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Bitcoin Price Prediction – The price of Bitcoin has been stable in the past few days and has not recorded any volatility. Market participants seem wary of placing big bets due to uncertainty surrounding the economy, the Federal Reserve’s monetary policy in 2023 and fears of another Covid outbreak seen in China.
Even as Bitcoin faces one of its worst crypto winters, billionaire investor Mark Cuban remains bullish on the biggest cryptocurrency. A Internet Along with comedian Bill Maher, Cuban said, “Bitcoin has to go down a lot more so I can buy some more.” He added that Bitcoin is a store of value equivalent to gold.
Another famous investor is Bill Miller Positive On Bitcoin. In an interview with Barron’s, Miller said that holding bitcoin near $17,000 after the failure of the FTX cryptocurrency exchange was “very significant.” He expects Bitcoin to begin to move from tightening to expansionary policy after the Fed centralizes.
A bear phase provides a great opportunity for long-term investors to accumulate assets at lower levels, and that is what many crypto investors do. Data from on-chain analytics company Glassnode shows Bitcoin parity under control Aggregate addresses peaked at 3,099,828 bitcoin on December 25, slightly below the 3,403,280 bitcoin produced in August 2015.
However, large institutional investors persist stay away From the crypto industry. Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management, told Bloomberg that high volatility and “the lack of inherent returns you can point to” have kept institutional investors at bay, and that won’t change anytime soon.
Big investors may be deterred by the sheer wealth seen among crypto billionaires. According to Forbes’ 17 of crypto’s wealthiest investors and founders have seen $116 billion in personal wealth erode since March of this year.
Is Bitcoin Showing Signs of Making a Bottom? What are the key levels to watch for reversals that indicate a potential trend reversal? Let’s look at the charts to find out.
BTC/USD Market analysis
Bitcoin has been trading near the 20-day exponential moving average (EMA) for the past week. This indicates that the bears are holding the position but the bulls are not giving up much space.
This tight range trading is unlikely to continue for long, as low volatility is usually accompanied by range expansion.
In this case, if buyers push the price above the moving average, the BTC/USD pair could rise to $17,568 and then form a strong resistance at $18,385. Bears are expected to defend this level vigorously.
Conversely, if the price declines sharply from the current level and breaks below $16,273, it will indicate that the bears have beaten the bulls. That could sink the pair into important support at $15,460.
A flat 20-day EMA and relative strength index (RSI) near the midpoint do not give a clear advantage to either the bulls or the bears. Traders can wait for the range to widen before placing directional bets.
The pair may be stuck in a larger range between $15,460 and $18,385 for some time yet.
ETH/USD Market analysis
Ether has been trading near the 20-day EMA for the past week. Bears tried to push prices lower on December 22nd, and bulls bought dips again on December 25th. This shows a low level of demand.
Buyers will now try to push the price above the moving average. If they win, the ETH/USDT pair could rally to $1,352, which could act as a major barrier.
A break from this level would suggest that the pair may consolidate between $1,071 and $1,352 for a few more days.
Another possibility is that the price will decline from the current level and fall below $1,150. If that happens, that suggests the bears are back in the driver’s seat. The pair could then decline to $1,071, where buyers could stop the decline.
BNB/USD Market analysis
Bears overcame several attempts by bulls to push the price back above the $250 breakout level and hold. This indicates that the bears are trying to turn the $250 level into resistance.
Downward moving averages and RSI in negative territory indicate upside for bears.
However, a small positive in favor of the bulls is that they did not allow the price to break above the immediate support of $236. This suggests that buyers will again try to push the price above the overhead resistance zone between $250 and the 20-day EMA.
If they can do that, it would suggest that the break below $250 may have been a bear trap. The BNB/USD pair will then pick up momentum and rally towards $290.
Conversely, if the price declines and breaks below $236, the bears will attempt to consolidate their position by pulling the pair below $220. If this level is cracked, the pair will drop to $200.
XRP/USD Market analysis
XRP’s recovery from $0.33 reached the 20-day EMA on December 26. Bears are likely to defend the zone between moving averages.
If the price breaks out of this zone, sellers will try to pull the XRP/USD pair to $0.32. Buyers are expected to defend the $0.32 to $0.29 zone with all their strength.
On the upside, a break and close above the moving average is the first sign that selling pressure is easing. This could clear the way for a possible rally to $0.41. This condition can again act as a strong barrier.
If the price drops from $0.41, the bears would suggest more activity. The pair could hold between $0.32 and $0.41 for a while.
ADA/USD Market analysis
Cardano continues to trade within a descending channel pattern. ADA/USD pair is trying to recover from psychological support at $0.25.
A relief rally may face strong selling near the 20-day EMA, as bears tend to defend this level during strong downtrends. If the price breaks down from the 20-day EMA, the pair will fall back to $0.25.
If this level fails to hold, the downside may resume and the pair may fall to the next support at $0.21.
If buyers push prices above the 20-day EMA, this bearish view will soon become invalid. The pair may attract further buying and rise to the 50-day SMA. If this level is measured, the pair may extend its rally to the downside line.
We hope you enjoyed today’s article and for more coverage please check out our crypto Blog page. Thanks for reading! Have a wonderful day! Live from Platinum Crypto Trading Platform.
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