BTC Price Shakes Off Binance ‘FUD’ As Analysts See Bitcoin Bottom For Q1 2023
Bitcoin (BTC) held steady near $17,000 at the December 12 Wall Street open as news involving Binance failed to trigger the BTC price decline.
Factors are lining up to “scare” Bitcoin trading
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD avoided new volatility as US markets opened.
After trading sideways over the weekend, the pair gave few clues to analysts, who were waiting for US macroeconomic data to shake up the status quo.
This, in the form of the November Consumer Price Index (CPI) print, would nevertheless be a pivotal moment for cryptoassets, they agreed, with the potential for significant upside and downside hinges on the numbers, with December 13.
Subsequent events involving the Federal Reserve will equally shape price developments, they said.
Meanwhile, however, Bitcoin appeared to shrug off news that the largest global exchange Binance was reportedly the target of a US money laundering case.
A report that appeared in Reuters stated that the Department of Justice (DoJ) was unsure whether to file charges against Binance and its CEO, Changpeng Zhao, following an investigation launched in 2018.
This followed new concerns over the exchange’s proof of reserves, which various commentators nevertheless labeled “FUD” when it spread through the media.
“Bitcoin remains stable, altcoins lose value, $BTC dominance bounces upwards and is currently increasing,” Michaël van de Poppe, founder and CEO of trading company Eight, wrote in part of a summary of the day.
Van de Poppe noted that market participants were still “scared” due to upcoming macro data and legal events related to the FTX scandal.
Crypto sentiment remained generally stronger than the worst-case scenario, according to the Crypto Fear & Greed Index, which measured 27/100 on the day – still above its lowest “extreme fear” zone.
The bottom of risk assets may come after the Fed pivot
In terms of near-term market action, there were fresh bearish warnings for both crypto and risk assets.
Related: “Biggest Week of the Year” – 5 Things to Know in Bitcoin This Week
Popular trader Mustache turned to US stocks to remind followers that despite the Fed potentially swinging on rate hikes, this historically did not mark a turning point in performance.
“Don’t forget that the stock market has crashed very hard every time in history AFTER the FED’s pivot,” he commented next to a diagram.
“Possibly the market will rally, due to expectations of a pivot. After the official announcement: Sell the news.”
He added that the result could be a “final bottom for $BTC.”
Analyst Toni Ghinea was similarly cautious, says followers that the BTC/USD bottom will be between $11,000 and $14,000 and come in Q1 next year.
“Bottom is 11-14k. Cap is in Q1 2023,” he wrote, also including a bounce target of up to $30,000.
“Ignore the noise.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
