent BitPay research claims that Litecoin has become a popular choice as a currency for transactions. Leading online stores for electronics, video games, gold, jewelry, and other goods have noticed an increase in Litecoin payments. BitPay has completed more than 180,000 Litecoin payments since the cryptocurrency’s support began in the middle of 2021, totaling more than $30 million in transactions.
The total number of addresses on the Litecoin network has reportedly surpassed 165.5 million, according to Glassnode. Additionally, the network processes about 100,000 transactions every day. In the last two years, the number of transactions per day has increased.
As traders embraced the possibility that there might not be a Santa Claus bounce in 2022, asset prices on Monday continued to be impacted by last week’s Fed-inspired downturn. While other significant digital assets follow, the price of Bitcoin keeps declining.
BTC is struggling to regain bullish momentum and appears to be in danger of dropping back to its yearly lows. To stop the further decline, bulls must hold the line around roughly $16,200 to $16,500. Rekt Capital previously stated that maintaining the $17,150 level for Bitcoin will be essential. The price of Bitcoin might move toward $13,900 if it ended the month below the support level. Additionally, Bitcoin price must breach the $18K-$19K area in order for a major rally to occur.
Crypto analyst Michael van de Poppe believes that if Bitcoin breaks the $16,900 barrier, it might have a strong rally. Additionally, maintaining support around the $16.5K level for Bitcoin is crucial for the price surge to $18K.
On-chain data hints at a sell-off
A rise in volatility is predicted for the upcoming week according to data from Material Indicators. The U.S. will release information about its labor market on Thursday. If the economy of the nation remains robust, the Fed will have the backing it needs to keep raising interest rates.
According to on-chain data, people who have held bitcoin for a short period of time, namely 3-6 months, are currently dumping their holdings. A selloff by Bitcoin holders with a holding period of three to six months was what caused the Monday price decrease in BTC. Spent Output Age Bands rise for 3-6 month holders has historically been followed by significant downward fluctuations. In reality, a sudden change took place immediately before the FTX crisis.
At the time this article was written, Bitcoin (BTC), the most prominent cryptocurrency, has been trading in the green for some time. Its value has increased by almost 7% in the previous week and by 2% in the past day, reaching a worth of $18,101.
The last week has been quite successful for Bitcoin (BTC), as the currency reached new monthly highs on December 13 as a wave of confidence spread across markets in response to inflation statistics from the United States.
Analyst Says The Worst Might Be Over For Bitcoin
Back in May 2021, a pseudonymous cryptocurrency analyst known only as Dave the Wave accurately predicted that Bitcoin’s (BTC) price would drop. Now, he is claiming that an indicator implies that the token may already have experienced the worst of the bear market.
The expert shares with his 131,700 Twitter followers that he is also keeping a close check on Bitcoin’s moving average convergence divergence (MACD), which is a momentum indicator that may or may not indicate a change in trend.
The weekly MACD for Bitcoin (BTC) continues to trade higher above a support level that, according to Dave the Wave, has previously marked the end of bear markets in 2015 and 2018.
The expert believes that the worst of it is behind us now based on BTC’s MACD. According to Dave the Wave, the emotion lurches erratically from depression at the bottom to euphoria at the peak, and the technical analysis helps to rectify these swings.
Furthermore, he forecasts a Bitcoin rise toward $19,000 after the king cryptocurrency exceeded its immediate barrier at $17,300. This prediction comes after the price of Bitcoin surpassed $17,300.
The level of $17,000 is a key level of support for BTC, and if the bulls can maintain their position above this level, then additional upward momentum is anticipated. The present value of the Relative Strength Index (RSI) is 66, which indicates that the market is still in the zone of being overbought. A bullish trend is indicated by the MACD indicator, which is currently located above the zero line.
Bitcoin Price 2023
There is no consensus between analysts about what the future of BTC will be like in 2023. Although some predict a rise in value, others believe it will continue to fall, maybe even below $10,000.
However, optimism for risk assets has been bolstered by Tuesday’s U.S. inflation data, which confirmed the Fed’s plan to ease its liquidity tightening. So, who knows? The next year can turn out to be quite prosperous for BTC.
It is also possible that it will remain under pressure since a number of mining companies are expected to fail, which would overshadow the improvement in macroeconomic circumstances. Personally, I think that investors should anticipate more gains.
The fresh CPI numbers have induced significant volatility within the crypto space as Bitcoin prices touch the pivotal levels at $18,000 after a month. The bears somehow managed to restrict the price below these levels, but bulls also appear pretty strong at the moment. The BTC price is trading within a crucial zone aiming to slice through the important targets at the earliest.
The bulls now appear ready for some good green December after the current pullback to $16,800 resulted in an upswing. Meanwhile, the possibilities of testing the $15,800 to $15,500 range are still in place which may provide a better place for the buyers to kick in to reclaim the levels close to $16,800. Once these levels are served, then a fine upswing may rise the price beyond $17,300.
The levels around $17,300 appear to be pretty crucial as the market makers appear to target sellers (shorters) to stop-hunt around the $17,600 all the way up to $18,300. In the worst-case scenario, a triple bottom could arise in the short-term rally which could induce significant pressure on the asset from the north; Therefore, the BTC price still possesses a 75% of chance to reach beyond $18,000 and over 65% chance to surge beyond $20.000
Therefore, to begin with, a firm upswing, it is now mandatory for the price to experience a pullback towards the $15,433 range which will attract more buyers. In the rest of the days in 2022 and in January 2023, the buyers are expected to be given the opportunity to recover slightly with the current accumulation as a base. However, regardless of the current market trend, the Bitcoin(BTC) price may witness a major dump in 2023-2024.
Bitcoin & Ethereum prices have been trading slightly higher levels than the previous couple of days, manifesting minor recovery phase
While the crypto markets are heading towards the end of yearly trade, majority of the tokens are expected to become more volatile in the coming couple of week
Bitcoin price surges above $17,500, while Ethereum price is strongly approaching the crucial resistance at $1300. The global market capitalization continues to haunt above $855 billion with a jump of more than 1.38% and the trading volume spikes by nearly 28%. The top 2 cryptos, presently appear to have gained significant strength that may uplift the tokens beyond their respective resistance levels.
A popular crypto strategist Smart Contracter believes that the ETH/BTC pair could skyrocket towards such levels which have been not witnessed in the past 5 years. The pairs which are appearing extremely bullish at the moment are likely to generate more gains than Bitcoin.
“If ETH/BTC gets to 0.062 [BTC] in Q1 2023, it’ll be a screaming buy. This is one of the trades I’m looking forward to the most next year. Will definitely take a few months though.”
Besides, the fresh CPI rates have been announced which are lowered from 7.7% to 7.1% which has amplified the BTC price rally! The BTC price is trading very closely to $18,000 but is expected to soon fall into a fine bearish trap. According to a popular analyst, il Capo of Crypto, the trend is still bearish and hence the bears may capitulate the markets soon.
The analyst has been warning his 684.6K followers on the false upswing which constantly traps the bulls. He believes that these fake upswings are been ‘hammered’ once they reach immediate resistance and drop by more than 15% to 20%. As the trend is bearish the targets for Bitcoin & Ethereum price remains around $12,000 & $600 respectively.
After Terra’s fall and FED’s policy that was kicked off in the year 2022, war broke out and the fallout from the FTX collapse was like the last straw.
Crypto has weathered the storms of the long crypto winter.
Smart contracter, a crypto analyst, has yet again come up with his analysis of the Elliott theory based on historical data to make sense of the new bear market lows. He employed Elliott Wave theory to technically analyze future price action by watching market players’ psyche, which emerges in waves.
New Bear Market Low for BTC?
According to the analyst who predicted Bitcoin’s (BTC) bottom for 2018, the dominant cryptocurrency is preparing for a new bear market low, which will be marked by a corrective move.
Bitcoin’s recent rise from its current bear market bottom of $15,546 is likely coming to an end, analyst Smart Contracter (a pseudonym) informs his 216,200 Twitter followers.
For the time being, “I still believe that the current rise higher on BTC is part of a corrective ABC wave four before making a new low sub-$15,000 in Q1 2023 where they discover a longer-term bottom.”
What Next For Bitcoin Price?
It is postulated that a downward trend takes the form of five waves, with the asset experiencing brief reversals between waves two and four.
Going with Smart Contracter’s analysis, Bitcoin is nearing the end of its wave four bounce and getting ready for the last drive toward $18,000. The analyst forecasts that after this point, BTC will continue its slide to its target of roughly $14,500, thus completing the five-wave cycle.
Bitcoin is trading at $16,979 at the time of this writing, which would mean a drop of roughly 15% if BTC were to fall below the minimum threshold set by Smart Contractor.
The US dollar index (DXY), which the crypto analyst claims are emitting optimistic signals, is another indicator that he is closely monitoring.
However, today’s significant DXY reversal is not what crypto bulls want to see. Despite the best possible scenario, he believes it will still bounce to between 108-109, which will probably push cryptocurrency lower.
A strong index signals that investors are selling risky assets like equities and bitcoin in favor of the US dollar, thus traders are closely monitoring the DXY.
Will BTC Surge Up?
Credible, a fellow Elliott Wave theorist, predicts that Bitcoin will explode past the $18,000 resistance level. The expert tweets to his 336,200 followers on Twitter that the one-hour chart of Bitcoin shows an uptrend and that a significant bounce appears to be imminent.
Overall, the Elliott Wave theory states that in an uptrend, an asset will experience five waves, the first three of which will be uptrends. The expert believes that the wave two corrections in BTC will terminate above $16,400, setting off wave three rallies above $18,000.
Bitcoin’s (BTC) price is projected to initially test $16,000 to 16,500 and then surge to $18,500 to $19,000. While this forecast may give investors hope, in the long run, it also ignores the fact that the current crypto winter is expected to last until at least May 2023.
As an added bonus, the price may go as high as $30,000, with $22,000, $26,000, and $28,000 as potential stopping points.
Markets are slowly turning bearish at the moment as the Bitcoin price is just beside a massive fallout. The price is failing to hold the lower crucial support and hence is believed to pull a significant leg down. In the meantime, the altcoins also appear to be in deep trouble as the market cap is testing the 2017 highs, flashing fresh bearish signals for the entire crypto space.
A popular crypto analyst and strategist, Micheal van de Poppe map the upcoming trend for Bitcoin and altcoins. As per the analyst, the present market sentiments are at the lowest point in history which may slash the value of the tokens to a large extent.
Considering the Bitcoin (BTC) price rally, the analyst believes that the BTC price is still consolidating within the range as it failed to break the crucial area around $16,500. Presently, the token is within the support range and if it fails to hold, it may find new lows depending on China & FTX Contagion this week.
Meanwhile, the altcoins also appear to be following the star crypto as the market capitalization is testing the crucial levels. The market capitalization which is hovering around 2017 ATH is also on major support levels. Hence, the analyst advises his 642.8K followers that they can consider the current levels for investment.
“Not the worst spot to look for entries on your investment bags,”
The altcoin market capitalization has once again marked its lows at the 2017 ATH levels forming a double-bottom pattern. Meanwhile, a rebound from here may set up a firm upswing towards the initial resistance close to $700 billion. To do so, the market cap is required to raise beyond the crucial levels of around $600 billion.
Besides, the market cap was also rejected a couple of times at $695 billion which may be a tough hurdle to crack. Additionally, the current market sentiments are extremely bearish and hence the tokens are also not expected to ignite a rebound anytime in the near future. Hence, the descending consolidation may prevail for an extended period until the Bitcoin price raises beyond $25,000 and find some stability.
Binance Coin (BNB) Price Flashes Bullish Signs, Needs to Hold These Levels to Close 2022 Trade Above $500!
The crypto markets are witnessed a significant recovery since the past trading day as Bitcoin price soared from $15,800 to as high as $16,800. Meanwhile, BinanceCoin (BNB) price also marked daily highs above $300 but failed to sustain above these. A rebound beyond the resistance is much required to keep the bullish momentum but woefully the drop in the daily addresses indicates a diverse trend.
Binance Coin (BNB) Price Analysis
- The BNB price was trading within a bullish ascending pennant until the market collapsed due to the FTX crisis that dragged the BNB price below the crucial trend line
- After undergoing a brief descending trend, the BNB price rebounded finely from the lows around $250 and reclaimed the levels within the pennant
- Woefully, the price experienced rejection at $300 and presently appears to be stuck below these levels.
- The price may continue to consolidate along the trend line until either the buying or selling pressure kicks in that may impact the price movements accordingly
Binance Coin(BNB) Price Predicition for November 2022
The token is among the crypto assets that silently rose from the lows below $50 and surged gigantically to surpass $600. Since then, the price maintained a similar trend and without being primarily impacted by the market trend, tries to maintain its independence. However, the market participants appear to have lost focus on the asset as the daily active address stoops to new lows.
The daily active address denotes the user’s activity over the platform, regardless of whether the user is buying or selling the token. Hence the number of active addresses recording new lows indicates the shift of focus of the traders away from BinanceCoin. Therefore, this may severely impact the volatility of the price which may in turn compel the price to remain within the close range.
Collectively, Binance Coin, the silent storm that has secured its position within the top 5 has enough barriers to break before attempting a firm recovery. With a strong rebound, the BNB price is believed to reclaim the lost position, followed by a surging high to reach $500 in the coming days.
Ethereum price kicked off a magnificent recovery quickly after the asset found its bottom below $1100. The second-largest crypto rebounded well from the interim at $1240 and appears to be heading towards the next target levels, which are more than 6% higher than $1300. Meanwhile, the volume has dropped, due to which the price is expected to remain above the lower pivotal support.
Despite the freefall in June or the recent one in November, the ETH price continues to respect the support levels, indicating the resurgence of a bullish trend very soon. The current trading setup indicates the price will remain consolidated around $1250 levels for some more time until the next plan of action is determined.
The price may either rebound from the current levels or experience a notable drop towards $1200 and later flip to rise beyond $1300 to reach $1344. However, it may consume more time than required as the bulls continue to remain largely passive. On the other hand, ETH against BTC or ETH/BTC is mirroring a previous rally and appears to be at the foothill of a massive explosion.
The ETH/BTC is mirroring the 2016-17 price trend, where-in the price rebounded finding its lows after a gigantic drop. Further, the price broke out from the bull flag to mark interim highs, which were woefully followed by a major slump. However, the ETH/BTC price is repeating the same trend and appears to have completed its accumulation. Hence, a breakout from the current parallel channel may ignite the second impulse wave to mark new highs.
The last couple of days have been a rollercoaster journey for the entire crypto space, and there is no sign of stopping after FTX’s CEO Sam Bankman-Fried resigned by filing a chapter 11 bankruptcy.
Moreover, the huge fluctuation due to FTX’s collapse and correlation of BTC with the stock market had taken into effect when Bitcoin witnessed its bottom levels this week since its crash in May.
However, positive market sentiments, including the CPI data, are pushing Bitcoin towards its short-term goal, as BTC can soon make a weekly high.
Bitcoin Is Ready To End Bearish Woes!
Following positive CPI numbers, Bitcoin price is gaining pace towards $18K as it is recovering from its bearish situation caused by the FTX’s collapse.
Moreover, on-chain data provider, Santiment, mentioned that whale holders of BTC are rising as they are accumulating the asset in the dip, which is a bullish sign for Bitcoin’s further price momentum.
According to Santiment, BTC holders holding more than 1 BTC have reached a high of 848,082 in the last five months, accumulating 24.8% of the total supply.
Moreover, a crypto analyst, Opsec, predicted that the BTC price might witness a major pump soon as its price can reach a maximum range of $18.2K in the next few days.
According to him, Bitcoin is building a short-term bearish momentum as retail investors are currently shorting positions with a target near its fundamental support level of $15.5K.
However, Opsec highlighted that BTC might not fulfill the target price of retail investors as Bitcoin may retrace downward and make a bullish comeback from $16K.
As a result, he predicted that Bitcoin might consolidate in a bullish range near $17K before skyrocketing to its initial resistance level of $18.2K.
A Bullish Territory For BTC Price
Looking at the daily price chart, BTC is continuously attempting to break its immediate resistance level of $17K to continue its bullish momentum further.
Bitcoin is currently showing signs of bullish vibes as it maintains its price in an initial bullish region of $16.5K. Bitcoin is trading at $16,888 with an uptrend of 1%.
The RSI-14 indicator also trades in a range-bound area near 35-level, indicating a support zone for BTC near $16K.
The MACD line is still trading on the negative side as Bitcoin trades below the 23.6% Fib retracement level from its current value.
Moreover, the Bollinger bands are getting closer as the lower limit is at $15.5K. On the other hand, the Bollinger band’s upper limit is at $21.1K.
If Bitcoin retraces downward and fails to maintain its price above $16K, it can plunge hard below its crucial support level of $15.5K and trade near the bottom level of $13K-$14K. However, a short-term bearish rally is expected as the SMA-14 is declining and trading below 50.
Bitcoin may face a rejection at $17K, which can push BTC to the level of $16K. From this price level, Bitcoin may take support and initiate a smooth bull run with an aim to break its crucial resistance level at $21K.
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The Bitcoin price trend is extremely unsettled and uncertain ever since the market collapsed in May 2022. While multiple attempts to revive the bullish trend were made but woefully, it ended up in a significant leg down. Furthermore, both the market participants and the whales have turned out to be less confident about the upcoming rally, which may adversely impact the buying pressure.
Amid the fresh sell-off, the BTC price has breached the 300-week moving average levels for the first time ever. The first time it touched these levels was during the COVID crash in 2020, but it did not slice through the levels and rebounded strongly. For now, when the levels are breached, a significant downswing may be fast approaching.
But wait there is a catch!!
Along with a drop below 300-Week MA levels which is painted in white, a bullish cross between the 50-day(Yellow) & 100-day(Red) MA levels is witnessed. This cross signalled the end of the bear market previously which had ignited a significant upswing to mark new highs. Therefore, a similar price action is assumed to undergo now, but the breach through 300-Week MA is concerning.
Well, Bitcoin is not only battling the Moving Average but it just breached it substantially. It is not that all is lost yet as the weekly close is yet to accomplish. Therefore, a bullish close above $18,000 may invalidate the bearish trajectory to pave way for the bulls to ignite a recovery phase at the earliest.
Fortunately, the RSI is displaying a bullish divergence, and hence, it would be quite interesting to watch how this may impact the BTC price in the future. However, in the case of the bearish wave impulsion, the lower support at the 400-Week MA around $13,700 may hold the price tightly so that Bitcoin may bounce off the bearish captivity.