Bitcoin (BTC) needs a strong trigger for a positive breakout!
At the beginning of 2022, BTC was trading around $47K, but currently, it is trading at around $16K. That means it has lost massive value in the last 12 months. There can be plenty of reasons behind such a downfall, but the prevalent question in the market is, will Bitcoin hit 100K in the next few years?
Indeed, it is difficult to answer, but Bitcoin has the potential to bounce back to its previous high of around $68.7K. It will depend on the global scenario. Even retail investors understand that 2023 is going to be a volatile year in crypto markets, we might find a rally at the beginning of the year, but cryptos will lose their value again within a few months, so if you are an active crypto investor, you have to keep an eye on your portfolio to book the profit at the right time.
In the last 12 months, Bitcoin has been in a downtrend, and currently, it is taking support at around $16K. Based on the technical indicators, RSI is at 44, and MACD, as well as Bollinger Bands, lack volatility that suggests a consolidation for the next few weeks.
Still, it is difficult to suggest whether it will break the resistance or support this year. However, you can check out our BTC price prediction to know the future projections of the token.
Many experts forecast the BTC price to be around $10K, which is not very far from the current price, so it might test the level in 2023. On the weekly chart, BTC does not suggest bullishness because a lot of external noise, such as the US fed rate hike, the new COVID variant, inflation, FTX liquidity crisis, created a strong bear grip on the crypto world and retail investors are also worried about the sustainability of such unregulated cryptocurrencies.
They do not want to spend their hard-earned money in order to gain maximum rewards, at least for the next few years, when fixed deposits or government bonds provide decent returns.
The bearish engulfing candle of November 07 suggests a downtrend, and it will continue even in 2023. On the flip side, many investors expect a spike because Bitcoin has reduced its maximum value in the last 12 months, so it may bounce back for a few months and continue the downtrend again.
If you have a long holding, the ‘Welcomed’ spike in 2023 will be the right time to book the profit. In 2023, the upper range of BTC can be around $40k, and the bottom can be around $10K.
