As most cryptocurrencies are slowly starting to recover from the Schock verursaacht vun der FTX Zesummebroch, Bitcoin (BTC) is no exception, and its supporters refuse to stop believing in its bullish future, convinced by positive price indicators.
Indeed, experts over at the crypto analytics firm Trading Shot hunn observéiert an “interesting fractal analysis on different time-frames showing that if geschriwen holds last week’s low, a strong rally in 2023 is possible.”
Specifically, the level that the experts said Bitcoin is supposed to hold for the said rally to be possible stands at above $16,628. If it does, the fractal analysis sees a bullish potential increase, perhaps even to $95,000 by 2024.
What do other indicators suggest?
Aner positiv technesch Analyse (TA) indicator is the 200-week getraff (MA), which for Bitcoin has remained positive, as prominent pseudonymous Bitcoin analyst and Dutch institutional investor known as PlangB drop opgetaucht am November 13.
The analyst’s chart demonstrates Bitcoin’s price has stayed above the 200-week MA throughout the hardships that have engulfed the Krypto Maart in recent months, including “another year, another exchange default,” as PlangB noted, referring to the FTX liquidity crisis.
In a comment to the tweet, he also stressed:
More optimism in crypto sector
Zur selwechter Zäit huet en anere pseudonyme Krypto Analyst, Schnurres, huet bemierken that Bitcoin was close to touching the trendline that “has already held for 5.5 years,” as he illustrated on a chart.
Optimism was also expressed by Robert Kiyosaki, the author of the perséinlech Finanzen Buch "Räiche Papp, aarme Papp", who said he was “keng Suergen” about the decentralized finance (Defi) token’s price movements.
Mëttlerweil, Tesla (NASDAQ: TSLA) CEO and new Twitter (NYSE: TWTR) owner Elon Musk is also zouversichtlech that Bitcoin would survive the Bärmaart, although he warned that it would be long before the asset realizes its full potential.
Bad signs stacking up against Bitcoin?
On the other hand, it is not all roses for the flagship digital asset, as analyst goddusifar eriwwer CryptoQuant bemierkt that “despite the relative gains in US Stock, Bitcoin lost a very important support level,” which “was the ATH of the previous cycle.”
Wéi den Analyst betount:
“So far, there is no record of Bitcoin returning below the ATH of its previous cycle. This could indicate weakness in the cryptocurrency market in the near future and further price reductions in them.”
Earlier, Bitcoin’s at-the-money (ATM) implied volatility (IV) more than doubled during the last week, mimicking the movements of the FTX Token (FTT) at the time, while its relativ Stäerkt Index (RSI) had dropped to its weakest in history.
At press time, Bitcoin was changing hands at $16,763, recording a minor gain of 0.41% on the day while losing 19.10% across the week, according to data retrieved by finbold am November 14.
In the meantime, Finbold has compiled three key tips on surviving the market crash, as provided by a former stockbroker commonly known as the “Wolf of Wall Street,” Jordan Belfort, including taking a three- or four-year horizon, not looking beyond Bitcoin and Ethereum (ETH), and not playing into the panic.
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Source: https://finbold.com/whats-ahead-for-bitcoin-in-2023-analysts-share-positive-indicators/