Is bitcoin bottomed out or not? Cryptoanalysts disagree

In mid-January, cryptocurrency investors want to know why the price of Bitcoin is soaring. Is it a dead cat bounce, a bull trap, or is the bitcoin bottom coming soon, if not already passed? Cryptoanalysts have offered a wide range of opinions.

Bitcoin price remained in rejection territory during December. Sellers are depositing the coin on cryptocurrency exchanges at $16,750 and less per 1 BTC. Then in January, the cryptocurrency market got stuck in a macro risk sentiment tailwind.

After inflation subsided, job numbers improved and consumer confidence increased in December, cryptocurrency prices exploded.

The pool began to pick up around the turn of the new year. Then the bulls took it parabolic last week.

So, is bitcoin bottoming out yet?

Is there a bitcoin bottom here? Some cryptanalysts say yes

Fundstrat’s Sean Farrell is encouraged that Bitcoin’s bottom is near after a BTC rally erased several losses from Alameda-FTX. Farrell says there is a “high probability” that an “absolute” bottom for bitcoin prices will be soon.

He is Vice President of Digital Strategy at Fundstrat Global Advisors. The market strategist and financial research firm has been bullish on the long term in the cryptocurrency space for years.

Crypto Analyst Known as the “Smart Contractor” he told him His more than 280,000 followers tweeted Jan. 13 that his gut told him the bottom was in. He is credited with correctly connecting to the bottom of Bitcoin 2018.

But a smart businessman And it was too Some arguments to join their obsessions. The cryptocurrency analyst noted that the recent rally has broken through two diagonal resistance trend lines. One was from ATH in November 2021. The other started from the bearish decline of BTC price since June 2022.

“This weekly BTC candlestick is a strong auto focus that breaks very important trend lines and the lower time frame remains strong.”

Rekt Capital, another popular cryptocurrency trader and analyst has 333k followers on Twitter wrote about Same week candle:

“The current BTC weekly candlestick looks very similar to the April 2019 weekly candlestick which confirmed a fresh bull market”

Based on a multi-year analysis of the Bitcoin halving cycle, Rekt Capital predicts a Bitcoin price bottom in 2023.

Some disagree

The Crypto Lemon, trader since 2016, says there Bitcoin’s lowest price in the future, but we still have some way to go before we get there.

Lemon uploaded the famous graphic Cheat Sheet to Wall Street. But edit lines are included to show they believe prices are still heading towards a macro bottom, not there yet.

CryptoQuant agree The bottom does not depend on the PNL indicator and the bear/bullish market cycle indicator.

Katie Stockton of Fairlead Strategies says that technical overbought indicators suggest that we have not reached the bottom yet. It expects that there will be a pullback at the next Fibonacci retracement level near $21,500.

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