Toni Ghinea, an independent cryptocurrency analyst, has revealed on Twitter their forecast for the price of bitcoin in the year 2023. According to Ghinea, this year will be the year when the cryptocurrency market has a major capitulation, and the analyst adds that price declines of 40–60% shouldn’t come as a surprise.
According to the expert, we should anticipate that institutions will continue to sell Bitcoin, which will cause the price to drop below $16,500. The price of bitcoin is present $16,555. Secondly, Ghinea said that global liquidity is contracting and that the price of cryptocurrency does not account for the possibility of a recession.
The market expert believes that the monthly chart for Bitcoin looks “horrifying,” and she forecasts that the price of the most valuable cryptocurrency will fall between $11,000 and $14,000.
Ghinea said:
“There’s nothing wrong with being optimistic, but being a bull in the face of an imminent recession due to irresponsible money printing over the last 2 years is not smart. Don’t fight the FED. It’s simple.”
After breaching over the $16,650 mark, Bitcoin is trading with a positive bias on January 3rd. At first, it seemed probable that Bitcoin would go toward the $16,750 level. Despite this, it is presently trading at just a hair over $16,630, and the total amount of trades over the last 24 hours was $13.4 billion.
On the four-hour timescale, the bullish scenario for Bitcoin price has been partially invalidated, and it is expected that BTC will turn the range low at $16,211 into a resistance level
Investors should wait for confirmation before closing their long position. Confirmation will come if Bitcoin creates a lower level below $16,211. Manipulation may cause a fast selloff below the level listed above. However, investors should wait for confirmation before closing their long position.
An improved macroeconomic situation, more adoption, a decreased supply, and a lack of competition are all things that can end up helping cryptocurrency. Although not only Ghinea, several other experts seem to believe that Bitcoin’s value will continue to decline.
This might happen if investors stop putting money into cryptocurrencies and if crypto firms continue to cave in the face of pressure.
Source: https://coinpedia.org/bitcoin/bitcoin-and-altcoin-price-to-drop-heavily-with-major-capitulation-in-2023/