The king crypto currency is finding buyers at the level of 17.000 dollars at the time of writing and has maintained the level of 16.800. Although the data announced yesterday caused momentary declines, Bitcoin buyers are making their presence felt after excessive sales. Investors are eagerly awaiting the Fed decision, which will be announced in mid-December. So when will Bitcoin rise in real terms and what are the prospects for 2023?
When Does Bitcoin Rise?
The cryptocurrency market experienced high volatility days after the FTX collapse. Analysts are making remarkable predictions about the future of Bitcoin, but first of all, we need to know that the crypto market is very unpredictable. No one expected the world’s second largest stock market to go bankrupt at the beginning of November. This bankruptcy was also not expected to affect DCG, which has gathered many giant crypto companies under its roof. In other words, there may be things you don’t expect in crypto currencies, and all the price predictions arising from your expectations may thus go to the trash.
If we turn to forecasts, the chart shared by Crypto expert Matthew Hyland today shows us that Bitcoin is facing resistance at $2022, the “lowest wick of June” at $17,600. If Bitcoin overcomes this resistance, we can see that the rise continues. According to crypto analyst Moustache, taking into account the analysis of the Wyckoff Method, it can be said that the short-term target is $ 18,500-18,700.
2023 Bitcoin (BTC) Forecast!
The popular crypto analyst Michaël van de Poppe referred to the monthly purchasing managers index of the Institute for Supply Management (ISM), an indicator of US economic activity based on a survey of purchasing managers in more than 300 manufacturing companies. According to ISM: A manufacturing PMI value above 50% indicates that the manufacturing economy is expanding in general, while a manufacturing PMI value below 50% indicates that it is declining in general. The PMI for November was 49%. Poppe reiterated his view that “Bitcoin is consolidating nicely here and the game is still going on” despite the “boring markets”.
The good news is, the Fed says it will take its foot off the gas “slowly.” They are aware of the rapid interest rate increases that have been going on for months and are trying to pin down a point between excessive tightening and Deceleration. Rates will continue to remain higher for a while, and they will probably plan to raise by 50bp at the December meeting, maintain a gradual slowdown until the second quarter of 2023, and leave rates horizontal at the peak for a while. At least for now, the forecasts are in this direction, monthly inflation data may cause the Fed to step on the gas again or move further towards easing.
The Fed’s 2% inflation target will be met by 2025. At least that’s what they hope, so there’s enough time in front of us to loosen up a little and step on the gas again if necessary. Accordingly, it seems possible that the year 2023 (since halving is also being approached) will be better than 2022 in terms of Bitcoin. Experts believe that a recovery of up to $ 36,000 is possible in the current scenario. And what did we say above? Unexpected events can cause your predictions to be garbage. So it’s worth being cautious.
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