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Bitcoin Endured a Bear Market Through 2022
Caused by macroeconomic factors
Bear Market May Continue as Analysts Predict Recession in 2023
Expectations were high as Bitcoin (BTC/USD) surpassed $68,000 at the end of 2021. Investors started betting on $100,000 as the next price level. Famous investors, including Ark Invest’s Cathie Woods, have given BTC a $500,000 price target. Bitcoin is still very young and the potential is huge, so it’s definitely possible to reach such a level. But does this mean we need to be optimistic in 2023?
It may be too early to tell, but expectations should be lowered in macro conditions. Over the past year, Bitcoin has been bearish on tightening economic conditions and fears of an imminent recession. In fact, the analyst predicts that US GDP will be negative in his first three quarters of 2023. This means that the Bitcoin and stock markets will become more bearish.
but what buy bitcoin Meaning now? BTC below $17,000 is a bargain. When the bull market returns, you’ll consider yourself a smart investor. But before that happens, you might be out of money for a while. This is because the Bitcoin bear market is still underway and could grab negative pips before turning profitable. However, as you may have noticed, BTC has remained relatively stable above $16,000. Is this a potential bottom?
Given the long-term bear market, BTC is holding steady at the $16,000 support zone. From our daily chart outlook, the cryptocurrency has started a recovery at this level. The RSI broke above the 50 midpoint level as buyers entered.
Consider a short-term upside relief rally. BTC price We have not yet overcome the long-term slump. If the current rally continues, BTC may face resistance at $19,000, but I am cautious about buying BTC now as the price remains vulnerable to the bear market .
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