The new year started quietly on the crypto market. After barely moving over Christmas and New Year’s Eve, BTC/USD is still trading sideways at around $16,700 at press time. Historically, however, the long period of consolidation has often been a sign that a major price move is about to occur. Kryptoszene.de analyzes potential short-term trends for the Bitcoin price and looks at the latest news.
Almost 40,000 bitcoin ATMs worldwide
Although BTC/USD is currently more than 70 percent below its 2021 all-time high, there are still positive developments in cryptocurrency adoption. A new study shows that the number of crypto ATMs where you can buy Bitcoin is increasing worldwide. The USA is still the undisputed leader ahead of Canada. The spread in the United States is not surprising, after all, the country is still the most important market for cryptocurrencies and the creation of Bitcoin by Satoshi Nakamoto is said to have started here.
Behind it, however, there are many surprises. For example, the small state of El Salvador, which made Bitcoin its official currency alongside the US dollar in 2021, has also gone ahead with the installation of crypto ATMs in the country. President Nayib Bukele ordered the setting up of more than 200 such vending machines so that the population would have easy access to the digital currency and promote the use of Bitcoin as a means of payment in the country.
At times, El Salvador was among the top 3 behind the United States of America and Canada. However, the country has now been overtaken by Spain and Australia, which have also established many more crypto ATMs in the past year. Australia alone is said to have established nearly 100 of the machines within the last three months of 2022, which the population can use to buy Bitcoin. According to data from CoinATMRadar, there are now more than 38,600 crypto ATMs worldwide.
#Bitcoin there is a clear trend:
— MMCrypto (@MMCrypto) January 2, 2023
Bitcoin course 2023: assessments show uncertainty
Given the big drop in prices in 2022, this development is more favorable for Bitcoin. But will the price come back in this new year and leave the bear market behind? Or can we expect even lower prices for BTC/USD.
At the beginning of the new year, many analysts and market observers are making their forecasts for 2023. For example, David Kemmerer, CEO of CoinLedger, a crypto control software, believes that Bitcoin will continue its correction in the first half of 2023, since is that the effects of the crash of the FTX crypto exchange have not yet fully affected prices. This reports Finbold. Stefan Ristic, a well-known crypto miner, expects a depressed year in 2023 and sees only a trend reversal in 2024 during the upcoming Bitcoin Halving.
Aurelien Ohayon, CEO of the strategy services platform XOR, points out the opposite. He predicts that Bitcoin can see a bull market as early as 2023. Ohayon argues that a bear market in Bitcoin’s history has usually ended after a year and this point in time has already been reached. The author Robert Kiyosaki, who published the popular book “Rich Dad Poor Dad”, is bullish and already wants to buy more Bitcoin.
Analysts are predicting prices between $7,800 and $37,000 in 2023
Analysts’ concrete price forecasts for 2023 also vary widely. Digital Coin Price expects a minimum price of around $15,000 per BTC and a maximum price of nearly $37,000 for Bitcoin in the current year. The financial blog changelly.com estimates that the price of Bitcoin will rise to a maximum of around $27,700 in 2023.
Coin Price Forecast, on the other hand, is much more cautious and sees BTC/USD at just below $21,500 this year. In fact, Wallet Investor is very bearish and predicts another sharp correction this year. According to analysts, the price will fall to 7,800 dollars by the end of the year and thus fall again more than 50 percent compared to the current level.
Overall, forecasts for 2023 indicate a cautious to pessimistic view of the bitcoin price this year. Although analysts outdid themselves with bullish forecasts before the big price crash in 2022 and issued six to seven digit price targets for Bitcoin in the near future, these voices are hardly heard anymore. It seems that the events surrounding FTX & Co. his track.
Bitcoin correction weaker than after 2017 and 2013 bull market
But is this fear in the market perhaps exaggerated? After all, the current figures also show that the Bitcoin price has so far corrected less in this bear market than in previous cycles, despite Black Swan events such as FTX and Terra (LUNA). The current correction between the top of the bull market and the bear market low is a good 77 percent. For comparison: From the top of the 2017 bull market to the low of the 2018 bear market, the correction was more than 84 percent. And between the top of 2013 and the bottom of 2015 it was even more than 86 percent.
This could indicate that Bitcoin is stronger overall in 2023 than it was a few years ago, or that the bottom has not yet been reached. If one assumes that the course from the high point to the low point between the bull and bear market will see a correction in the path of 84 to 86 percent, the price would still have to fall to the level of $9,500 to $11,000.
A chart pattern indicates a price target between $2,500 and $28,000
In this context, a chart pattern showing BTC/USD technical analysis on the daily candles is interesting. Currently BTC/USD is trying to break out strongly from a falling wedge. Since this is a bullish pattern, a breakout to the other side is considered more likely. In this case, the price could reach a technical price target between $25,500 and $28,000 depending on the timing of the breakout.
However, one must consider that Bitcoin entered the chart formation from a downtrend. If BTC/USD loses support on the pattern, which is currently around $14,500, the price could drop to a technical price target of $2,500-$3,000. In this worst-case scenario, Bitcoin would hit its lowest level since 2017.
Chance to buy: D2T token still 3 days in presale
Currently, investors looking for a new investment for this year can ensure that D2T tokens are purchased at a preferential price. However, the presale ends in 3 days and more than 93 percent are already sold. After that, the native token of the new Dash 2 Trade platform, which provides important trading signals to investors, will be listed on crypto exchanges.
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