In mid-January, crypto investors want to know why Bitcoin’s price has skyrocketed. Is it a dead cat bounce, a bull trap, or is the BTC bottom near, if not over? Crypto analysts have offered a wide range of opinions.
Bitcoin price remained in rejection territory until December. Sellers parted with the coin on crypto exchanges for $16,750 and below per 1 BTC. Then, in January, the crypto market caught a tailwind of macro risk appetite.
After inflation chilledthe number of jobs improved and consumer confidence increased in December, crypto prices exploded.
With the sales of the new year, the rally picked up speed. Then the bulls took it parabolic last week.
So has bitcoin bottomed yet?
Is there a bitcoin bottom here? Some crypto analysts say yes
Fundstrat’s Sean Farrell is emboldened that Bitcoin’s bottom is near after BTC’s rally erased many losses from Alameda-FTX. says Farell There is a “high probability” that the “absolute” bottom for bitcoin prices is near.
He is Vice President of Digital Strategy at Fundstrat Global Advisors. The market strategy and financial research firm has been long-term bullish on cryptocurrencies for years.
A popular cryptanalyst known by the nickname “Smart Contractor”. Told him Over 280,000 Twitter followers on Jan 13 that his gut was telling him rock bottom had been reached. He is credited with correctly calling the 2018 Bitcoin bottom.
But smart contractors had too some arguments for their premonitions. The crypto analyst pointed out that the recent rally broke two diagonal resistance trend lines. One was from November 2021 ATH. The other started BTC price downtrend since June 2022.
“This weekly BTC candle is a solid AF breaking very important trendlines and the low timeframe momentum is still strong.”
Rekt Capital, another popular crypto trader and analyst with over 333,000 Twitter followers wrote from the same weekly candle:
“This recent BTC weekly candle looks very similar to the April 2019 weekly candle which confirmed a new bull market”
Based on a multi-year analysis of the Bitcoin halving cycle, Rekt Capital expects a Bitcoin price floor in 2023.
The Crypto Lemon, a trader since 2016, says there is There is a bottom in bitcoin price ahead of us, but we still have a long way to go before reaching it.
Lemon uploaded the famous Wall Street Cheat Sheet graphic. But included edit lines to show they believe prices are still headed for a macro bottom that isn’t there yet.
CryptoQuant agrees with that Based on the PNL Index and the Bear/Bull Cycle Indicator, the bottom is not there yet.
Katie Stockton from Fairlead Strategies says that Overbought technical indicators suggest we are yet to bottom. It predicts that there will be a pullback at the next Fibonacci retracement level near $21,500.
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