Bitcoin price has endured a choppy 2022, with market strategists struggling to point out the bottom. Furthermore, Bitcoin’s price has continued to trend downward since May’s capitulation, fueled by the Terra Luna implosion. With the FTX and Alameda collapse, Bitcoin price may continue downward before forming a bottom According to our latest crypto price oracles, Bitcoin exchanged about $17k, up 2.7 percent in the past week.
The ongoing bear market has been described as more unique than the rest since Bitcoin price has never stayed below the 200MA on the weekly chart for this long. As the year comes to an end, market strategists are anticipating a ‘Christmas rally. Additionally, crypto analysts are watching out for a trend breakout as the correlation between stock indexes and the crypto market diverges.
Bitcoin Price and the Market Outlook
According to a famous crypto analyst, Jason Pizzino , this is not the time for extreme fear as Bitcoin’s price could rebound similar to the S & P 500 among other major indexes. While Bitcoin has been falling for 377 days, Pizzino thinks the time for a rebound is just around the corner. Furthermore, Bitcoin’s fundamental aspects are changing to bullish sentiment despite no clear indication from a technical standpoint.
Pizzino told his 279k YouTube subscribers several key indicator points to watch out for in December and subsequent months.
Here are the key takeaways
- Bitcoin price may bottom this month in a similar version as the 2018 scenario.
- A Christmas rally, as observed in the prior years, is probable in the Bitcoin market.
- Pizzino thinks that extreme fear will hit the crypto market in the first quarter of 2023 as the bottom continues to form.
- Pizzino added that crypto prices will rise and fear will subside during the second half of 2023.
- On altcoins, Pizzino thinks that it is not time to invest in altcoins until Bitcoin gets some strength.
Nonetheless, Pizzino indicated that Bitcoin traders should wait for macro confirmation, including a monthly close above $25k. As such, he deduced that the accumulation period may be different from past years but will be between 6-9 months.
The Bitcoin market is, however, unpredictable and could rebound strongly in December and continue in subsequent months. As long-term holders continue accumulating more coins, Bitcoin price is likely to close December above $25k.