A merry Bitcoin Christmas: Could a BTC rally be on the cards this year?
By Alara Jordan
12:54, 7 December 2022
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The price of bitcoin ($BTC) has fluctuated between lows of $16,700 and highs of $17,300 in the past week, but according to crypto analysts, there could be good news on the horizion for the price of the largest cryptocurrency by market capatalisation.
Crypto analysts have predicted that despite the market downturn that followed the fallout of FTX, the price of bitcoin could have already hit its bottom price in November and an upward trend could be imminent.
BTC to USD
Bitcoin has had a rocky 2022, droppingd by more than 60% year to date. However, according to the crypto analyst Dave the Wave, BTC could be gearing up for a price breakthrough towards the end of the year after holding off its resistence level around $16,900.
Another crypto analyst, Credible, believes that BTC's will likely rally towards upwards of $18,000 and could even hit $19,000 by the end of the year.
“No change to my expectations. Still looking for $19,000,” Credible wrote on Twitter.
“BTC has formed a nice tight consolidation here after a clean impulse on low timeframe. May dip into $16,000 first to take out these built-up lows but still expecting continuation up after regardless.”
No change to my expectations. Still looking for 19k+. $BTC has formed a nice tight consolidation here after a clean impulse on low time frame. May dip into 16k's first to take out these built up lows but still expecting continuation up after regardless. https://t.co/t3uTBlZGTB pic.twitter.com/D1GuRYZcJo— CrediBULL Crypto (@CredibleCrypto) December 4, 2022
A bullish new year
While bitcoin has moved mostly downwards during the past three months, analysts remain positive that the cryptocurrency will witness a dramatic improvement by the end of the year.
Tim Draper, a venture capital investor and founder of Draper Associates, has gone one step further to state that the price of BTC could hit $250,000 in 2023, claiming that the cryptocurrency could surprise investors and reach that number “by June of next year”.
While past trends do not determine future outcomes, BTC has usually recorded consistent growth towards the end of the year, with the digital asset hitting $50,720 on December 25, 2021, up from $46,117 just five days earlier on December 20, 2021.
What is your sentiment on BTC/USD?
Tim Draper predicts bitcoin will reach $250,000 next year despite FTX collapse: 'The dam is about to break' https://t.co/RcfYAcqpSI— CNBC (@CNBC) December 5, 2022