Bitcoin has started the New Year with a small rebound, but savvy traders are expecting a deeper decline.
After falling to $16, 333 on December 30, the asset rose to $16, 799 on January 2, according to
Cryptovizor, a cryptocurrency screener that determines the market price of BTC/USD based on trading on major physical exchanges.
Bitcoin 12-hour chart. Source: cryptovizor
In a typically bearish 2022, bitcoin is down 65%, but few expect a recovery at this point.
Virtual currency trader Il Capo tried to cool the heads of New Year optimists.
Very likely – $12, 000.
1-Week Bitcoin Chart. Il Capo or Crypto Forecast
Crypto’s Il Capo may be studying the analysis of Cryptovizor CEO Alex Zukutoke, who published his own forecast on January 1.
150 days sideways since 13.06.22. In six months, the cumulative delta has reached minus $5.86 billion. That is a real accumulation. Sales are pushed to the limit and prices barely react. We expect selling to culminate at $12, 300 (we wrote about this on July 2).
12-Hour Bitcoin Chart. Alex Zuktke’s Analysis and Predictions
They were supported by popular trader and Twitter analyst Pentoshi, who cited $12, 000 as a key support zone for 2023.
But when will volatility begin?” -you ask. The closest major event is the release of the U.S. Consumer Price Index (CPI) on January 12. It is expected to fall to 6.7% y/y (previous reading 7.1% y/y).
However, the current decline in inflation has not come to an end, warned investor Michael Barry (a typical character from the movie “Down Game”) to his fans. A further drop in the CPI, he believes, would lead to an easing of the Federal Reserve’s policy and dollar printing, inevitably leading to a resurgence of inflation. All results could not be downloaded. Retry…