With the year closing in, Bitcoin’s (BTC) price has mostly moved sideways without any major volatility. And, even if things have calmed down in the cryptocurrency market, the fallout from the collapse of FTX is still being felt throughout the industry. Despite this, according to certain technical and historical indications, BTC seems to have a glimmer of hope left; with a possible bullish trend in the first half of 2023.
Bitcoin (BTC) Price Analysis
The Money Flow Index (MFI) for Bitcoin is demonstrating a similar chart pattern compared to the asset’s previous two bottoms, a pseudonymous crypto analyst named Trend Rider noted on December 27. As per historical data, during the earlier two bottoms, the BTC price took an upward trend & the same bullish sentiment is expected to take place in the period of the first five months of 2023.
According to another observation made by Twitter influencer CryptoNoob, the leading cryptocurrency was “trading in the oversold zone,” which is typically the place where the bottom occurs. This suggests that an upward movement is likely to occur in the near future.
#Bitcoin is currently trading in the oversold zone👀
Which is historically where the bottom forms 👌
Do you think $BTC has bottomed out ?#BTC #cryptocurrencies pic.twitter.com/vCPxZSLZiq
— 𝕮𝖗𝖞𝖕𝖙𝖔𝕹𝖔𝖔𝖇 (@CryptoNoob_1) December 27, 2022
Experts Bank On BTC Rally
At the same time, Trader Tardigrade indicated that Bitcoin was currently in an ascending triangle trading pattern and that it was going to make a choice to either break out of it or break down from it. Trader Tardigrade’s statement came at the same time as the previous one.
Read More: Will Ethereum (ETH) Price Plummet To $1000 in Early 2023?
Popular crypto expert, RektCapital, also points out that the historical average of BTC’s bear market retracements in the past has been around 84.5%. With the current percentage loss for BTC being somewhere around -77%, he notes that, in the grand scheme of things, there isn’t much downside left for Bitcoin’s price.
Historical average of previous #BTC Bear Market retracements is -84.5%$BTC is currently down around -77%
By standards of history, there isn’t too much more downside left#Crypto #Bitcoin
— Rekt Capital (@rektcapital) December 27, 2022
BTC Price Prediction
It is also important to note that, according to Cryptopredictions, a platform that makes price forecasts, the maximum price of Bitcoin (BTC) is projected to surpass the $20,000 threshold in the early years of 2023.
As things stand, the price of Bitcoin is presently being traded at $16,830. This represents a decrease of 0.41% on the day, in contrast to a gain of 0.17% during the week; and a growth of 1.43% over the last 30 days, as per crypto market tracker CoinMarketCap.
Also Read: Popular Crypto Influencer Picks His Top 3 Cryptos For 2023 Bull Run