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A crypto netizen and analyst, @AltcoinSherpa took to Twitter to share his insights about BTC. In his tweet, he mentioned that BTC had the potential to hit 17K before the beginning of 2023.
The price of Bitcoin (BTC) is down 0.19% in the last 24 hours. At presstime, BTC is trading at $16,840.89. The slight price decrease has caused BTC’s market cap to decrease slightly to $323,987,731,307. The decrease of market cap to $149,695,046,047 is showing volatility in BTC.
According to a tweet from an analyst, BTC is optimistic to reach $17,075.14 by the end of 2022. This move will set a new bullish pace for BTC.
Following a return of the bearish momentum, the price of bitcoin plummeted once more to $16,788, indicating a bullish bias in the cryptocurrency today. BTC began to retrace lower earlier last week, and the bears have been in control for the previous few hours due to a minor but consistent decline in price levels. However, the trend changed today in favour of purchasers, and during the past several hours, the price has dramatically dropped to $16,840.89.
As long as the Moving Average Convergence Divergence (MACD) line remains above the signal line, there may be a short term bearish sentiment in the BTC market in the ensuing hours. Therefore, before entering the Bitcoin market, traders and investors should act with great prudence. The development of a negative trajectory histogram indicates that this bearish strength may last for some time in the BTC market.
The market’s current bearish trend may persist, according to the Stochastic Relative Strength Index (SRSI) line, which is currently at 38.33. Due to the latest decline below its SMA line, which is extending the currently negative trend, investors are concerned about the probability of a bearish persistence.
On the 4 hour chart, the bears have fully taken control of Bitcoin’s market. For the past four hours BTC has been on a prolonged decline driving the prices near the support level at $16,794.
The converging Bollinger Band (BB) indicates that the current mood on the BTC market is bearish. On the lower band, the lowest point that can be achieved is $16,766, while the maximum point that can be reached on the upper band is $16,900