Bitcoin and Altcoin Predictions for 2023 from 3 Experts!

Bitcoin and Altcoin Predictions for 2023 from 3 Experts!
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According to the analyst, Bitcoin is forming a bearish trend that will push the price further down if this condition is met. Another analyst says it is unlikely that the terrific macroeconomic conditions of 2022 will ‘continue’ next year. Recognized analyst Michaël van de Poppe updates his views on Ripple (XRP) and VeChain (VET).

“Bitcoin makes great bear pattern”

According to the crypto analyst nicknamed RektCapital, a Bearish Engulfing (BE) candlestick has started to form on Bitcoin’s annual chart. However, certain conditions need to be met for this BE formation to be fully confirmed. Accordingly, BTC would need to close below $14,000 annually to confirm a crash. A bearish candlestick cannot be formed before this point.

In another valuable development, extensive research into the net flow and historical indicators of the crypto exchange points to a number of prominent hypotheses. According to the data, net flow will eventually turn positive as it approaches zero. This results in fewer buyers and more sellers. It is possible that a local hill will be formed at the same time as it becomes positive. Also, the selling pressure on the future market is likely to increase subsequently. It is possible that this will cause the bearish trend to continue and the already existing foothold to be lost.

Will this year’s horrific conditions continue?

Tom Lee, managing partner at Fundstrat Global Advisors, says the dire macroeconomic conditions of 2022 are ‘unlikely to continue’ next year. In a recent Twitter thread, Lee notes that inflation is falling faster than markets and the Federal Reserve expected. The CNBC author also states that the Fed likes to see a strong labor market. In this context, Lee makes the following statement:

Many inflation factors have literally exploded for 2022 after rising mid-year. You don’t need to look far to see progress. While prices are valuable, the Fed doesn’t want to crush the economy. Moreover, it does not want to destroy employment.

Lee also says that stocks tend to bounce back after bad years. Based on this, he makes the following assessment:

Unless the inflation crisis continues, financial conditions will ease. This means that stocks rise and rarely record back-to-year annual declines. In fact, three of the best five-year benefits ever came after a ‘negative’ year. And it still amazes me why the US is the worst performing global stock market in 2022, outside of countries like the China region. Why is Europe performing better when Europe is in the teeth of a power crisis/inflation spiral?

bitcoinSource: Fundstrat/Twitter

Lee points to a statistic shared by Matt Cerminaro, a research associate at Fundstrat. Cerminaro notes that in the last 50 years (1974, 2002 and 2008), there have been only three years when the S&P 500 has been as bad as it was in 2022. Compared to Cerminaro, the years following 1974, 2002 and 2008 saw an increase of at least 23%.

Analyst updates XRP and VET view

The well-known crypto analyst whose claims we have made, updates his views on XRP (XRP) and VeChain (VET). The analyst says that if XRP fails to quickly recover a valuable level, it will likely fall by more than 22%. In this context, the analyst makes the following statement:

We saw a strong rejection at $0.370. So this seems a bit odd. I would rather see XRP recover the level at $0.343 in a relatively quick form. Otherwise, a ton of liquidity to take is on the downside. It is possible to compare it with Bitcoin. There is a solid footing at $0.265.

Bitcoin and Altcoin Predictions for 2023 from 3 Experts!Source: Michaël van de Poppe/Twitter

The analyst then says that VET is on a downward-truth trajectory. However, the institutional analysis states that if Blockchain breaks above a valuable price area, there is little chance of the upside going to reverse. Van de Poppe comments:

This is clearly going downhill. And it continues to do so. Potentially: bullish divergence implying a reversal. The bullish divergence is only valid if $0.016 is cleared. Otherwise, the trend stays down.

Bitcoin and Altcoin Predictions for 2023 from 3 Experts!Source: Michaël van de Poppe/Twitter

Also, the analyst analyzes the support and resistance levels for Bitcoin (BTC). The analyst says a rally to $17,700 is possible. Additionally, he notes that if there is a drop, a new support level of up to $15,800 is expected. Accordingly, the analyst draws attention to the following levels:

The moment we break right up, the $17,400 resistance will be pretty clear. Same goes for $17,700. If we’re going to make a reversal, I think I’d look at these levels for a flawless run when it comes to Bitcoin’s price action. On the downside, we have some baselines. First of all, we got this space at $16,600. This created a bit of a splash. Plus, it’s worth $16,400 more. If we look at this whole structure then, if we continue the bear trend, it is possible to see $ 15,800 as the next reinforcement.

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