During the past week, the Bitcoin exchange rate was at around $16,700 - $16,800. There was no significant volatility in the value of Bitcoin. The news background was also not particularly negative, the opinions of a number of analysts that the price of the cryptocurrency will fall below $ 13,000 have not yet been justified.
In general, the entire last week in the cryptocurrency market was relatively stable. Demand for risky assets was low, as investors fear a recession in the United States. The head of the Fed promises to raise rates next year.
In general, Bitcoin's losses for the 4th quarter amounted to 13%, and for the whole of 2022 amounted to 63%. The market has been under pressure since spring against the background of the fact that the monetary policy of the US Federal Reserve was tightened, stock indexes collapsed, Terra and FTX exchanges collapsed, sanctions were imposed against users from the Russian Federation.
What are the prospects for Bitcoin's value in the next 7 days
Today, exchanges in the United States and the European Union do not work. Since the US stock indexes closed in the black, buyers have the opportunity to gain a foothold above 17,000 by December 28. If they do not take advantage of this moment, perhaps the rate will test the level of $ 16,200.
At the moment, there are no prerequisites for Bitcoin to grow over the next two weeks. Most likely, there will be attempts to overcome the $17,500 level. Bitcoin's ability to reach this threshold depends on whether it manages to gain a foothold above the $16,800 zone.
If this happens, then Bitcoin may try to overcome the $17,300 to $17,500 level. At the same time, there is a high probability that during this week Bitcoin will drop to the level of $16,500 and even to $16,300.
The liquidity problem will also put pressure on Bitcoin, the fear of investors is also aggravated by the fact that there is information about a criminal investigation against the Binance exchange. Investors expect regulators to increase pressure on the digital currency industry in the very near future.
Should we expect positive news on the cryptocurrency market at the beginning of 2023
For example, Coinbase is optimistic about 2023, although the value of its shares has decreased by 85.88% since its initial public offering last year. Coinbase believes that Bitcoin will remain the dominant currency, decentralized applications and blockchain platforms will be developed.
This is also evidenced by the report of the company DappRadar, which deals with data and analytics of blockchains. He showed that not the entire market was affected by the crypto winter. According to the industry report DappRadar for 2022, the use of decentralized applications (dApps) has increased dramatically and the trend will continue in 2023.
Significant investments will continue to be made in blockchain platforms. In general, despite the fall of Bitcoin, the situation in the cryptocurrency market is not as bad as it seems.