At the time this article was written, Bitcoin (BTC), the most prominent cryptocurrency, has been trading in the green for some time. Its value has increased by almost 7% in the previous week and by 2% in the past day, reaching a worth of $18,101.
The last week has been quite successful for Bitcoin (BTC), as the currency reached new monthly highs on December 13 as a wave of confidence spread across markets in response to inflation statistics from the United States.
Analyst Says The Worst Might Be Over For Bitcoin
Back in May 2021, a pseudonymous cryptocurrency analyst known only as Dave the Wave accurately predicted that Bitcoin’s (BTC) price would drop. Now, he is claiming that an indicator implies that the token may already have experienced the worst of the bear market.
The expert shares with his 131,700 Twitter followers that he is also keeping a close check on Bitcoin’s moving average convergence divergence (MACD), which is a momentum indicator that may or may not indicate a change in trend.
The weekly MACD for Bitcoin (BTC) continues to trade higher above a support level that, according to Dave the Wave, has previously marked the end of bear markets in 2015 and 2018.
The expert believes that the worst of it is behind us now based on BTC’s MACD. According to Dave the Wave, the emotion lurches erratically from depression at the bottom to euphoria at the peak, and the technical analysis helps to rectify these swings.
Furthermore, he forecasts a Bitcoin rise toward $19,000 after the king cryptocurrency exceeded its immediate barrier at $17,300. This prediction comes after the price of Bitcoin surpassed $17,300.
The level of $17,000 is a key level of support for BTC, and if the bulls can maintain their position above this level, then additional upward momentum is anticipated. The present value of the Relative Strength Index (RSI) is 66, which indicates that the market is still in the zone of being overbought. A bullish trend is indicated by the MACD indicator, which is currently located above the zero line.
Bitcoin Price 2023
There is no consensus between analysts about what the future of BTC will be like in 2023. Although some predict a rise in value, others believe it will continue to fall, maybe even below $10,000.
However, optimism for risk assets has been bolstered by Tuesday’s U.S. inflation data, which confirmed the Fed’s plan to ease its liquidity tightening. So, who knows? The next year can turn out to be quite prosperous for BTC.
It is also possible that it will remain under pressure since a number of mining companies are expected to fail, which would overshadow the improvement in macroeconomic circumstances. Personally, I think that investors should anticipate more gains.