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Since the price remains within the same range, the Bitcoin fractal remains basically unchanged. Although hashrate has been increasing and reaching new highs, the price has not changed. Therefore, the next few weeks seem crucial to establishing the future trend of BTC prices, which in turn affects the rest of the crypto market.
At the same time, the BTC price has not rebounded significantly, so the weekly and monthly charts are still bearish. Specifically, prices face sharp rejection of key resistance, which could severely limit the strength of the rebound.
On the other hand, Bitcoin’s WK difficulty, also known as hash rate, is hitting new highs every day.
compression trend does not seem to affect KG as they continue to accumulate BTC by not releasing it to the exchange. The main reason may be that BTC prices have remained relatively unchanged for the past two months. As a result, over time, a large number of KGs may shut down their machines, resulting in a major stage of surrender.
expects such a significant surrender to approach quickly, which could severely drag down BTC prices, as low as $11,000.
Just before the previous bull market began, MACD flashed a major buy signal, causing the price to rise to its ATH. Given past trends, assets appear to have not bottomed out yet, as sell-off pressure continues to accumulate over the monthly timeframe. Therefore, BTC prices appear to bottom out in the coming months.
Therefore, the price of Bitcoin may be bearish at the close of 2022 and may fall to $14,000 to $11,000 through December to quarter 2023. However, the bottom may form before the MACD crossover appears.
In this case, the price of Bitcoin could plummet to around $11,000 and stagnate for some time until the MACD crosses, which could trigger a sharp rise to $28,000 in the next 6 months.
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Risk warning: The crypto market is changing rapidly and has great fluctuations. Investors should think carefully when making a choice and invest rationally!
