When Bitcoin tries to break out of its trading range following FTX, anything could happen in the upcoming weeks and months.
What do traders predict will happen next as Bitcoin reaches levels not seen since the beginning of 2022?
BTC price in freefall as USD gains strength
As 2023 approaches, BTC/USD has few bullish supporters as it is already down 15% in Q4 and over 60% year to date.
The crypto market as a whole is like the biggest cryptocurrency, which has lost all of its gains since late 2020 and is still struggling to recover from the ongoing FTX crisis and its effects.
According to CoinRegency, risk assets are in a valuable position, and attention is also focused on how strong the dollar will be as we enter the new year.
Regarding what the price of bitcoin might do in the first quarter of 2023, CoinRegency examines the differing viewpoints held by some well-known traders.
Crypto Tony: Short with a low target for the daily range
Crypto Tony is one trader who is not taking any chances on the final day of Wall Street trading.
On Dec. 30, a new chart demonstrated how lackluster price activity is today, despite an earlier warning that a journey to as low as $8,000 for Bitcoin may be on the horizon.
BTC/USD is back below the equilibrium price (EQ) of a range that has been in place since the start of FTX on daily timescales, and this level is no longer acting as support.
The target is now the range low, which is closer to $15,500 as a result of a failed breakout attempt at the range high.
“I remain short and am looking for the push down into the low range as highlighted,” Crypto Tony wrote in the accompanying comments.
Cred: Retake the $19,000 zone to reverse the trend
It’s all about the range for fellow trader Cred when it comes to how Bitcoin might act in the future.
In a video update on December 29, Cred said that the cost of weekly and monthly support would be $12,000 and $14,000.
“With that said, if we’re not at these levels, what can we look for?” “If you don’t want to get support, you could always show me a failed breakdown from support as a bullish argument,” he said.
Thus, the $18–19,000 range that FTX helped break through in November could still be a target to regain, labeling the price action of the following weeks as a “failed breakdown.”
Cred says that on a weekly time scale, BTC/USD is currently trading in a small area that is “not anywhere.”
Strong attraction to $22K in Q1 for Kaleo
The popular Twitter account Kaleo has a more optimistic view of what could happen in Q1 as a whole.
Kaleo made a prediction on December 30 with a clear price goal for the next quarter that showed a bottoming sequence for BTC/USD.
He predicted that the region around $22,000 will operate as a price magnet based on swing highs for the 8-hour chart going back several months.
Lower lows, on the other hand, were not mentioned in the projection.
“This is what you have to look forward to in early 2023,” Kaleo commented.