Being an investor or community member of the Crypto space, you will find many fluctuations happening here. Even the top-performing coins may face a sharp halt at times and lose their value.
Also, the Crypto industry has been performing pretty bad last year with all the downturns and crashes. In 2023, the community members are thinking that this market may be able to revive to a decent position.
Even the most dominant coin in the industry, bitcoin currency, was unable to show its best performance last year. But, with the start of this new year, it has been bouncing back and reviving to a certain extent. Let’s see what the experts say about this and whether Bitcoin is going to grab its dominant position back!
The Resistance Level Of BTC
Bitcoin, at present, is trading against Tether in the 1-day technical chart. With the start of this year, this Crypto has seen an increase over the 200-day Moving Average, after being available in lower trading for a pretty long.
Due to this, there are new speculations about the advent of something positive in the market. Also, there can be an increase in the 50-day Moving Average over the 200-day Moving Average or even higher. If this happens, there are great chances of BTC’s price rising over the current rate!
The starting level is around the 25000 USD mark in the 1-day chart. In the second level of resistance, it has a chance of increasing to about 32000 USD or even at a high rate. In the 3rd resistance level, experts are predicting that it may touch the 40000 USD mark this year!
Predictions For Bitcoin By Experts
Tim Draper, the BTC bull trader of the market is predicting the price of this coin for 2023! Also, he had an optimistic view about BTC’s price for last year. He forecasted that its price in 2022 will rise to 250,000 USD, by the year’s end!
But did it turn out to be true? Rather, the market had to suffer immense losses and a complete economic downturn!
But, Tim changed his prediction and said that his earlier prediction will extend till mid-2023. Though there has been a major crash last year, like that of the FTX, Tim is optimistic about his price forecast. He believes that Bitcoin will still be able to touch the milestone of quarter-of-a-million!
He says that about 80% of women control retail spending. And also, around 1 in 7 wallets are held by women at present, and it is about to break!
Also to trade at this price level, Bitcoin needs to surge by 1400%. He further shares that the prices are quite low at the moment and there are lower trading volumes. But, this market is sure to have found a bottom level, beyond which it cannot lower further!
Is Worse About To Come?
Though there is an atmosphere of positive responses and optimism about BTC’s price. On 5 December, a research note was published by Standard Chartered, which says that BTC has a chance of going down to about 5000 USD!
If this turns out to be true, then this coin will face a downfall by over 70% of its present rates. The note says that over time, the firms find it hard to fix their insufficient liquidity! It will lead to further bankruptcy and crashes in the confidence in digital assets.
Present RSI Of Bitcoin
The current RSI rate of Bitcoin stands at 68.17, which is around the overbought territory of 70! And once it reaches this territory, the digital assets attain certain price corrections.
In this case, the price of Bitcoin will revive and will get support at around 19,701 USD in the 200-day Moving Average.
Conclusion
Bitcoin is a dominant coin in the Crypto space, but even it has been unable to save itself from the crash last year. It is still a speculative investment option.
And, different internal or external factors can affect the price and value of Bitcoin. Make sure you consider all these factors before making any investment decision!
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Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.
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