BTC, which fell to $ 15,500 with the FTX bankruptcy, is currently struggling to reclaim its old resistances. The question in mind; A drop to $8,000 or a recovery of $22,000? Let’s take a look at what Bitcoin analysts expect about the first half of 2023.
Bitcoin price weakens against the dollar
BTC price is approaching the end of 2022 at levels not seen in over two years. It’s currently down 15% even in Q4. Also, the price, which has been over 60% since the beginning of the year, has several bullish indicators as 2023 approaches. The chart provided by Crypto Tony shows how weak the price action is right now.
On daily timeframes, BTC has returned below the equilibrium price (EQ) that has existed since the FTX crisis. This is no longer valid as support. A failed break in the high range magnifies the danger. In such a case, it means that the most likely target is near $15,500. Crypto Tony, the owner of the analysis, said in the accompanying comments, “I’m missing. I am looking to get back to the low range as highlighted,” he wrote.
Cred: Retrace $19,000 region to change trend
For fellow analyst Cred, it’s all about range when it comes to how Bitcoin might behave in the future. In a video update on Dec. 29, Cred set monthly and weekly support at $14,000 and $12,000, respectively. Here’s what they said:
However, what can we look for if we are not at these levels? If you don’t want support, you can always show me a failed dump from support as a bullish argument”.
BTC broke the $18-19,000 zone in November following the FTX bankruptcy. Therefore, he left the price action of the following weeks as a “failed breakout”. It can still become a target that needs to be undone.
However, Cred adds that on the weekly timeframes, BTC/USD is currently trading in an insignificant region “out of nowhere”.
Kaleo: Strong pull to $22,000 in the first quarter
A more optimistic approach to what might happen in Q1 as a whole comes from the popular Twitter account Kaleo. In a forecast released on Dec. 30, Kaleo showed that a bottoming position in the BTC/USD pair continues, providing a clear upside price target for the next quarter.
He suggested that the area around $22,000 will act as a magnet for the price based on the highs of the 8-hour chart dating back a few months. In contrast, lower levels were not included in the outlook.
cryptocoin.com As dna tracks, BTC moved sideways in December. It is currently below $17,000 in a lack of volatility in the last days of the year.