Bitcoin (BTC) is ending 2022 at levels not seen in over two years. Traders are now speculating about what could happen next.
BTC price impacted by USD strength
BTC/USD has dropped 15% in Q4 and over 60% year-to-date, facing a lack of bullish support as we approach 2023.
Struggling to recover from the FTX scandal repercussions, Bitcoin has given up all its gains since late 2020, reflecting the broader state of the crypto market.
Both risk assets and the strength of the U.S. dollar are being closely watched as we head into the new year.
Cointelegraph examines the varying opinions among popular traders regarding BTC price action in Q1 2023.
Crypto Tony: Short with daily range low target
Crypto Tony isn’t taking any risks, predicting a possible drop to $8,000 for Bitcoin. The latest chart signals weak price action with BTC/USD falling below the EQ of a range that has been in place since the FTX issue began.
With a failed breakout at the range high, the likely target is now the range low near $15,500. Crypto Tony remains short and anticipates a move down to the range low.
Cred: Eyeing $19,000 zone for trend shift
Cred also focuses on the range in analyzing Bitcoin’s future behavior. He points to monthly and weekly support levels at $14,000 and $12,000, respectively.
Cred suggests that reclaiming the $18-19,000 zone, which was broken through due to FTX in November, could be crucial for changing the trend. However, BTC/USD is currently trading in a zone that Cred deems insignificant on weekly timeframes.
Kaleo: Predicts a move towards $22,000 in Q1
A more positive outlook for Q1 comes from popular Twitter account Kaleo. He predicts a bottoming sequence forming on BTC/USD, with a clear upward target for the next quarter.
Kaleo suggests that the $22,000 area could act as a magnet for price, based on swing highs seen on the 8-hour chart over several months. The outlook excludes lower lows, indicating an optimistic start to 2023.
The opinions expressed here are those of the authors and do not necessarily reflect the views of Cointelegraph.
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