Even though the cryptocurrency market is no longer in a state of utter chaos, the effects of the FTX implosion are still being felt everywhere, including in Bitcoin (BTC). However, BTC is getting close to $17,000, and signs point to a bullish move in the first half of 2023.
According to anonymous cryptocurrency and stock market analyst Trend Rider, the money flow index (MFI) for Bitcoin is indeed showing a similar chart pattern to the asset’s prior two bottoms, with a predicted “bullish turn” in the next one to five months.
The first decentralized finance (DeFi) asset was, according to CryptoNoob, “trading in the oversold zone, which is historically where the bottom forms,” suggesting that an upward trend is likely to occur in the near future. Bitcoin, according to trader Tardigrade, was in an ascending triangle trading pattern and would soon decide whether to break out or break down from it.
As a result, the leading digital asset could end the month below $17,150 and even drop lower as it failed to move past its immediate resistance at this level, according to a December 26 prediction by renowned crypto trader and analyst Rekt Capital.
It’s also important to note that the machine learning algorithms are bearish, with PricePredictions’ forecast for January 27, 2023, standing at $16,614.67, and CoinPriceForecast’s forecasts for the ends of December and 2023, respectively, indicating $16,919 and $17,292.
Bitcoin price still undecided
As of right now, Bitcoin is trading at a price of $16,832.87, indicating a loss of 0.2% for the day, compared to a gain of 0.02% for the week and an increase of 1.55% for the previous 30 days, as shown by charts.
Bitcoin may require patience from investors waiting for a rally, which may not be in the cards for the immediate future, given its sideways trading pattern and the lack of any significant triggers for a move in either direction.