Bitcoin started the new year with a small bounce, but experienced traders expect a deeper drop.
According to the Cryptocurrency Screener Cryptovizorwhich determines the market price of BTC/USD based on the results of trading on the largest spot exchanges, after declining on December 30 to $16,333, the asset price rose on January 2 to $16,799.
In a classically bearish 2022, bitcoin fell by 65%, however, at present, few people are waiting for its recovery.
Trader Il Capo of Crypto tried to cool the heads of New Year’s optimists: “A small pump in the direction of resistance is enough, and everyone becomes bulls again. There have been bull traps like this all through 2022, but people are not learning anything.”
Very likely $12,000.
Perhaps Il Capo of Crypto is studying analytics from Cryptovizor CEO Alex Zukutoke, who on January 1 published own prediction:
150 days in sideways from 06/13/22. For half a year, the cumulative delta went into minus $5.86 billion. This is real accumulation. Sales are absorbed by limits, the price almost does not react. I expect a selling climax at $12,300 (I wrote about this July 2).
They were supported by a popular Twitter trader and analyst Pentoshi, who also noted $12,000 as a key support area in 2023.
“But when will the volatility start?” – you ask. The next important event is the publication of the consumer price index in the United States (CPI) January 12. This indicator is expected to decline year on year to 6.7% (previous value of 7.1%).
However, the current reduction in inflation is not final, warned their fans, investor Michael Burry (Michael Burry, the prototype of the hero of the movie “The Big Short”). He believes that a further reduction in CPI will lead to an easing of the policy of the US Federal Reserve and the printing of dollars, which will inevitably end in a new round of inflation.
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