Bitcoin Crashes Hard in December! Any hope for relief in 2023?
Bitcoin is facing obstacles to build its upward momentum and start a bull run, continuously falling below the $22K resistance level. Crypto strategists and analysts have predicted a significant crash for Bitcoin this year, wiping billions of dollars from the crypto market.
Doctor Profit, a famous analyst who predicted Bitcoin’s ultimate bottom of $18K when BTC was trading near $60K and the impactful LUNA/UST crash, now expects a major crash for Bitcoin in mid-December.
A big crash awaits
The anticipation of the Fed rate hike has caused bitcoin investors to sell a huge amount of BTC in the market, resulting in a sharp drop in the price graph. According to CoinMarketCap, Bitcoin is now trading near $19K, a sharp drop of over 15% from its strong resistance.
Doctor Profit has warned investors against investing heavily in Bitcoin as BTC may have a major crash in mid-December. He expects Bitcoin to continue trading in the $18K to $22K range until mid-October before experiencing a sharp drop. The analyst expects Bitcoin to start its recovery phase due to the expected 75 bps interest rate hike and positive market sentiments.
He predicts that Bitcoin could reach the $30K mark by the first week of November. After that, BTC will crash after the US mid-term elections on November 8th, and the crash will deepen after the FOMC meeting, which is scheduled for December 14th. He predicted that the downtrend would consolidate until February 2023.
Doctor Profit also confirmed that he would start buying BTC once the bottom is formed below the $18K level.
Bitcoin Bloodbath will end soon
The Ethereum merger has created a “buy rumor” that pushed the entire crypto market upwards, and bitcoin was no exception. However, Bitcoin could not sustain the uptrend and fell significantly below $20K.
The 50- and 200-day moving averages indicate selling pressure, suggesting a further price drop for Bitcoin in the coming weeks. The critical support level is $17,500 and Bitcoin could quickly fall to $12K if the support level breaks. However, the Elliot wave indicates a rebound for Bitcoin from $15K, which could take bitcoin to all-time highs in 2023.
