Bitcoin Price Prediction 2023: This Bullish Pattern Bolsters BTC To Escape Dormant Market Condition

Brian Bollinger
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin Volatility

Bitcoin price prediction 2023: The Bitcoin technical chart shows growth in underlying bullish momentum as prices are obtaining suitable support above $16350. Moreover, the coin price uses this level as the base support for forming a double bottom pattern. A possible breakout from the patterns resistance trendline will provide a long entry opportunity for traders.

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Key points

  • Double bottom pattern breakout may encourage BTC price for an 8.17% jump
  • A bearish reversal from $17000 will weaken the bullish momentum
  • The intraday trading volume in Bitcoin is $22.3 Billion, indicating a 14.2% loss

Bitcoin price prediction 2023Source-Tradingview

The Bitcoin price is currently stuck in a temporary range-bound movement and continues to wobble between two definite levels of  $17000-$16350. This consolidation phase has lasted for more than two weeks now and created a sense of uncertainty in the crypto market.

Furthermore, on December 30th, the coin price rebounded from the $16350 support and triggered a new bull cycle within the narrow range. As a result, the price has surged 2.35% from this support and currently exchanging hands at $16726.

Also read: Bear Or Bull Run? What To Expect From Crypto Market In 2023

Furthermore, the daily chart showcased this consolidation phase as a double-bottom pattern. In theory, this bullish reversal pattern showcases two bounces back from a horizontal level, indicating the price sustainability above support.

Thus, with sustained buying, the Bitcoin price will continue to rise and rechallenge the $17000 neckline resistance. A daily candle closing this barrier will release the trapped momentum and signal the end of ongoing consolidation. 

Therefore, a  post-breakout rally may rise to $17300, followed by $18375.

Conversely, if the buyers fail to surpass the $17000 barrier and revert back, the current consolidation phase will be prolonged for new trading days.

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Technical Indicator

RSI: for the two rebounds mentioned above, the daily RSI slope has moved upward. Thus, This bullish divergence indicates the buying pressure is rising within the range, and a high probability lies for a bullish breakout from the $17000 barrier.

[converter id=”btc-bitcoin” url=”https://coingape.com/price/converter/btc-to-usd/?amount=1″]

EMAs: the downsloping 20-day EMA is wavering near the local support of $16750, assisting sellers in stalling or undermining the possible bullish recovery. 

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Bitcoin Price Intraday Levels

  • Spot rate: $16718
  • Trend: Bullish
  • Volatility: High
  • Resistance levels- $16750 and $17000
  • Support levels- $16300 and $1500
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.