BitcoinLong
Where will BITCOIN be headed in 2023?!
Hi guys, Chern Yu here back again for a new year!
Took a 2 weeks break from the last week of dec and I am back again to smash the markets.
I will be talking about some fundamentals revolving around bitcoin and the crypto market in general.
2022 recap:
1. BITCOIN has fallen a grand total of ~67% for the entirety of 2022.
2. Luna's parabolic crash along with FTX's cataclysmic downfall resulted in large amount of assets outflow from the crypto market.
3. BTC/USD was no exception and many companies such as Three Arrows and Celcius fell to the hands of cryptocurrency.
4. SBF is still pending investigations and recently pleaded not guilty.
The multiple stimulus has rocked the crypto market and has yet to stabilise from the recent headwinds.
USD-tether continues to be controversial while Huobi global has recently been laying off staffs in an extremely suspicious manner.
However, what is there to come for 2023? Will bitcoin start to recover? Will the crypto market finally stabilize?
2023 forecast:
1. Personally I believe that the crypto market can continue to take a further dip and clear out the monthly low that I have identified on a technical front. Bitcoin could continue to scale up or retrace to the next point of interest at ~37k.
2. The market definitely requires some more time to stabilise and accumulate.
3. For long term investing and as a big crypto fan myself, I believe price is at a very discounted level at the moment.
4. Further macro environment have increased risk on sentiments from the US Fed slowing down the rate hikes and institutional investors begin to take on more risk. This is favourable to the crypto market as we can potentially see increased asset inflows. (will be doing a chart on the total crypto market cap in due time)
5. However, recession is soon to take place and the world economy is entering or currently in a dull phase, for retail investors, it may be difficult to see asset inflows to the crypto market on this specific front.
I believe that the current BTC/USD price is very discounted and we could potentially ride the bullish retracement or movement up to ~37k at the very least.
Let us continue to stay vigilant in the market and continue to react to different market conditions, adverse or favorable.
Keep grinding and LFG!
Regards,
Chern Yu
Took a 2 weeks break from the last week of dec and I am back again to smash the markets.
I will be talking about some fundamentals revolving around bitcoin and the crypto market in general.
2022 recap:
1. BITCOIN has fallen a grand total of ~67% for the entirety of 2022.
2. Luna's parabolic crash along with FTX's cataclysmic downfall resulted in large amount of assets outflow from the crypto market.
3. BTC/USD was no exception and many companies such as Three Arrows and Celcius fell to the hands of cryptocurrency.
4. SBF is still pending investigations and recently pleaded not guilty.
The multiple stimulus has rocked the crypto market and has yet to stabilise from the recent headwinds.
USD-tether continues to be controversial while Huobi global has recently been laying off staffs in an extremely suspicious manner.
However, what is there to come for 2023? Will bitcoin start to recover? Will the crypto market finally stabilize?
2023 forecast:
1. Personally I believe that the crypto market can continue to take a further dip and clear out the monthly low that I have identified on a technical front. Bitcoin could continue to scale up or retrace to the next point of interest at ~37k.
2. The market definitely requires some more time to stabilise and accumulate.
3. For long term investing and as a big crypto fan myself, I believe price is at a very discounted level at the moment.
4. Further macro environment have increased risk on sentiments from the US Fed slowing down the rate hikes and institutional investors begin to take on more risk. This is favourable to the crypto market as we can potentially see increased asset inflows. (will be doing a chart on the total crypto market cap in due time)
5. However, recession is soon to take place and the world economy is entering or currently in a dull phase, for retail investors, it may be difficult to see asset inflows to the crypto market on this specific front.
I believe that the current BTC/USD price is very discounted and we could potentially ride the bullish retracement or movement up to ~37k at the very least.
Let us continue to stay vigilant in the market and continue to react to different market conditions, adverse or favorable.
Keep grinding and LFG!
Regards,
Chern Yu
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