Bitcoin January 2, 2023 – Timid Upside Recovery

Expected break – The Bitcoin (BTC) price opens 2023 with green candlesticks. This year could be the year of recovery, but markets should expect the cryptocurrency to return to $12,000, according to this trader.

One red and not two for the price of Bitcoin: towards a green candle for 2023?

Bitcoin price rises to $16,785 on Bitfinex today, January 2, 2023. The cryptocurrency is trading at $16,739 at the time of writing this article. Its price is currently recording a daily mini-gain of 0.57%.

After recording a loss of just over 64% over the year in 2022, the price of Bitcoin thus records its second consecutive green candlestick on a daily basis in 2023.

The Cryptocurrency Just Completed a Yearly Close in the Red for the First Time for 4 yearsthe latest from 2018. The hope of traders and investors now rests on the fact that Bitcoin has never recorded two annual bearish candlesticks consecutive. On paper, 2023 could thus be the year of recovery.

Posted by Jason A. Williams – Source: Twitter

When then can the markets expect a major bullish breakout, which could be followed by a significant rebound? The analyst Kevin Svenson shared a chart of Bitcoin price and its RSI (14) on a weekly basis, while pointing out that this RSI is “very close to a possible bullish breakout “.

RSI of Bitcoin: towards a bullish breakout?
Posted by Kevin Svenson – Source: Twitter

Such a break would end the downtrend of the weekly RSI which has remained under resistance for 2 years. Kevin Svenson then wonders if the “green candles” will arrive sooner than expected ?

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Too early to be bullish: Is a fall to $12,000 possible?

Not all traders and analysts share an optimistic outlook at the start of the year. the trader he Capo Of Crypto has also indicated that all that is needed is a ” tiny pump on resistance for everyone to turn bullish again.”

Il Capo Of Crypto recalls that 2022 saw the same bullish trap throughout the year, but “people haven’t learned”. For the trader, the $12,000 are “very likely”.

An expected return to $12,000 for Bitcoin price
Publication of Il Capo Of Crypto – Source: Twitter

These analyzes from il Capo of Crypto are consistent with the fact that Bitcoin price is currently stuck under a thick Ichimoku cloud on a daily basis. The kumo acts as a strong resistance since weeks.

BTC USD in daily unit
BTC USD in daily unit

And what about those $12,000 predictions? Throughout 2022, Bitcoin has never had a monthly close below the 100-month exponential moving average (in orange), despite bearish wicks below, and the cryptocurrency is not never come down down to the 100-month simple moving average (in blue), which is currently nearly $13,000.

BTC price in monthly unit
BTC USD in monthly unit

At this point, it would thus take significant downside pressure for the bears to be able to pull the price of Bitcoin all the way to $12,000, breaking these major supports.

Bitcoin price could experience another bear run this year, but traders and analysts are also expecting the end of this crypto winter and a return of spring to the markets.

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