The world’s largest cryptocurrency Bitcoin (BTC) has once again come under selling pressure. It cannot exceed $17,000. Meanwhile, analysts are sharing their comments on what levels the biggest cryptocurrency will see. In this article, we will convey the expectations of two analysts for BTC…
Scary levels from Fairlead Strategies founder: 15,600, 13,900…
Bitcoin price recently dropped to a new low of $16,277 for December. However, it is currently changing hands at $16,881. The stock market faced turbulence last weekend due to macro factors and other developments in the crypto space. Katie Stockton, founder of Fairlead Strategies LLC, pointed to the failure of the level test in the $17,000 to $18,000 range, in a statement. He also explained the lows he expected with the following statements:
We expect a retest of the November low of $15,600 in the coming weeks. Ultimately, we expect Bitcoin to bottom lower and increase the risk of long-term support near $13,900. We think that the bottom level can be seen after about 7 months.
As Cryptokoin.com reported, the year 2022 has witnessed one of the biggest crypto winters in the industry’s history. Bitcoin is down 75 percent and the majority of altcoins are down about 90 percent. On the other hand, the Fed has made it clear that they will continue to raise interest rates throughout the next year of 2023. Blockchain analytics firm Nansen Research pointed to the Fed in their latest report. Considering the Fed’s determination to continue tightening, the recession is expected to continue. According to analysts, crypto prices may experience a (perhaps final) drop in this cycle before interest rates become more favorable.
Immortal announced its 2023 expectation for Bitcoin
Immortal, a popular crypto strategist, believes that Bitcoin (BTC) is poised for a major rally in 2023. The analyst tells his 189,800 Twitter followers that Bitcoin signals a “trend reversal” on the three-day chart. Moreover, he refers to this breakout as “monster divergence in Bitcoin.” According to the analyst, although this situation is positive, it does not show a bottom signal. Price expects a drop as the RSI exhibits higher lows.
The RSI is a momentum indicator that can signal a major change in an asset’s trend. Looking at the analyst’s chart, Bitcoin appears to be forming a bullish divergence. This shows that although the price of BTC continues to fall, buyers are starting to gain momentum. Immortal’s chart also shows that Bitcoin ignited strong gains after giving the same signal in January 2019, October 2020 and July 2021.
With BTC bulls gaining momentum, Inmortal believes that Bitcoin will start an epic rally in 2023. It reflects the performance of BTC between March and July 2019, when the king cryptocurrency surged from around $3,000 to $14,000. In the short term, Inmortal sees Bitcoin bouncing towards the $17,500 level.
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