Bitcoin (BTC) has consolidated for weeks around $20,000, which is characterized by sideways price action. It later regained the $21,000 level in November. In particular, investors are looking for potential signals that will likely lead to a new rally for the asset’s bottom price. Analysts share their forecasts for BTC.
“Bulls still have overall short-term technical advantage”
According to senior technical analyst Jim Wyckoff, Bitcoin sideways price action has yet to confirm the bearish trend. However, a bull trend that has just started on the daily bar chart is now in danger of being rejected. According to Wyckoff, the bulls still generally have the short-term technical advantage. But to maintain it, they must soon show new strength.
A crypto Twitter poll suggests a similar outlook. Many of the participants are waiting for a final drop in BTC to new lows before the next bull run.
Investors are looking forward to 2025!
Finder shared its insight into what the future might hold for Bitcoin. Accordingly, the horizontal movement will continue for the rest of the year. However, investors can look forward to 2025. Because it is possible for the leading crypto to see new heights that it could not reach before.
According to Finder’s panel of 55 fintech and cryptocurrency experts, BTC will be worth $21,344 by the end of 2022. However, it will reach $79,193 in 2025. cryptocoin.comAs you can see, this price is well below most of the overly optimistic forecasts in recent years. On the other hand, it is more than three times the current transaction price. It also represents a respectable gain in anyone’s portfolio.
CoinSmart Financial CEO Justin Hartzman predicts it will drop to $17,000 by the end of the year. However, it’s a little less optimistic, with the price rising to $75,000 by 2025. Hartzman explains:
Bitcoin is suffering due to external macro conditions. My 2025 price prediction will depend on after the halving. BTC price rally possible if macro conditions and regulatory environment improve
The majority (53%) of respondents noted that the price of Bitcoin will continue to be correlated with high-growth technology stocks. Despite the broader market decline and Bitcoin dominance falling below 40%, most panelists (77%) still see Bitcoin as a store of value. Overall, 46% of panelists think it’s time to buy BTC. While 44% of respondents remain neutral and 10% say it’s time to sell.
Bitcoin price prediction for December 31, 2022
Bitcoincenter’s rainbow price chart is among the tools used to measure Bitcoin’s performance by highlighting the asset’s past trends along with insights into long-term price action. The tool is also known as the fun chart that shows market sentiment on colored bands.
The chart’s prediction suggests that Bitcoin will likely regain a critical support level by the end of 2022. This shows that the leading cryptocurrency will potentially reclaim the $25,000 level in the ‘Basically a Fire Sale’ band. Notably, the current price of Bitcoin is also operating in the region.
Also, rainbow chart trends likely suggest that Bitcoin has bottomed out. For example, when Bitcoin traded in the ‘Basically Fire Selling’ zone in March 2020, the asset started a historic rally, reaching a record high of $69,000 in late 2021. Bitcoin’s recent consolidation was marked by falling volatility with price stability.
The effect of the possible bottom price of Bitcoin
Additionally, with Bitcoin trading in the $20,000 range, part of the market thinks the asset may find ground. If the bottom is confirmed, investors will maximize their capital efficiency to achieve the highest possible peak with the least downside risk.
At the same time, the tapes have been adjusted over time to better match past performances. Therefore, the use of the Bitcoin rainbow chart requires caution. Elsewhere, color bands follow logarithmic regression and are not part of the scientific basis.
Crypto community BTC prediction
It is worth noting that the crypto community is expressing a bearish trend for Bitcoin by the end of the year. The CoinMarketCap crypto community predicts that Bitcoin will trade at an average price of $21,237 by the end of 2022. The price represents a slight drop from the current value of Bitcoin. Estimate based on votes of 12,953 community members.
Bitcoin technical analysis
Crypto analyst Paul L’ comments on the technical outlook for BTC. Interestingly, long-term Bitcoin technical analysis expresses mixed feelings for the asset. For example, in a monthly technical summary, ‘buy’ is at 10, while neutrality is at 7. According to the moving averages, ‘sell’ stands at 9, and according to oscillators, ‘buy’ stands at 4.
In this case, the $25,000 level is putting the asset in line to regain the highs witnessed towards the end of last year. Therefore, it is considered a critical psychological point for Bitcoin. Meanwhile, Bitcoin was trading at $21,305 after several attempts to break through the level.
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