Pause waiting – The Bitcoin price (BTC). opens 2023 with green chandeliers. This year could be the year of recovery, but markets should expect the cryptocurrency to return to $12,000, according to this trader.
One red and not two for the price of Bitcoin: towards a green candle for 2023?
Bitcoin price surges to $16,785 on Bitfinex today, January 2, 2023. The cryptocurrency is trading at $16,739 at the time of writing this article. Its price is currently posting a daily mini-gain of 0.57%.
After registering A loss of just over 64% over the year into 2022, the price of Bitcoin thus records its second consecutive green candlestick on a daily basis in 2023.
The cryptocurrency just completed an annual close in the red for the first time for 4 yearsthe latest of 2018. The hope of traders and investors now rests on the fact that Bitcoin has never recorded two yearly bearish candles consecutive. On paper, 2023 could therefore be the year of recovery.
So when can markets expect a major bullish breakout, which could be followed by a significant rebound? The analyst Kevin Svenson shared a chart of Bitcoin’s price and its RSI (14) on a weekly basis, noting that this RSI is “very close to a possible bullish breakout “.
Such a break would end the downtrend of the weekly RSI which has been below resistance for 2 years. Kevin Svenson then wonders if the ‘green candles’ will arrive sooner than expected ?
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Too Early to Be Bullish: Is a Drop to $12,000 Possible?
Not all traders and analysts share an optimistic view at the start of the year. the dealer the Chief of Crypto also indicated that all you need is a ” tiny pump on resistance for everyone to become bullish again.
The Chief Of Crypto recalls that 2022 has seen the same bull trap throughout the year, but “people didn’t learn”. For the merchant, the $12,000 are “very likely”.
These analyzes by The Chief of Crypto are consistent with the fact that the price of Bitcoin is currently stuck under a thick cloud of Ichimoku on a daily basis. The kumo serves as a strong resistance for weeks.
And what about those $12,000 predictions? Throughout 2022, Bitcoin has never had a monthly close below the 100-month EMA (in orange), despite bearish wicks below, and the cryptocurrency is not never get off down to the 100-month simple moving average (in blue), which it currently is nearly $13,000.
At this point, it would therefore take significant downward pressure for the bears to be able to push the price of Bitcoin up to $12,000, breaking these main supports.
The price of bitcoin could experience another bearish run this year, but traders and analysts are also expecting an end to this crypto winter and a return of spring to the markets.
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