What awaits Bitcoin in 2023? Analysts share positive indicators
As most cryptocurrencies slowly begin to recover from the shock caused by the FTX collapse, Bitcoin (BTC) is no exception and its supporters refuse to stop believing in its bullish future, convinced by positive price indicators.
Actually, experts at the cryptanalysis firm TradingShot have observed an “interesting fractal analysis on different time frames showing that if Bitcoin holds last week’s low, a strong rally in 2023 is possible.”
Specifically, the level that the experts said Bitcoin needs to hold for said rally to be possible is above $16,628. If it does, fractal analysis sees a bullish potential rise, perhaps even to $95,000 by 2024.
What do other indicators indicate?
Another positive technical analysis (TA) indicator is the 200-week moving average (MA), which for Bitcoin has remained positive, as a prominent pseudonymous Bitcoin analyst and Dutch institutional investor known as Plan B pointed out on 13 November.
The analyst’s chart shows that Bitcoin’s price has remained above its 200-week MA through the difficulties that have engulfed the crypto market in recent months, including “a new year, another standard exchange,” which Plan B noted, citing the FTX liquidity crisis.
Commenting on the tweet, he also emphasized:
More optimism in the crypto sector
At the same time, another pseudonymous cryptanalyst, Mustachehair noted that Bitcoin was close to touching the trend line that “has already held for 5.5 years”, as he illustrated on a chart.
Optimism was also expressed by Robert Kiyosaki, the author of the book on personal finance “Rich Dad, Poor Dad”who said he was “not concerned” about the price movements of the decentralized finance (DeFi) token.
Meanwhile, Tesla (NASDAQ: TSLA ) CEO and new Twitter (NYSE: TWTR ) owner Elon Musk is also confident that Bitcoin will survive the bear market, although he warned that it would take a long time for the asset to realize its full potential .
Bad Signs Stack Up Against Bitcoin?
On the other hand, it is not all praise for the flagship digital asset, as an analyst goddusi father over CryptoQuant noted that “despite the relative gains in US stocks, Bitcoin lost a very important support level,” which “was the ATH of the previous cycle.”
As the analyst emphasized:
“So far, there is no record of Bitcoin returning below the ATH of the previous cycle. This may indicate weakness in the cryptocurrency market in the near future and further price reductions in them.”
Earlier, Bitcoin’s at-the-money (ATM) volatility (IV) more than doubled over the past week, mimicking the movements of FTX Token (FTT) at the time, while its Relative Strength Index (RSI) had fallen to its weakest in history.
At press time, Bitcoin was changing hands at $16,763, registering a minor gain of 0.41% on the day while losing 19.10% for the week, according to data obtained by Finbold on November 14.
Meanwhile, Finbold has compiled three key tips for surviving the market crash, given by a former stockbroker known as the “Wolf of Wall Street”, Jordan Belfort, including taking a three- or four-year horizon, and looking no further than Bitcoin and Ethereum (ETH), and does not play into the panic.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
