A crypto analyst has identified historical Bitcoin Fibonacci levels for the “major upward move.”
Crypto analyst talked about Bitcoin
Bitcoin (BTC) bulls and bears continue to have almost similar strength when the flagship cryptocurrency is trading in a sideways pattern. Investors are looking for positions that will signal the next price action of the digital asset in the middle of the ongoing consolidation phase. The crypto analyst, nicknamed Nebraskagooner, referred to historical data in a tweet on Dec. Based on chart patterns, he identified historical Fibonacci levels that will trigger Bitcoin’s next upward move. The analyst specifically identified the range between $16,000 and $22,000 as the possible accumulation zone that will trigger Bitcoin for the next ‘big upside move’. At the same time, the trade expert is an immediate reversal range of the $16,000 to $12,000 region.
The analyst referred to the previous Fibonacci levels recorded on February 22, 2022 while conducting his analysis. He stated here that if the asset closes below $37,600, it will form an important long-term zone. In this case, Bitcoin has since corrected to consolidate below $17,000. Fibonacci levels are analysis tool that uses horizontal lines to indicate areas of support or resistance in the price of an asset. However, the tool can be used to identify support and resistance levels. Similarly, according to a previous Finbold report, BTC is currently in the ‘extremely long-term hodler accumulation zone considering Bitcoin’s historical price analysis’. cryptocoin.comIn this article, we have compiled the analysts’ 2023 analysis of Bitcoin for you.
Bitcoin price analysis
Instantly, Bitcoin was trading at $16,598, correcting almost 1.5% in the last 24 hours. On the weekly chart, Bitcoin is also down 1.5% with almost similar margins.
Meanwhile, Bitcoin’s one-day technical analysis shows a bearish bias as both the summary and moving averages are in line with the ‘strong sell’ sentiment at 17 and 14 respectively.
Bitcoin’s outlook
Bitcoin lacks critical triggers for a decisive price move. However, the asset will likely end the year in a consolidation phase. Especially right now, investors are watching the asset to determine how Bitcoin will trade as we enter the new year. Along this line, prominent industry players have stated that Bitcoin still faces uncertainty in 2023. They also suggested that it is macroeconomic factors and adoption that serve as critical foundations.
For example, crypto miner Stefan Ristic, who runs BitcoinMiningSoftware.com, offered a bleak outlook for Bitcoin in 2023. However, he was optimistic that the 2024 halving event would establish a rally base. At the same time, Fraser Matthews, head of the Netcoins crypto exchange, stated that Bitcoin will likely drop to $10,000 in 2023. Also, crypto trading expert Michaël van de Poppe said that if Bitcoin breaks the $17,400 and $17,600 resistance levels, the asset will likely accelerate faster. Finally, Pricepredictions’ machine learning algorithm determined the price of Bitcoin as $16,722 on January 1, 2023.