February 8, 2023
BTC Hunts
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Bitcoin

This Could be the Next Target for the Bitcoin (BTC) Price if it Clears Crucial Levels at $17,300!

The post This Could be the Next Target for the Bitcoin (BTC) Price if it Clears Crucial Levels at $17,300! appeared first on Coinpedia Fintech News

The fresh CPI numbers have induced significant volatility within the crypto space as Bitcoin prices touch the pivotal levels at $18,000 after a month. The bears somehow managed to restrict the price below these levels, but bulls also appear pretty strong at the moment. The BTC price is trading within a crucial zone aiming to slice through the important targets at the earliest. 

The bulls now appear ready for some good green December after the current pullback to $16,800 resulted in an upswing. Meanwhile, the possibilities of testing the $15,800 to $15,500 range are still in place which may provide a better place for the buyers to kick in to reclaim the levels close to $16,800. Once these levels are served, then a fine upswing may rise the price beyond $17,300. 

Trading View

The levels around $17,300 appear to be pretty crucial as the market makers appear to target sellers (shorters) to stop-hunt around the $17,600 all the way up to $18,300. In the worst-case scenario, a triple bottom could arise in the short-term rally which could induce significant pressure on the asset from the north; Therefore, the BTC price still possesses a 75% of chance to reach beyond $18,000 and over 65% chance to surge beyond $20.000

Therefore, to begin with, a firm upswing, it is now mandatory for the price to experience a pullback towards the $15,433 range which will attract more buyers. In the rest of the days in 2022 and in January 2023, the buyers are expected to be given the opportunity to recover slightly with the current accumulation as a base. However, regardless of the current market trend, the Bitcoin(BTC) price may witness a major dump in 2023-2024. 

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