While the chaos in the cryptocurrency market is over, the consequences of the FTX boom are still being felt across the landscape, including Bitcoin (BTC). However, BTC is approaching the $17,000 mark and indications are showing hope for a bullish move in the first half of 2023.
Claim: Bitcoin price will rise in the first half of 2023!
Nicknamed crypto and stock market analyst Trend Rider noted that the money flow index (MFI) for Bitcoin shows a similar chart pattern compared to the asset’s previous two bottoms, with an expected “bullish return” in the one to five month period.
Bitcoin price action and money flow index analysis. Source: Trend Driver
Has the bottom finally arrived?
Meanwhile, CryptoNoob observed that the first decentralized finance (DeFi) asset was trading in the “oversold region that historically formed the bottom”, suggesting that an upside move is likely in the future. At the same time, Trader Tardigrade stated that Bitcoin is in an ascending triangle trading pattern and will have a choice to either exit it or leave it.
However, renowned crypto trader and analyst Rekt Capital predicted on Dec. 26 that the flagship digital asset could close the month below $17,150 and even fall further as it fails to break through the immediate resistance at this level.
It’s also worth noting that machine learning algorithms are showing a bearish trend, with PricePredictions forecast $16,614.67 for January 27, 2023, and CoinPriceForecast $16,919 for late December and $17,292 for mid-2023.
Bitcoin 30-day price forecast. Source: Price Estimates
Bitcoin price still undecided
Currently, Bitcoin is currently changing hands at $16,832.87 and as the charts show, 0.2% on the day as opposed to a 0.02% gain over the week and a 1.55% increase over the previous 30 days. shows a decrease.
Bitcoin 7 day price chart. Source: Finbold
Given Bitcoin’s sideways trading pattern and lack of a major trigger for a move in either direction, the digital asset may indeed require patience from investors expecting a rally that may not be on the cards in the near future.
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