As the year draws to a close, Bitcoin’s (BTC), price has mostly been moving sideways, with little volatility. Even though things have slowed down in the cryptocurrency market the impact of FTX’s collapse is still felt across the industry. However, there is still hope for BTC, according to historical and technical indicators. There may be a bullish trend in the first quarter of 2023.
Bitcoin (BTC), Price Analysis
Trend Rider, a pseudonymous cryptocurrency analyst, noted that the Money Flow Index (MFI), for Bitcoin is showing a similar chart pattern to its previous bottoms. Historical data shows that the BTC price showed an upward trend during the previous two bottoms. The same bullish sentiment is expected in the first five months 2023.

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CryptoNoob also observed that the top cryptocurrency was “trading within the oversold area,” which is usually the place where the bottom happens. This suggests an upward trend is likely in the near future.

#Bitcoin trades in the oversold areaWhich historically is where the bottom forms are.
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Do you think $BTC has bottomed out ?#BTC #cryptocurrencies pic.twitter.com/vCPxZSLZiq
— CryptoNoob (@CryptoNoob_1) December 27, 20,22
Experts Bank on BTC Rally
Trader Tardigrade also indicated that Bitcoin was in an ascending triangle trading pattern, and that it would make a decision to either break free from it or to fall apart from it. The statement by Trader Tardigrade was made at the same time that the previous one.

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Read more: Will Ethereum (ETH), Price Fall to $1000 in Early 2023
RektCapital, a popular crypto expert, also pointed out that the historical average bear market retracements for Bitcoin in the past was around 84.5%. He notes that Bitcoin’s price is not at risk given the current percentage loss of BTC at -77%.

Historical average of #BTC Bear Market Retracements is -84.5%$BTC is currently down about -77%
There is not much to be sad about by historical standards #Crypto #Bitcoin
— Rekt Capital (@rektcapital) December 27, 2022
Prediction of BTC price

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It is also important that you note that Cryptopredictions, which makes price forecasts, projects that Bitcoin’s maximum price will surpass $20,000 in the first years of 2023.

The current price of Bitcoin is $16,830. This is a decrease in value of 0.411% for the day, compared to a gain 0.17% over the week and a growth 1.43% over 30 days, according to CoinMarketCap, a crypto market tracker.
Also read: A popular crypto influencer picks his top 3 cryptos for the 2023 Bull Run

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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