bitcoin (BTC) ends 2022 on a bearish note, with the asset having corrected more than 70% from the all-time high of nearly $69,000 set in November 2021. Notably, the flagship cryptocurrency enters the new year still plagued by the prevailing macroeconomic factors as well as the fallout from incidents such as the FTX Exchange Collapse.
Therefore, the performance of the asset at the beginning of 2023 remains attractive for investors as Bitcoin continues to harbor steady growth side trade model.
Online, machine learning algorithms at digital asset Tracking Website price prediction project that Bitcoin will likely undergo a further correction to trade at $15,532 on January 31, 2023. The price prediction represents a ~7% decline from Bitcoin’s price at press time.
According to the 30-day forecast, Bitcoin will likely see a steady decline in value during the first month of 2023. However, the tool predicts that Bitcoin can potentially trade at $16,407 on the first day of 2023.
In particular, the forecast takes into consideration different technical indicatorsas the Bollinger Bands (BB), moving averages (MY), moving average convergence divergence (MACD), relative strength index (RSI) and others.
bitcoin price analysis
At press time, Bitcoin’s price was still consolidating, trading at $16,565 with minor gains of around 0.50% over the past 24 hours. On the weekly chart, the asset corrected by around 1.7%.
Bitcoin’s price movement in recent days has highlighted the inability of both bulls and carries to mount a tremendous movement in both directions. Commenting on recent price action, Kitco News Analyst Jim Wycoff noted that traders are waiting for a spark in Bitcoin’s price.
Traders are waiting for a spark to trigger price action in what has been a quieter holiday trading period. Neither the bulls nor the bears have a near-term technical advantage, suggesting closer sideways trading in the coming days. Look for more active trading early in the new year,” he said. said.
Elsewhere, technical analysis of Bitcoin on TradingView is dominated by the downtrend, with the summary lining up with the “sell” sentiment at 14 while the moving averages are for the “strong sell” at 13. Oscillators are neutral to 1.
What does Bitcoin hold in 2023?
After a turbulent 2022, cryptocurrency industry players offered varying opinions on Bitcoin’s outlook for the new year. As reported by Finbold, David Kemmerer, CEO of CoinLedger, a crypto tax software, believes that Bitcoin is likely to correct further in the first half of 2023, expecting the fallout from the FTX collapse to spread further.
Stefan Ristic, a crypto miner running BitcoinMiningSoftware.com, suggested that Bitcoin will have a depressed 2023. However, he pointed out that the next halving event in 2024 will be a key catalyst for a bull run in 2025.
Interestingly, Aurélien Ohayon, CEO of strategic services platform XOR, suggested that Bitcoin could experience a bull run in 2023. In his analysis, the young crypto has historically experienced a bull run after four years, and the bear market usually lasts around a year.
Somewhere else, according to For renowned crypto analyst Vince Prince, Bitcoin could potentially reach $1.8 million by 2026 if it follows the “Merry Christmas Cycle”. According to the cycle, Bitcoin has been hitting all-time Christmas highs for the past three years, and the trend has repeated itself in 2022 despite the bear market.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.
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