Bitcoin To Crash Hard In December! Any Hope Of Relief In 2023?

Bitcoin is facing hurdles to build its upward momentum and start a bull run, continuously falling below its resistance level at $22K. Crypto strategists and analysts have predicted a significant crash for Bitcoin this year, wiping billions of dollars from the crypto market. 

Doctor Profit, a famous analyst who predicted Bitcoin’s ultimate bottom of $18K when BTC was trading near $60K and the impactful LUNA/UST crash, now expects a big crash for Bitcoin by mid-December. 

A Big Crash Awaits

The anticipation of the Fed interest rate hike has caused bitcoin investors to sell a massive amount of BTC in the market, resulting in a sharp fall in the price graph. According to CoinMarketCap, Bitcoin is now trading near $19K, a sharp fall of over 15% from its strong resistance. 

Doctor Profit has warned investors against investing heavily in Bitcoin as BTC may have a big crash in mid-December. He expects Bitcoin to continue to trade in the range of $18K to $22K until mid-October before experiencing a sharp fall. The analyst expects Bitcoin to start its recovery phase due to the expected 75 bps rate hike and positive market sentiments.

He predicts that Bitcoin may reach the $30K mark by the first week of November. After that, BTC will crash following the US midterm elections on 8th November, and the crash will get deeper after the FOMC meeting, which is scheduled for 14th December. He predicted that the downtrend would consolidate till February 2023.

Doctor Profit also confirmed that he would start buying BTC when the bottom is formed below the $18K level.

Bitcoin Bloodbath Will End Soon

The Ethereum merge has created a ‘buy the rumour’ that pushed the entire crypto market upward, and bitcoin was no exception. However, Bitcoin could not hold the uptrend and significantly dropped below $20K. 

The 50-and-200-day moving averages indicate selling pressure, hinting at a further price drop for Bitcoin in the upcoming weeks. The critical support level is $17,500, and Bitcoin may quickly drop to $12K if the support level breaks. However, the Elliot wave indicates a bounce back for Bitcoin from $15K, which can take bitcoin to all-time highs in 2023.

Was this writing helpful?

Source link