Bitcoin prices managed to increase by more than 30% since the beginning of the year 2023. This led to an increase in the overall crypto market. Today, it seems that this uptrend is stalling as Bitcoin faces strong resistance at a price of around $23,300. Does this signal an end to the Bitcoin uptrend? In this Bitcoin price prediction article, we analyze BTC from a technical view and see where might Bitcoin crash towards.
Bitcoin UP in 2023: For how long?
The year 2023 started on a positive note as the entire crypto market followed. Bitcoin prices rise from the low of $16,900 and reached the current price of around $23,000. This +30% increase helped in pushing most crypto prices in the market.
Will Bitcoin Price Crash?
It is no secret that nothing goes up eternally. After extended price hikes comes a price adjustment phase. The very first stage would be a resistance area for prices. For Bitcoin, we can clearly see the resistance price of $23,350 forming, pushing prices lower.
Bitcoin Prediction for February 2023: Will Bitcoin Crash?
If we plot the Fibonacci retracement, we can expect Bitcoin prices to drop towards the following prices (shown in figure 3 below):
- Normal case: $22,222
- Worst case: $21,196
- Extreme case: 20,371
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Source: https://cryptoticker.io/en/bitcoin-price-is-not-looking-okay-4-hour-chart-alarming/