6 important technical analysis of bitcoin price in 2023


More than a week has passed since the beginning of 2023, and investors in the field of cryptocurrencies are still trying to understand the question of what the market is in this year. This is despite the fact that the price of Bitcoin has fallen below $17,000 after the collapse of the FTX exchange and has yet to recover. In this article, we will discuss the technical analysis of the price of Bitcoin in 2023 from the perspective of some of the most well-known analysts. Stay tuned with Blockchain.

Dear users of blockchain country, this article only reflects the opinion of some analysts and is not considered an investment recommendation in any way.

Until now, the cryptocurrency market has always been led by Bitcoin, and to understand the future of the market in 2023, we must go to the analysis of the price of Bitcoin this year. In the previous article of Blockchain Homeland, we discussed the Bitcoin price prediction from the activists and well-known people in this field, and in this article, we have collected BTC technical analysis for 2023.

1- Crypto Tony; The key to the climb is crossing $18,000

Crypto Tony (Crypto Tony) is the name of a well-known analyst who recently a tweet Addresses the price range that BTC is now trapped in. According to Tony, the task of this range should be determined first, so that we can talk about the future price of Bitcoin.

Bitcoin price chart 4-hour time frame Source: Trading View
Bitcoin price chart 4-hour time frame Source: Trading View

As it is clear from the chart above, this analyst has set the ceiling of this range at $18,000 and the floor at $15,500. The middle line, according to Tony, is the equilibrium price of Bitcoin in this range (EQ) and exposure BTC Around the equilibrium price means that the market is indecisive and bulls and bears do not have a particular advantage over each other. The equilibrium price of Bitcoin is now around $16,800.

But if Bitcoin rises from the equilibrium point, Tony has called the range of $17,300 to $17,500 the supply zone, where many people will sell their assets. Therefore, we can expect a price pump from BTC when it successfully crosses $17,500.

Crypto Tony’s conclusion: First, the assignment of the $15,500 to $18,000 area should be determined to determine the price direction, and to break from above, we need to cross $17,500.

2- Cred; Reaching $21,000 will make the market bullish

This prominent analyst in Video to analysis Bitcoin price It is paid in the weekly time frame. According to this analysis, the 2 levels of $13,863 and $11,494 are fundamental supports for Bitcoin, which can recover BTC if the price falls again.

But in the bullish view, cred believes that Bitcoin has lost the important support range of $18,600 to $19,400, and it will be difficult to recover this level in order to become bullish. This will be the first step to change the trend.

This analyst believes that in the second step, Bitcoin should be able to record a higher ceiling in the weekly time frame, which in his view will be a ceiling above the price of $21,000, and in that case, the upward trend of Bitcoin will probably begin with a pullback to the level. This theorem is drawn with red lines in the figure below.

Bitcoin Price Chart Weekly Time Frame Source: TradingView
Bitcoin Price Chart Weekly Time Frame Source: TradingView

Cred’s conclusion: for the market to go up, a weekly candle above $19,400 should be registered, and also, even temporarily, the price should rise above $21,000.

3- Kaleo; In the first 3 months of 2023, we will reach $22,000

Kaleo is a well-known analyst in a tweet He expressed optimism about what will happen to Bitcoin in the first 3 months of 2023. In this analysis, he published the following chart, which is related to the 8-hour time frame of Bitcoin.

Kaleo believes that in this time frame, the $22,000 level has always been like a magnet that pulls the price towards it. In the previous 2 times when the price of Bitcoin has moved towards $22,000 since September, the downward trend line of Bitcoin has been above this level, and therefore this increase has not led to a change in the trend of BTC.

According to Kaleo, this time (from his point of view until the end of the first 3 months of 2023), the price of Bitcoin can first meet and break the downtrend line and then move towards $22,000. The expected price movement path of this analyst is drawn in the figure below with a blue line.

Bitcoin price chart 8-hour time frame Source: Twitter
Bitcoin price chart 8-hour time frame Source: Twitter

Kaleo’s conclusion: Bitcoin price can reach $22,000 in the first 3 months of 2023.

4- Dave the wave; The price of BTC will increase 10 times in the next few years

This analyst in a tweet To claim that Bitcoin has reached its price floor, it has used the Bitcoin logarithmic growth curve indicator. As it is clear from the chart below, every time the price of BTC has reached from the bottom of this curve to its top, it is considered an upward trend, after which a price correction takes place and the next upward trend begins. Therefore, to calculate the price floor of Bitcoin in this price correction, you can use Fibonacci correction levels whose beginning and end points correspond to the corresponding upward trend.

The interesting thing to note is that in most of the upward cycles of the market, the 0.382 Fibonacci level has played the role of the final support and bottom of the Bitcoin price. But in the recent cycle, this support has been lost and it is hoped that the 0.5 Fibonacci level will play this role.

Bitcoin Monthly Chart Source: Twitter
Bitcoin Monthly Chart Source: Twitter

This analyst has predicted that in the next cycle, we should see more than 10 times the price of Bitcoin compared to the current price.

Dave de Vio’s conclusion: In the next few years, the price of Bitcoin can increase more than 10 times.

5- trading shot; Dow Jones increases BTC price

Trading Shot (Trading Shot) is the name of another well-known analyst in mail It has looked at the relationship between Dow Jones Index (DJI) and Bitcoin price.

In this analysis, he has discussed that the RSI indicator for the Dow Jones index has been moving under the support of an upward trend line since 2011. In the figure below, the black line is the Bitcoin price chart, and the candlestick chart is the DJI index. So far 4 times (green bars) Dow Jones RSI has hit the said trend line and it has been supported all 4 times. This case has always been associated with the MACD cross indicator and its entry into the positive area, which usually happens with a little delay.

But the interesting thing is that every time this has happened, the price of Bitcoin has also started a new upward rally. Currently, the RSI has again hit the support zone and returned, and we should wait for confirmation with the entry of the MACD into the positive zone.

Comparison Chart of DJI Index and Bitcoin Price Monthly Time Frame Source: TradingView
Comparison Chart of DJI Index and Bitcoin Price Monthly Time Frame Source: TradingView

Since the distance between RSI and the line has always been more than 1 year, we can expect that if MACD is confirmed, 2023 will be a bullish year for Bitcoin price.

Trading Shot’s conclusion: If the MACD indicator of the DJI index is confirmed in the monthly time frame, 2023 will be a bullish year for Bitcoin.

6- between crypto; By April 2023, we will reach a price of more than $27,500

beincrypto analytical platform, on the occasion of the end of the year, an exclusive article for analyzing the price of bitcoin Published.

This analysis states that we have had 4 bear markets in the years 2011, 2014, 2018 and 2022, and each bear market has been analyzed according to the corrective waves (ABC) of the Elliott wave theory. This analysis considers the beginning of the recent bear market at the price of $64,000 Bitcoin in April 2021 and calls the peak of $69,000 Bitcoin as corrective wave B in a downtrend. It has also divided wave C into a 5-wave downward structure.

The completion of bearish wave 5 will mean the end of the larger wave C and thus the end of the bear market. In all these cycles after the end of wave C, Bitcoin has been able to record a temporary ceiling that has always been below its previous historical ceiling (green circle). After registering this ceiling, Bitcoin usually undergoes a correction and registers a higher price floor (red circle). For example, in 2020, the red circle was related to the price drop during the corona virus pandemic. After the red circle, an upward rally usually begins. And this whole process has always happened before Bitcoin halving (vertical lines), the next period of which will happen in March 2024 (April 1403).

Bitcoin Price Cycles on Weekly Time Frame Source: BinCrypto
Bitcoin Price Cycles on Weekly Time Frame Source: BinCrypto

The interesting thing is that according to the figure below, in all cycles, the distance between the halving and the green circle was between 46 and 52 weeks, and the distance between the price floor and the green circle became longer. The previous period of this interval was equal to 196 days. Therefore, if we assume that the $15,500 price of Bitcoin was the price floor, we can expect to reach a temporary ceiling in April 2023.

If we also draw corrective Fibonacci levels for each bear market, we can see that we should expect a price between the 0.382 and 0.618 Fibonacci levels in the green circle. This means that the price at that time (probably April 2023) should be somewhere between $27,500 and $39,000.

Bitcoin Price Cycles on Weekly Time Frame Source: BinCrypto
Bitcoin Price Cycles on Weekly Time Frame Source: BinCrypto

Intercrypto’s conclusion: If the price cycles of Bitcoin repeat, we will see the price reach above $27,500 by April 2023, and after another correction (with a price floor higher than the previous floor), an upward rally will begin.

What price will Bitcoin reach in 2023?

  • This question cannot be answered definitively, but according to the opinion of some analysts, BTC must have exceeded its price floor by the second quarter of 2023 and prepare for an upward rally at the end of this year.

Where is BTC’s major support and resistance located in 2023?

  • The prices of $17,500, $18,000, $19,400 and $22,000 are the current resistances for Bitcoin. The prices of $16,500, $15,500, $13,800 and $11,500 are also key supports for BTC.

The homeland of blockchain


Leave a Reply

Your email address will not be published.