Bitcoin Price - Are The Bears Done Yet?
Introduction
The price of Bitcoin has been on a strong downward trend since the beginning of 2022. The bears had dominated the market pushing Bitcoin price to a two year low in November at $15,476. The bulls have battled to defend this level, pushing the price back above 16K as of November 30, 2022.
With the price of Bitcoin forming a double bottom at this level, investors have been curious if this will be the lowest level for Bitcoin in 2022 so they can invest in Bitcoin.
Are the bears exhausted now or is the market on a short relief bounce? Will the price of Bitcoin go lower than this level? Or will it recover from the current level? These pressing questions on Bitcoin price have been discussed in this work. You will also learn from this work the best way to trade Bitcoin during the bear season as well as the major forecast for Bitcoin in 2023.
What Is Bitcoin?
Bitcoin is the number one most valuable cryptocurrency traded today in all the crypto exchanges. It has the largest capital investment into it based on the fact that it is the prime Cryptocurrency ever launched in the crypto industry.
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Bitcoin Price Today: Are The Bears Exhausted?
The fact that Bitcoin had managed to hold above the 15K level after forming a double bottom at this point has got many investors asking if the bears have been exhausted. With the bulls pushing the price back above 16K level, many investors are now considering the possibility of Bitcoin taking off from the current level. Will the price sustain at this current level?
Though the selling pressures on Bitcoin have reduced in recent times, the major cause of the bear soon still lingers on. The present bear market has been brought about by the series of prolonged interest rate hikes by the Fed which has continued till the present time.
This has resulted in large capital leaving the crypto market as investors got more attracted to the less risky assets due to the high interest rates. Notwithstanding, the outcome of the Fed’s session in December will be vital in determining if the bears will continue to have an upper hand in the market in the coming month.
Thus, Bitcoin stands a greater chance of continuing with the current bearish trend should the Fed embark on another aggressive interest rate hike during the next FOMC meeting.
On a larger perspective, the crash of the second largest crypto exchange – FTX which was followed by several other DeFi platforms such as BlockFi and Voyager exchange filing for bankruptcy protection and unable to process clients’ withdrawal requests have created so much FUD in the crypto industry today. These have given the bears more dominance in the market preventing new investors from coming into the market immediately.
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What Is The Best Way To Trade Bitcoin During The Bear Season?
One popular practice used in trading Bitcoin during the bear season is CFD trading. Trading Bitcoin as CFD using the Futures and Margin options offers the trader the opportunity to short the market while the prices are falling and to go long when the prices are set to recover again. However, CFD trading comes with high risk and the trader could lose so much trading, if he fails to manage his risk properly.
What Is The Target For Bitcoin In 2023?
There are many popular predictions and forecasts made for Bitcoin in 2023. Some analysts believe that the price could reclaim 30K by 2023 once the Fed withdraws from the ongoing interest rate hike. Others see the price of Bitcoin going as high as 60K by 2023.
