A Massive Move Is Expected For Bitcoin: It May Consolidate Above $17K Before 2023

One crypto netizen and analyst, @AltcoinSherpa, went on Twitter to share his insights about Bitcoin (BTC). In his tweet, he said that BTC had the potential to reach $17K before the start of 2023.

$BTC: "Big move coming"…

Typically the EQ is not a good place to trade at. Glad I'm flat here. #Bitcoin #BTC pic.twitter.com/G54FpJUwxx

— Altcoin Sherpa (@AltcoinSherpa) December 27, 2022

The price of Bitcoin (BTC) is currently down 0.17% in the past 24 hours. At the time of publication, BTC is trading at $16,840.89. The slight price drop has caused the market capitalization of Bitcoin to plunge to $321 billion. The drop in market cap is showing some volatility in the price of Bitcoin.

Based on a tweet from the analyst, Bitcoin is optimistic to reach $17,075.14 by the end of 2022 and the move will set a new bullish trend in motion for Bitcoin.

Following a return of the bearish momentum, the price of Bitcoin dropped once more to $16,788, indicating a bullish bias in the crypto today. BTC started to retrace lower earlier in the past week, and the bears have been in control for the past several hours because of a minor but constant drop in price levels.

Nonetheless, the trend changed today in favor of buyers, and in the past several hours, the price has plunged to $16,840.89. The bears have gained control of the four-hour and twenty-four-hour price charts.

Provided that the Moving Average Convergence Divergence (MACD) line manages to remain above the signal line, there might be a short-term bearish sentiment in the BTC market in the ensuing hours. Thus, before entering the Bitcoin market, investors and traders need to act with great caution and prudence. The development of a negative trajectory histogram shows that this bearish strength might last for some time in the BTC market.

The market’s current bearish trend might persist, as highlighted by the Stochastic Relative Strength Index (SRSI) line, which is now at 38.33. Because of the latest drop below its SMA line, which is extending the currently negative trend, investors are worried about the possibility of a bearish persistence. But, most of the indicators show that the bearish trend will not last.

On the 4-hour chart, the bears have wholly taken control of Bitcoin’s market. For the last four hours, Bitcoin has been on a persistent drop driving prices near the support level at $16794.

The converging Bollinger Band (BB) shows that the current mood on the Bitcoin market is bearish. On the lower band, the lowest point that can be achieved is $16,766, while the maximum point that can be reached on the upper band is $16,900.