Bitcoin is looking at ‘Major Move’ in the coming days, these technical data shows
Bitcoin Continues to Move Closer to the Key $17K Marker as It Makes Conservative Gains After Suffering effects of the FTX implosion which wiped out the entire crypto market for the valuation of billions.
The Virgo digital coin managed to gain 2.6% in the last 24 hours, pushing its seven-day gain to 4.4% as it changes hands at $16,882 at the time of writing according to tracking from Coingecko.
The increase may not be that big, but it helped the cryptocurrency reduce its 30-day losses to just 18.1% and more importantly increase its market cap by almost $10 billion in just one day.
As 2022 draws to a close, experts take a good look at all Bitcoin indicators to determine its future in 2023.
Bitcoin may reach a peak of $24K between 2023 and 2024
Fortunately, for investors and holders, some of these analysts bring with them the good news that BTC is likely to make bigger gains as the days and weeks pass.
Trader Tardigrade, a pseudonymous but popular cryptoanalyst used Bitcoin’s Price Momentum Oscillator (PMO) to share his thoughts on the matter approx. where BTC can stand in the near future.
Image: Finance Magnates
According to the expert, the Bitcoin PMO is currently below zero and when this is mixed with the asset’s curved support, a potential right of return is likely to be triggered.
Tardigrade noted that based on data he has collected, this big move for the digital asset will happen sometime in 2023 and towards 2024 and will peak around $24,000.
Meanwhile, another expert in the field of Mustache is banking on the historic movement to Bollinger Band Width Percentile (BBWP) indicator by hinting at the idea that BTC is preparing for a big rally.
Price Momentum Oscillator (PMO) below zero, along with the curved support, triggers a bounce in #Bitcoin.$BTC is currently in the PMO zone below zero and in contact with the curved support.#BTC #Cryptos pic.twitter.com/6WwT8XqvNJ
— Trader Tardigrade (@TATrader_Alan) 28 November 2022
Near-term forecast for Bitcoin
He noted that based on the asset’s two-week chart, the BBWP is at its lowest level in over six years, and the last time this happened in May 2016, Bitcoin went on a rampage to increase its value by 80% in just four weeks .
If that turns out to be the case right now, the cryptocurrency will add more than $12,000 to its current trading price and will reach the $29K territory.
If this happens, Bitcoin’s market cap will be more than $500 billion, and it will further solidify its status as the largest digital currency in terms of overall valuation.
In accordance Coincodexby December 6, BTC will change hands at $17,463, suggesting that in the coming days the crypto-asset will finally succeed in its attempts to reclaim the $17K territory.
BTC total market cap at $324 billion on the daily chart | Featured image from Flickr, Chart: TradingView.com
