As the year 2022 draws to a close, the cryptocurrency market is still swimming in the red sea, its market cap has dropped below $800 billion, with crypto traders and investors looking to Bitcoin (BTC) price action as the driving force. strength for the market to recover.
BTCUSD price prediction per 2023 – What do experts say for Bitcoin analysis?
With this in mind, crypto trading expert Michaël van de Poppe observed that Bitcoin is “still in a bearish trend”, facing a hard rejection at $16,800 and $16,600 and testing the block around $16,400. On December 29, he stated that $16,200 could be in play if he fails to sweep and regain that level.
Bitcoin price action analysis and forecast. Source: Michaël van de Poppe
At the same time, several technical analysis (TA) indicators have suggested that Bitcoin may consider exiting its sideways trading pattern and making a ‘major upward move’, including the accumulation zone between $16,000 and $22,000 and the historical Fibonacci levels. can trigger this action.
What do the experts say?
Indeed, the flagship decentralized finance (DeFi) token appears to be in “extremely long-term hodler accumulation zone” based on historical price action in 2010 and 2020, making its current price a “good bargain”. analyst Trader Tardigrade.
Meanwhile, CryptoNoob observed that as Finbold reported, BTC was trading in the “oversold region where the bottom was historically formed”, indicating that an upside move is likely in the future.
Bitcoin price action analysis. Source: CryptoNoob
More pain before a bullish turn?
Also, the money flow index (MFI) for Bitcoin displays a chart pattern comparable to the asset’s previous two bottoms and predicts a “bullish reversal”, but not another one to five months relative to crypto and stock. market analyst Trend Rider.
On the other hand, David Kemmerer, CEO and co-founder of crypto tax software platform CoinLedger, and Fraser Matthews, head of the Netcoins crypto exchange, believe there is less bullishness, believing that more pain could be seen for the first cryptocurrency.
Bitcoin 7 day price forecast. Source: Price Estimates
Currently, Bitcoin is changing hands at $16,601.27, which represents a daily drop of 0.48% and 1.40% from the previous week, but is still down 0.63% on the monthly charts. shows a substantial increase.
Bitcoin 30 day price chart. Source: Finbold
It looks like Bitcoin will likely continue on the same sideways for the next few days and close the year on a similar note, but expectations are rising for BTC price to recover as 2023 emerges and other machine learning algorithms are looking at $16,885. $17,257 for late 2022 and mid 2023.
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