Bitcoin (BTC), the largest cryptocurrency by market cap, is currently trying to surpass $17,000. So, will he be able to surpass this level? What are the price movements we should expect as 2022 ends and 2023 enters? Here are the latest comments from four popular analysts…
Michael van de Poppe hopeful for 2023
Crypto strategist Michaël van de Poppe believes that Bitcoin (BTC) could more than double in value next year, despite widespread negative sentiment in the crypto-asset markets. Van de Poppe said that Bitcoin is currently trading in a wide range with resistance at $18,600 and support at $12,300. According to the crypto analyst, BTC bulls must clear its immediate resistance to gain any momentum. The analyst used the following statements:
Anything below $18,600 can be classified as divergence or trend continuation. If we fail to get above $18,600, [you can claim] you’re looking at $12,300. However, the number of people focusing on this is a bit high right now, which means we’re probably not going to get there.
Van de Poppe says BTC bulls need to push Bitcoin above a key level to trigger a big “short squeeze.” The short squeeze parallels the action of traders who borrow the units of the asset at a certain price. According to Van de Poppe, if we break $20,600, we break the trend. The analyst’s forecast for a wider time frame is around $29,200 and $38,500.
Vince Prince: Bitcoin creates ‘Merry Christmas Cycle’
Vince Prince, a crypto analyst posting on TradingView, said that Bitcoin creates a pattern that emerged over the past three Christmases. He pointed out that BTC once again formed the ‘Merry Christmas Cycle’ in 2022. According to Vince’s analysis, Bitcoin has always completed historic highs during the Christmas period as part of the cycle. He also noted that Bitcoin creates several new all-time highs on Christmas Eve each year.
The analyst noted that Bitcoin moves on a cyclical basis, with the current price ranking among the lowest of the year. He noted that the first cryptocurrency always creates new lows that end the bear market and start the new Christmas Cycle. According to the analyst’s predictions, if the cycle continues, Bitcoin will likely skyrocket to around $1.8 million by Christmas 2026. If the price target is met, Bitcoin will increase by about 10,614 percent from its current price.
TechDev points to Bitcoin halving cycle
cryptocoin.com As we reported, the analyst known as TechDev predicts that Bitcoin will put an end to the widespread belief that price cycles are determined by halving cycles. During halving cycles, the block reward amount is halved every four years. According to TechDev, BTC will mostly go against the halving, which is predicted to happen in the middle of 2024, and instead go up early next year.
$BTC “topped” April 2021 imo.$LTC ‘s structure (orange) easier for most to digest.
Parabolic top vs. distributive, making Nov ‘21 a lower high.
Majority still doesn’t seem to understand corrective waves can make new highs.
Used to be part of majority. pic.twitter.com/FwHi3Y7Hbh
— TechDev (@TechDev_52) December 22, 2022
Furthermore, the expert argues that Bitcoin peaked in April 2021 instead of November, suggesting that the bear market is deeper than most people think and is also closer to a reversal. He cites Litecoin (LTC) as an example of a cryptocurrency that hit a lower low in November, as opposed to Bitcoin’s unusual, marginally higher peak.
Capo Crypto emphasizes weakness
Finally, analyst Crypto Capo, who correctly predicted Bitcoin’s collapse this year, made a comment. He warned BTC holders that Bitcoin was about to “give up”. According to Expert Capo, Bitcoin is still showing bearish signs. Capo says the recent bounce has mostly been weaker compared to BTC’s previous rallies since June. However, the bulls managed to start a rally below the current bear market of roughly $15,700.
Just read the comments here and you will get a second confirmation (first one is the analysis and indicators) that most people are trapped above 17k or higher and couldn't take another drop.
Like I said before, most people are not prepared for what is coming and it shows. https://t.co/1mmJhRRmUd
— il Capo Of Crypto (@CryptoCapo_) December 23, 2022
The analyst says that with each bounce, the support turns into resistance levels. This case is also “like a magnet” for $12,000. Additionally, Capo thinks investors are probably unprepared for the upcoming drop. The majority of people are stuck with $17,000 or more, he said. “The ideal condition for a proper capitulation,” he continued. You can find Capo’s previous analysis here.