Popular analysts chart next levels for Bitcoin (BTC) price
At the time this article was written, Bitcoin (BTC), the most prominent cryptocurrency, has been trading in the green for some time. Its value has increased by almost 7% in the last week and by 2% in the last day, reaching a value of $18,101.
The past week has been quite successful for Bitcoin (BTC), as the currency hit new monthly highs on December 13 as a wave of confidence spread across markets in response to inflation statistics from the US.
Analysts say the worst may be over for Bitcoin
Back in May 2021, a pseudonymous cryptocurrency analyst known only as Dave the Wave accurately predicted that Bitcoin’s (BTC) price would fall. Now he claims that one indicator suggests that the token may have already experienced the worst of the bear market.
The expert shares with his 131,700 Twitter followers that he is also keeping a close eye on Bitcoin’s moving average convergence divergence (MACD), which is a momentum indicator that may indicate a trend change.
The weekly MACD for Bitcoin (BTC) continues to trade higher above a support level that, according to Dave the Wave, previously marked the end of the 2015 and 2018 bear markets.
The expert believes that the worst is behind us now based on BTC’s MACD. According to Dave the Wave, sentiment swings erratically from depression at the bottom to euphoria at the top, and the technical analysis helps correct these swings.
Furthermore, he predicts a Bitcoin rally towards $19,000 after the king cryptocurrency breached its immediate barrier of $17,300. This prediction comes after the price of Bitcoin crossed $17,300.
The $17,000 level is a key level of support for BTC and if the bulls can maintain their position above this level, further upward momentum is expected. The current value of the Relative Strength Index (RSI) is 66, which indicates that the market is still in the zone of being overbought. A bullish trend is indicated by the MACD indicator, which is currently located above the zero line.
Bitcoin price 2023
There is no consensus among analysts on what the future of BTC will be in 2023. Although some predict a rise in value, others believe it will continue to fall, perhaps even below $10,000.
However, optimism for risk assets has been bolstered by Tuesday’s US inflation data, which confirmed the Fed’s plan to ease liquidity tightening. So who knows? The next year could prove to be quite prosperous for BTC.
It is also possible that it will remain under pressure as a number of mining companies are expected to collapse, which will overshadow the improvement in macroeconomic conditions. Personally, I think investors should anticipate more gains.
