Friday, December 9, 2022

Bitcoin Price on the Edge: From Here It’s Either $50k… or $6.5k

Bitcoin Price on the Edge: From Here It’s Either $50k… or $6.5k

Bitcoin’s about to do something radical — but in which direction? With the bitcoin price swinging wildly up and down, our technical indicators have produced two wildly different scenarios. Essentially, BTC will either soar to $50,000 USD — or it will plummet to $6,500 in search of a support level.

Also read: Our Bitcoin ‘Naughty List’ 2017: Lumps of Coal for Their Digital Stockings

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Bitcoin Price Technical Analysis

Bitcoin price 24th December Long

Long Term Analysis

Technical levels can be evaluated at $12,000, $15,000, $17,000, $20,000 and $22,000 — as functional supports or resistances among the high volatility, multimedia action and political factors.

According to Fibonacci’s principal key references, possible rebounds can be expected at $13,600, $11,500 and $9,400. From any of these, a more optimistic consensus could start a bull run to double the values again — and even add a little more following the Round Numbers Theory.

Bitcoin price 24th December Mid
Mid Term Analysis

Mathematical indicators have dropped enough without prices changing trend, and every broken support is now a potential resistance that could work as a trigger if it’s reached.

If supply and demand find balance in a lateral market, a new bullish momentum would attract a renewed public to the action with massive levels of interest. Moving averages would smooth the prices and swing to a natural correction, before a huge upward advance to a new scenario.

Bitcoin price 24th December Short

Short Term Analysis

Gann Angles’ bearish analysis puts prices in a bearish zone for the shorter term. Now the mathematical indicators are low, a briefly lateral movement would sustain the quotes to reach the trigger angle and restart on rising to $22,000 as a first technical objective.

From here, congestion would be expected before going to higher levels, but be warned: if that does not happen, the next support can be analyzed at… $6,500.

Do you agree with this analysis, or have a prediction of your own? Let’s hear it in the comments.

Images via Pixabay, Bitstamp, BitKan

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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