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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
Finally some relatively good news for the crypto market. After falling significantly in the past few months and being stuck in a downward spiral, Bitcoin has finally managed to top the $21K level. It has tested it several times in the past week, but couldn’t break past it. Now, the world’s leading cryptocurrency has finally jumped its biggest obstacle, and seems to be stable in the low-to-mid $21,000 level.
This goes against what we talked about last week, that inflation reports may lead to new dips. It’s a very positive sign, but hold your bulls. It’s great that Bitcoin has climbed this hill, but there are mountains ahead to climb before it gets back to where it needs to be.
Start of a Recovery?
According to on-chain data, stats show that Bitcoin is poised for further price jumps in the next 2 weeks. They might not necessarily be big, but it may very well be the start of a recovery period. It’s just the news everyone was hoping to hear, as things have been locked in a stalemate for over a year. Bitcoin’s price has been in a downtrend and FTX’s demise last November put the market in shambles.
Not just for Bitcoin – its demise destroyed the crypto market in general, with prices dropping faster than ever. Panic sells have further eliminated hope, but as many experts have said, the market will recover. All those crypto naysayers will bite their tongue when they see the prices go up in the following few weeks, which, hopefully, will be the start of something new.
Even if Bitcoin doesn’t recover its 2020 records, it will be good to see the price in an upward trend. Before FTX’s collapse, it was stable at around $21K, eliminating volatility for a positive status-quo. Many believed it was the calm before the storm which would see it doubling in price quickly. That never happened due to macro-economic events on a global scale.
The most positive aspect in the past few months is happening before our eyes. Bitcoin has managed to erase the price losses in the past few months in just a week, and now that it’s back up to $21K again, we expect great things ahead.
Calm Seas?
Of course, this optimism can quickly be erased if something happens and the price goes back down. But, it’s unlikely for this to happen, and everything is pointing for new price jumps. Maybe they’ll be tiny and maybe Bitcoin doesn’t go up for over $1,000 or more. But, keeping this level is important, and that’s what experts believe will happen.
What’s the reason for the upward price trend? Reports that inflation has peaked are fueling them for sure. That’s good news for everyone, not just crypto investors. After last year started in a negative fashion with the Russia-Ukraine war, the global macro-economic situation was shaken to the core. But, the world is slowly healing. It might take a few years for everything to return to normal, and Bitcoin’s stabilized price may be a sign of better times.
Bitcoin has taken a breather at the start of the new year. In the past 24 hours, it has climbed a bit to the mid $17,000 level, but no new bursts are expected. To make things worse, experts have noticed worrying signs that might spell trouble going ahead.
Fed chair Jerome Powell failed to mention inflation altogether in his latest speech, which meant no fresh price catalyst for Bitcoin. The price has climbed back to $17K and stayed there for a week which is good news. But, if any bearish sentiments return, and many think they will, experts believe a dip to $14K is inevitable shortly.
Powell Is Quiet on Fed’s Policy
Hopes on a fresh price burst were squashed in the latest Fed report in which its chair Jerome Powell carefully avoided talking anything about upcoming policies. He addressed key stuff such as the Fed’s monetary policy independence and some other things, but was mum on inflation.
Due to that, neither Bitcoin nor US stocks had a good first hour in Wall Street trading. Volatility is expected through January 12 as we’re waiting on the release of the CPI for December. For nearly 2 months, buyers have been found below the $16.5K price level, while the 20-week moving average sits at $18.3K. That’s the current range and previous support. If Bitcoin manages to beat expectations and breaks that key level, the target would likely be $24,000.
But, that’s what most optimists think. In reality, we probably have a continuation of the bearish trend on the cards in 2023. Key macro-economic elements have not improved, and inflation is still rampant. Due to that, some believe that a dip down to $14K is pretty possibly, and coming fast. Liquidity data shows that getting to $24K will be a bit of an uphill climb, especially in the short run.
Bulls Take Control, but Worrying Signs Ahead
Bitcoin’s price is finally in an uptrend, surpassing the 50-day moving average. The latest rally may have caught some by surprise, but experts knew it was coming. The key now is to lock it in without further dips as bulls take control of the market. However, that might be squashed soon as data shows worrying signs going ahead.
The bullish momentum right now is not very strong. 4-hour charts show a double-bottom reversal pattern at $16,500. The price is forming higher highs and lows, reaching the Fibonacci retracement at 0.5. All the way up to 0.618, it’s a significant resistance zone in the correction stages. In layman’s terms, Bitcoin is currently locked in a vital resistance zone, trying to move higher. As a result, one possible outcome is a $17.5K resistance level.
Another metric, the Exchange Reverse, which represents the number of coins held in exchanges, is recovering slowly. Surges in this metric show high selling pressure, and is typically related to a trend reversal. People are currently sending Bitcoins to exchanges for distribution, and big spenders are seeing this rally as a selling opportunity before a crash. That’s why things are grim right now, but we’re hoping for some kind of ray of light to make things better.
Happy new year to everyone! Not a few days have passed since we entered 2023, and the boldest (and darkest) Bitcoin predictions are already here. Nothing has changed in regards to the price. Those calls for a Bitcoin rally in the last few days of 2022 didn’t come to life. Bitcoin’s price is clinging to the mid $16,000, with slight pushes at the $17,000 level and newfound volatility.
But, enough about that – the price is obviously stuck at the moment and will be for at least January. We’re here to talk about the wildest and boldest Bitcoin price predictions experts have already set.
What’s on the Books?
Predicting Bitcoin’s price by the end of the year is ungrateful. Whatever you say, you will most likely be wrong. Bitcoin’s volatility is too hard to catch up, and recent global finance and inflation developments aren’t likely to help its case. Decentralized finance was supposed to move independently of centralized finance and any pressure from that system, but in the end, it was clear that they’re pretty much correlated.
2022 was a very tough year for crypto. But, the clouds may clear up in 2023. Some Bitcoin bulls, like Tim Draper, are very optimistic with their price predictions. Draper says that BTC is on course for $250,000, which pretty much looks like every crypto investor’s dream. He said that this prediction might become true in mid-2023. Even after FTX’s collapse, he’s stayed with that outcome.
In order for it to reach that level, Bitcoin must make a 1,400% jump. That seems very unlikely in the current geopolitical and financial climate, but hey, stranger things have happened. Despite depressed prices, Draper might be right about one thing. The dam is about to brake as the market is obviously bottomed up.
The 2024 halving is also supposed to help Bitcoin’s price get back on its feet, if Draper’s prediction fails. This event takes place every four years, cutting Bitcoin mining rewards in half. It essentially squeezes supply to Bitcoin miners, and might have a positive impact on the price. At least it did previously, although the last halving in 2020 didn’t help the price a lot.
Miners Are Squeezed by the Price and Energy Slump
The reason why many aren’t banking on the halving solution is the state of Bitcoin mining. In short, Bitcoin miners are squeezed by the price and energy slumps around the world. Prices have never been higher, inflation is rampant, and the Russia-Ukraine war is taking its toll. Miners use power-hungry machines to verify transactions and create new tokens, and this seems impossible with the energy prices right now.
However, according to some experts, the fact that miners are selling their equipment might ease pressure on Bitcoin and its prices. Historically, miner capitulation has indicated major bottoms, and that might be happening right before our eyes. Just like Draper’s, this is a positive prediction for BTC’s price which may not come.
On the other side of the Moon, the worst pessimists have predicted a 40% drop this year. Bitcoin investor Mark Mobius expects the price to hit $10,000 this year, and he’s bent on sticking with this decision. We’ve just started the year and it’ll be a wild ride for sure. Let’s see who gets on top.
With Christmas gone and the new year fast approaching, everyone’s sharing thoughts about Bitcoin’s price point next year. It’s obvious that this year has been one to forget. While looks were good initially, the Russia-Ukraine war changed a lot, and a few negative headlines such as FTX’s demise threw the market in disarray.
It was the fuel doubters needed, with many foretelling the fall of crypto once and for all. What they don’t know is that it will never die. Bitcoin’s price swings may be too much to bear, but a breakout may be coming in 2023.
Volatility Returns
Bitcoin’s volatility returned a day ago in the USA as stocks began trading to yearly closes. In the previous months, it was obvious that volatility came to a relative halt. Bitcoin was stable in the $20,000 range until FTX dropped the ball. Even then, Bitcoin’s reduced price floated around the $17,000 mark, but now it has dropped below and is once again as volatile as ever.
Data from TradingView shows it dropping around 1% when stocks began trading on December 27. It was a move just shy of $150, but significant enough. It came as response to S&P 500’s 0.6% drop, while the NASDAQ Composite Index dropped just shy of 1.5%. The US Dollar responded as well and made up for the ground it lost a few days prior.
According to experts, there’s no bigger risk to the crypto market right now than BNB. Due to the ongoing FUD of its issued, Binance, BNB’s price will be one to watch. It traded over $240 on the day, which is certainly good. It’s what some refer to as a line in the sand in regards to any bull runs, and an important factor in Bitcoin’s long-term price.
Worries About BTC Miners
Bitcoin mining has reduced significantly around the world in line with concerns over energy efficiency. Public Bitcoin miners have all but sold their equipment, and while mining has come to a halt, Bitcoin miners still make the headlines.
Some experts believe that miner problems that were previously dismissed are a potential source of the price action. Even if miners sell their reserves to an open market, it would be just a tiny drop in the supply vs. demand ocean. It obviously has an impact on Bitcoin’s swinging price, which could go up to 15% in 2023 if experts are to be believed.
For this to happen, it must jump over one obstacle. That’s going over the 55-day SMA which is around $17,300. If bulls keep it together and no one sells in a panic, a bullish rally can begin, targeting the low $19,000s. That might come as soon as the end of this week or on New Year’s Eve.
Should that happen, the rally could stretch well into 2023. This year’s 52nd week is key for its onward movement, and may define what we see next year. Here’s hoping it’s a positive sign.
Bitcoin has been in trouble for weeks. We all know that prices have been dropping for the best part of the year, and FTX’s recent disappointing implosion has put the crypto market in disarray. Bitcoin has suffered the most significant blow, dropping well below the fairly standard price of $20,000.
It took some time for the world’s largest cryptocurrency to consolidate after the price drops in the past 12 months, and just when it was starting to get stable, the FTX news destroyed everything it was building.
News don’t look good. Experts believe that a further 20% price drop is expected if it fails to reach a key level. Traders are warning for a big discount coming soon as Bitcoin has stayed rigid under $17,000 for the past week or so.
Little to Celebrate
It may be the holiday season, but if you’re a Bitcoin trader, there’s little to celebrate. According to data from TradingView, Bitcoin is practically unmoved from the $16,700 mark over the weekend. There’s no bearish potential right now, with most traders believing a further drop is expected. Bitcoin has touched $16,300 on Tuesday, and while it has since recovered, it shows that drops down to $16K and possibly below are expected.
According to popular trader Rekt Capital, $17,150 is the level we should keep an eye on. If Bitcoin reaches it, it will help avoid further drops. However, if it continues to reject this resistance, then a 20% drop is expected in the coming weeks. Rekt Capital also said that there’s still time for Bitcoin to do a monthly close over this level, although a close below it won’t have a positive impact.
His negative outlook was balanced by Michael van de Poppe, CEO of trading firm Eight. By the end of the week, more US economic data is supposed to hit the Internet. Depending on it, Bitcoin can shoot for the $17,300 key level and in that way offer exciting short-term opportunities. If there’s no breakthrough, longs between $15,500 and $16,200 are expected.
FTX Ruined it All
The biggest culprit for the state of the crypto market right now is ex-crypto exchange FTX. In the latest development of this saga, FTX’s rival, Binance, continues to deal with FUD over the past weekend. Everyone’s trying to make a clear distinction between FTX and the crypto market. New traders often associate them, which leads to a bad outlook for Bitcoin and cryptocurrencies in general.
Everyone’s sending letters to its customers not to make a relation out of the two. For example, Greyscale’s CEO wrote that FTX was a failure of people, not a crypto failure. It’s a tale of deception through false documentation and narrative, which isn’t what the industry is trying to do. Cryptocurrencies have a much larger picture in mind, so FTX’s failure shouldn’t be associated with the crypto market as a whole.
Of course, it’s a painful mark that will have (and already has) long-standing repercussions on Bitcoin’s and crypto prices. We’re just hoping that it doesn’t last for long.
