Bitcoin price upholds support at $16,400 as investors wait anxiously for the most hectic year in crypto to fade into the sunset. The pioneer cryptocurrency trades at $16,551 while bulls push for a short-term green candle on the four-hour timeframe.
Another sell-off could emerge if BTC slides below the buyer congestion between $16,000 and $16,500. Renowned traders like Peter Brandt expect an extended downside in Bitcoin price, with a bottom expected at $13,000. The most bearish analysts forecast a floor price of approximately $9,000.
Coinbase Analysts: Doom Awaits Bitcoin Price in 2023
A market outlook report from Coinbase on December 20 forecasted a grim picture for the crypto market, with altcoins likely to suffer the most. Mature assets like Bitcoin and Ethereum will stand out as “higher quality names” due to sustainable factors like tokenomics, strong ecosystems and relative market liquidity.
The impact of FTX’s collapse on liquidity may continue to stifle recovery, with the loss of confidence in the market extending the downtrend “for at least several more months.” Coinbase blames the liquidity crunch on the fall of FTX, which filed for bankruptcy proceedings, locking up billions of dollars in assets.
“Constraints on liquidity may also disrupt normal market operations in the short-term as many institutional entities reckon with assets being locked up in FTX’s bankruptcy proceedings,” Coinbase analysts said in the market outlook report.
Required reading: Our institutional research team is out with their 2023 Crypto Market Outlook. We give our view on three key themes for 2023 and dive deep into Bitcoin, Ethereum, stablecoins, regulation, NFTs.
Find it at https://t.co/wCqmlkypqf
— Coinbase Institutional (@CoinbaseInsto) December 20, 2022
Bitcoin Price Holds Last Line of Defense, What’s Next?
Bitcoin price sits within a range with an immense population of buyers – between $16,000 and $16,500. Most of its weight lies on top of the lower rising trendline, as illustrated on the four-hour time frame chart below.
Although bulls are pushing for a green candle above the immediate support, recovery remains a pipe dream, especially with whales holding the reins of an ongoing selling spree. Moreover, the position of the Moving Average Convergence Divergence (MACD) indicator, sloping downward in the negative region, disadvantages the buyers.
A sell signal confirmed December 15 is still in play, a situation that could be sidelining potential buyers. Until the MACD (blue line) crosses above the signal line (in red), the path with the least resistance may be bound to stay on the downside.
Another dip below the support range and the trend line could gain momentum, considering Bitcoin price holds below all the major moving averages. The 50-day Exponential Moving Average (EMA) (in red at $16,698) would prevent further movement to the upside the next time BTC interacts with it; besides, it is in confluence with the rising dotted trendline resistance.
Similarly, it may be a painstaking endeavor to push Bitcoin price past the 100-day EMA (in blue) currently holding the ground at $16,918. However, a break above the 200-day EMA (in purple at $17,710) could pave the way for a significant relief rally, as has been the case in the past.
In this order, traders would look for a possible and profitable exit from their long positions (entered above the 50-day and 100-day EMAs) at $17,710, $18,000 and $18,400.
Altcoins to Consider for Quicker Gains in 2023
The market outlook report from Coinbase paints a gloomy picture of the cryptocurrency market in 2023. Still, investors may turn around the losses suffered in 2022 much faster if they diversify their portfolios with new altcoins. The tokens, in reference, aim to build sound ecosystems based on different utilities and technologies. Some will make their first debut on exchanges in January; hence the need t hurry before time runs out.
Investors interested in Move-to-Earn (M2E) platforms like SweatCoin and STEPN may want to learn about the new kid on the block. FightOut is building a community of like-minded people who wish to earn by performing positive actions like workouts.
The team behind FightOut has learned that there are two proven methods to motivate people to stick to new routines: One, provide incentives and two, encourage growth within a vibrant community.
Following the presale, FightOut will launch a fitness app to track member progress and distribute earnings. The ecosystem will also purchase a chain of fitness gyms for its members worldwide.
Users on the platform will be able to mint their own digital NFT avatars to be used in the metaverse. It is worth mentioning that FGHT aims to bridge the physical and metaverse worlds without asking users to part with a lot of money.
FGHT is the token powering the FightOut ecosystem. Users can get their hands on 1 FGHT for 0.0166 USDT. The team has raised over $2.47 million, far ahead of FGHT’s first CEX listing on April 5.
Dash 2 Trade (D2T)
Investors may also be interested in a revolutionary crypto analytics project like Dash 2 Trade. Built by members of the renowned Learn2Trade, Dash 2 Trade has come to make it easier for investors to make informed decisions.
Dash 2 Trade goes beyond platforms like Glassnode, Santiment and CryptoQuant to provide trading signals, ensuring that traders take advantage of all opportunities at all times. A social sentiment and on-chain analytics platform will also be in place for traders to spot trending coins.
With the expertise from Learn 2 Trade, a strategy builder is also coming up to allow traders access to real-time price data from exchanges to create strategies and backtest them before moving to the live market.
Investors will no longer have to browse the internet for long hours looking for quality presales because a bespoke trading system will provide such information on a dedicated dashboard.
D2T’s presale is closing in on the finish line with $11.49 million raised. The first CEX listing will take place on January 11; therefore, the time for early bird access is limited.
C Charge (CCHG)
Centered around enabling wider access to the carbon industry is C+Charge. C+Charge reckons that for the longest time, the carbon credit industry has been a preserve of big corporations such as electric vehicle (EV) manufacturers like Tesla, leaving out people who take the same vehicles to the road.
Through this blockchain-based project, the C+Charge team believes it will open this industry to the masses. The CCHG token will be used to pay for charging services from an application dedicated to the ecosystem.
A carbon credit tracker will be installed in the same app where users will access information like payment options, locate charging stations and know real-time charge wait times.
C+Charge presale is underway, with $44k raised. Investors are currently buying 1 CCHG token for 0.013 USDT. Roughly 156 million tokens are left before the price increases to 0.0165 USDT.
- Bitcoin Price Update: BTC Consolidating At $16,500, What’s the Next Move?
- Best Crypto to Buy Today 30 December – FGHT, BIT, D2T, LUNC, CCHG
- Shiba Inu Price Prediction as Lead Developer Shytoshi Kusama Prepares for Shibarium Launch
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain