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Bitcoin Price Analysis: What to Expect in the Short Term (2023)

Must See Data shows Bitcoin Whales SELLING!
Must See Data shows Bitcoin Whales SELLING!

The price of Bitcoin has been on a downward trend in recent months, and many analysts are cautious about its future price action. In this article, we will discuss the latest Bitcoin price news and analysis, and provide some insights into what to expect in the short term.

SEC Chair Comments on Bitcoin ETF

The SEC chair, Gary Gensler, recently suggested that a Bitcoin ETF approval is inevitable. However, he did not provide any specific timeline for such an approval. This has led to some uncertainty in the market, as investors are unsure of when or if a Bitcoin ETF will be approved.

$100,000 Bitcoin Price Target

Some analysts have been predicting that Bitcoin could reach a price of $100,000 in the near future. However, this target is seen by many as being unrealistic, and there is little evidence to support it. In fact, the recent price action of Bitcoin suggests that it is more likely to continue to decline in the short term.

On-Chain Wallet Data

On-chain wallet data shows that large wallets (10,000+ BTC) have been selling while smaller wallets have been buying. This indicates that there is a transfer of Bitcoin from institutional to retail investors. Retail investors are typically seen as being more bullish on Bitcoin than institutional investors.

Technical Analysis

Technical analysis of the Bitcoin price chart shows that Bitcoin has experienced a five-wave pattern down. Currently, the price is in a corrective pattern with higher highs and higher lows. However, short-term higher highs may indicate an imminent breakdown. The price is struggling around the 50 EMA and 200 hourly EMA, and there is an expectation of another five-wave drop to the downside.

Price Targets

Short-term price targets are between 22,693 and 23,874. Weekly analysis indicates potential testing of the 200 EMA. If significant support at $20,000 is lost, Bitcoin could drop to $10,000 or lower. There is also a mention of a potential double bottom pattern at lower levels.

Market Outlook

The market appears stagnant with low volume. There is uncertainty related to ETFs and liquidity grabbing. The speaker emphasizes watching price action around $20,000 as a crucial level. The speaker remains cautious about Bitcoin’s future price action.

Conclusion

The overall outlook for Bitcoin in the short term is cautious. The price is likely to continue to decline, and there is little evidence to support the $100,000 price target. However, retail investors seem to be bullish on Bitcoin, and there is a possibility of a double bottom pattern forming at lower levels. Investors should carefully monitor the price action around $20,000 as a crucial level.

Here are some additional factors to consider when analyzing Bitcoin’s price:

By considering these factors, investors can make more informed decisions about whether to buy or sell Bitcoin.

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