John IsigeBitcoin price has seen it all in 2022, with topics like the Terra (LUNA) crash wreaking unimaginable havoc across the cryptocurrency market. And when crypto enthusiasts were starting to beam with optimism for a recovery toward the year-end, Sam-Bankman-Fried’s FTX empire came undone.
Over a million creditors wonder if they will ever receive funds from the bankrupt exchange. There is a chance that both large and small investors will never retrieve coins locked up on FTX.
Nevertheless, the largest cryptocurrency is still strong – showing resilience with support at $16,000. It has withstood pressure that left crypto giants like BlockFi, Voyager Digital, Three Arrows Capital and Celsius out of business.
What’s Next for Bitcoin Price – is the Bottom Here?
Bitcoin price has lost at least 75.9% of its value since tagging a record high at $69,044. Still, it is up 24,487% from its all-time low of $67.81, according to price data shared by CoinGecko. With 2022 almost at its tail end, attention is shifting to price predictions for 2023.
Analysts and traders like Rekt Capital believe that there is more downside coming. Think of support at $16,000 as “the calm before a storm,” especially if Bitcoin price is unable to reclaim the crucial level at $17,150.
Rekt Capital reckons a 20% drop to $13,900 might not be ruled out. Such a drop will not be unique to BTC because altcoins stand to suffer the most and may tumble more than 20%.
New #BTC lows could be on the cards, especially if ~$17150 continues to act as resistance
Therefore a drop of up to -20% to ~$13900 wouldn’t be out of the question
A -20% drop for $BTC would surely negatively impact Altcoins and make them drop more than -20%#Crypto #Bitcoin
— Rekt Capital (@rektcapital) December 19, 2022
A glance at the daily timeframe chart places Bitcoin price on top of a falling trend line (dotted) – which has limited price movement to the upside since August. A clear break below this level may push BTC down, validating Rekt Capital’s bearish sentiment.
So, the bellwether cryptocurrency may be forced to search for support at $15,800. Remember, with market conditions staying uncertain amidst the turn into 2023, declines could stretch further to $13,900, as envisioned above.
Some analysts believe that Bitcoin price is yet to tag the floor price. According to a recent article by Reuters, “most big banks and investment managers expect the cryptocurrency market to pick up in 2023 after a brutal year that saw Bitcoin sink about 75% from its all-time high in November last year.”
Contagion from FTX, whose former management has been accused of embezzlement and lack of corporate governance, stands out as one of the reasons behind the possibility of an extended winter.
Is There Hope for Bitcoin Price In 2023?
Although Bitcoin price could make another unwanted trip to the region between $10,000 and $12,000, Mathew Sigel, the head of digital assets at VanEck, believes it would rebound to $30,000.
“Although investors have suffered significant losses, we believe this second ‘crypto winter’ will be a net positive because the FTX collapse will edge the crypto ecosystem closer to the established financial sector,” Marion Laboure, a research analyst at Deutsche bank, told Reuters.
Bitcoin price is sitting above robust support, as observed from IntoTheBlock’s IOMAP model. The biggest green circle on the chart below is home to 1.68 million addresses that previously purchased 1.04 million BTC.
As long as Bitcoin holds above this region, running from $16,314 to $16,785, the path with the least resistance will stay to the upside. Moreover, investors in that tier will likely fight aggressively to avert another huge price drop.
On the other hand, Bitcoin price faces weakening resistance to $19,163. Therefore, a rebound to $20,000 would come into play with a little push.
Mags, a trader and crypto analyst, told his 10,800 followers on Twitter Bitcoin “is holding above the long-term upward-slopping trend line; every time the price has tested this trend line, we saw an aggressive rally.”
#Bitcoin ✍️$BTC is holding above the long term Upwards sloping trendline, everytime price has tested this trendline we saw an agressive upside rally!!
2017 ~ +1002%
2018 ~ +312%
2020 ~ +1202%
2022 ~ ???Pump incoming ??🧐#Crypto #Btc pic.twitter.com/lWxnc2hbSa
— Mags (@thescalpingpro) December 21, 2022
“While the FTX crisis appears to be peaking, symmetrical responses of mining to prices may weaken the market headwind: now less sensitive to the downside while more to the upside,” analysts at Goldman Sachs, a leading investment bank, reckon.
Altcoins Offering Quicker Returns
Bitcoin price has faced many course-changing events this year, but its resilience is admirable. While investors can sit tight and wait for its ultimate turnaround, some may consider newer projects with strong fundamentals to return quick gains.
FightOut (FGHT): Building a Revolutionary M2E Blockchain Ecosystem
FightOut is building a Move-to-Earn (M2E) fitness app to turn around the fitness industry. The team understands that weights and machines are no longer the gold standard and that everyone should benefit – not just the business owner.
Users on FightOut are rewarded with FGHT tokens for completing workouts and challenges in addition to earning rewards. As community members progress on their fitness journies, they can create digital NFT avatars to use in the FightOut Metaverse. FightOut’s goal is to ease the Web2 audience to Web3 gradually.
FightOut presale is selling out fast, with $2.28 million raised in just a few weeks. 1 USDT buys 60 FGHT tokens, but the price will likely increase in the next presale stage.
Dash 2 Trade (D2T): The Go-to Platform For Crypto Traders and Investors
Dash 2 Trade is building one of the most advanced platforms where traders can gain access to crypto signals and analytics to make informed decisions in the market. This crypto terminal is a one-stop shop for the everyday crypto trader who requires access to up-to-date on-chain metrics offering buy/sell opportunities.
Users can master the dynamics of the crypto market using social sentiment and on-chain analysis. A strategy builder and social trading tool would see traders adopt new ideas and share them with others in the ecosystem.
Dash 2 Trade’s presale is currently in its final stage with $10.41 million out of the expected $13.40 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
C+Charge (CCHG): Democratizing the Carbon Credit Industry
The C+Charge crypto project enables the wider populace to access the carbon credit industry. For years big corporations have dominated this industry, encouraging lesser emission of carbon dioxide and greenhouse gases.
C+Charge is gradually breaking down the narrative to allow electric vehicle owners to benefit from the multibillion-dollar industry. The platform’s native token, CCHG, will be used at charging stations, where EV drivers earn carbon credits stored on a mobile app.
C+Charge provides a revolutionary customer experience that streamlines payment and transparent pricing for an industry lacking it.
Related Articles:
Best Crypto to Buy Today 22 December – FGHT, D2T, LUNC, CCHG, ETC, RIA, TARO
EV Charging Will Change Forever When This Blockchain Platform Goes Live – Here’s How to Profit
Crypto Prices Becalmed But Is There A Bullish Storm Coming in 2023?
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
This article was written for Business 2 Community by John Isige.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.