3 - 4 minute read
Despite the recent positive indicators, some remain skeptical of a Bitcoin bull run in the near future. The cryptocurrency has been stuck in a sideways trading pattern and has yet to see any significant triggers that could push it in either direction.
Analysts such as Rekt Capital have predicted that Bitcoin could close the month below $17,150 and even drop lower, as it failed to move past its immediate resistance at this level. In addition, machine learning algorithms are bearish, with PricePredictions forecasting a price of $16,614.67 for January 27, 2023, and CoinPriceForecast indicating a price of $16,919 for the end of December and $17,292 for the middle of 2023.
Despite these predictions, some analysts are still hopeful for a bullish move in the coming months. The money flow index (MFI) for Bitcoin is showing a similar chart pattern to the asset’s previous two bottoms, with an expected “bullish turn” in the period between one to five months, according to pseudonymous crypto and stock market analyst Trend Rider.
CryptoNoob has also observed that Bitcoin is “trading in the oversold zone, which is historically where the bottom forms,” indicating an upward movement is likely in the future. Trader Tardigrade has noted that Bitcoin is in an ascending triangle trading pattern and that it will soon make a choice to either break out or break down from it.
Perspective— Trend Rider (@TrendRidersTR) December 27, 2022
Money flow index at similar levels versus past 2 #bitcoin bottoms.
👉Probably 1-5 months until we see a bullish turn, no rush.
Learn to trade on lower timefranes meanwhile or just wait. pic.twitter.com/kIefaeNuJW
It seems that the future of Bitcoin remains uncertain, and investors may need to exercise patience as they wait for a clear bullish signal to emerge. Despite the recent positive indicators, it’s important to remember that the cryptocurrency market can be volatile and that investing carries inherent risks. As always, it’s crucial to conduct thorough research and carefully consider your investment decisions before committing any funds.