Bitcoin (BTC) bulls and bears continue to have almost similar strength when the flagship cryptocurrency is trading in a sideways pattern. Investors are looking for positions that could signal the next price action of the digital asset amid the ongoing consolidation phase.
Here are the historical Bitcoin levels for the ‘big upside move’!
A crypto analyst nicknamed Nebraskagooner, citing historical data in a tweet on Dec. 28, identified historical Fibonacci levels that could trigger Bitcoin’s next upward move based on chart patterns.
In particular, the analyst identified the $16,000 to $22,000 range as the possible accumulation zone that could trigger Bitcoin for the next “big upside move”. At the same time, the trade expert pointed out that the region between $16,000 and $12,000 could be a range for an immediate reversal.
Bitcoin Fibonacci levels chart. Source: TradingView
While doing his analysis, the analyst referred to the previous Fibonacci levels recorded on February 22, 2022, where he stated that if the asset closes below $37,600, it will form an important long-term zone. In this case, Bitcoin has since corrected to consolidate below $17,000.
Fibonacci levels are a technical analysis tool that uses horizontal lines to indicate areas of support or resistance in an asset’s price. The tool can be used to identify support and resistance levels.
Similarly, according to an earlier Finbold report, BTC is currently “in an extremely long-term hodler accumulation zone, given Bitcoin’s historical price analysis.”
Bitcoin price analysis
At press time, Bitcoin was trading at $16,582, correcting almost 1.5% in the last 24 hours. On the weekly chart, Bitcoin is also down 1.5% with almost similar margins.
Bitcoin seven-day price chart. Source: Finbold
The asset will likely end the year in a consolidation phase, as Bitcoin lacks critical triggers for a decisive price action. Specifically, right now, investors are watching the asset to determine how Bitcoin will trade as we enter the new year.
Along this line, leading industry players have argued that Bitcoin still faces uncertainty in 2023, and it is macroeconomic factors and adoption that serve as critical foundations.
For example, crypto miner Stefan Ristic, who runs BitcoinMiningSoftware.com, offered a bleak outlook for Bitcoin in 2023, but was optimistic that the 2024 halving event would create a rally base.
At the same time, Fraser Matthews, head of the Netcoins crypto exchange, suggested that Bitcoin will likely drop to $10,000 in 2023. Also, crypto trading expert Michaël van de Poppe said the asset will likely accelerate faster if Bitcoin breaks the $17,400 and $17,600 resistance levels.
Meanwhile, Pricepredictions’ machine learning algorithm determined the price of Bitcoin at $16,722 on January 1, 2023.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.