BTC Price 2023 : Prepare For An ‘Epic’ Bitcoin Bull Rally Soon, Predicts Popular Analyst
Since the fall of FTX, Bitcoin has been going through a difficult patch for the last few weeks. As of the time, this article was written, the value of the king cryptocurrency was $16,887 and had decreased by approximately 6% over the course of the previous week. what’s in store for BTC price 2023?
The Bitcoin price is exhibiting negative technicals, yet there is still an expectation for a Santa rally before the end of the year.
Analyst Shares BTC Price 2023 Outlook
A well-known pseudonymous analyst by the name of Inmortal has posted his analysis on BTC, stating that he expects the coin will have a major surge in the year 2023. According to the analysis of the analyst, a trend reversal signal is appearing on the three-day chart for bitcoin.
He went on to say that the Bitcoin market is seeing a massive divergence.
“It’s positive, but it isn’t a bottom signal. Price may continue to go down as the RSI makes higher lows.”
Inmortal predicts that Bitcoin will begin an epic rally in 2023, similar to the performance of Bitcoin between March and July of 2019 when the price of the largest crypto skyrocketed from roughly $3,000 to $14,000. His prediction is based on the fact that BTC bulls are gaining strength.
The Relative Strength Index (RSI) is a momentum indicator that may provide early warning of a significant change in the direction of an asset. When looking at the chart prepared by the analyst, it seems as if Bitcoin is developing a bullish divergence. This indicates that buyers are beginning to gather momentum despite the fact that the price of BTC is continuing to plummet.
The chart shared by the expert also demonstrates that Bitcoin has sparked significant price increases after displaying a similar signal in January 2019, October 2020, and July 2021.
The price of bitcoin is presently 3% lower than the price at when it opened for trading in December, which was $17,167. The token’s current price represents a 4.6% increase from its low point on Monday morning.
Although the counter-trend increase is a welcome sign, in the broader scheme of things, it seems as if the king cryptocurrency is positioning itself to experience more price declines in the days ahead.
A strategy known as a “countertrend” is one that involves making trades in the opposite direction of the predominant market trend in an effort to achieve profitable results.
Because Inmortal’s predictions have a mixed track record of being both accurate and inaccurate in the past, and because Bitcoin is a highly illiquid asset, we are unable to say for certain whether or not he is correct on this particular prediction, and whether or not Bitcoin will experience a significant price increase in the coming year. But that’s just my own perspective. Please feel free to share yours in the comments!