Crypto markets are on the edge of closing the yearly trade in 2022 which has been historically bearish. It appeared that the markets have been cleansed after the gigantic bull run which elevated the prices euphorically as the markets turned hopium. However, after the unwanted characters have exited the market, now it seems to be time for a notable upswing ahead.
Below mentioned are the top predictions for January 2023
Bitcoin (BTC)
Bitcoin prices continue to trade just above the support levels it has been held for over a month now. The price has been testing the crucial 200-day MA levels for the past few days but woefully facing a steep rejection each time. Meanwhile, the bearish volume continues to prevail due to which the BTC price is feared to retest the 2022 lows again.
The BTC price has slashed the volatility heavily due to which the bulls continue to remain off-shore. The bearish triangle is being extended finely signaling the continuation of a bearish triangle. In the next 24-48 hours, the BTC price is believed to test the upper resistance at the 200-day MA levels which also coincides with the resistance of the descending triangle. A successful attempt may enable the price to rise beyond $17,000 and eventually hit $18,000 or rejection may lay down a fresh bearish wave to drop below $14,000.
Ethereum (ETH)
Ethereum price follows the star crypto but trades within a decisive symmetrical pennant. The price is yet to approach the tip of the consolidation which may consume another couple of weeks ahead. Hence the price until then could display a narrow trend within squeezed levels as the markets continue to head toward the bottom of the current bear market.
The ETH price is assumed to consolidate below $1200 for some more time and rise high after testing the lower support of the triangle. However, after rebounding from the lows, the price may rise high and breach above the levels and reach the crucial level at $1400. However, after reaching these levels, the ETH price may eventually face a minor rejection that may hinder progress but may sustain a bullish trend ahead.
Source: https://coinpedia.org/price-analysis/top-predictions-for-bitcoin-btc-and-ethereum-eth-for-january-2023/