Bitcoin
The cryptocurrency market is once again showing signs of strength, as most assets have recorded growth in recent days, which, as always, was initiated by Bitcoin (BTC).
If we take into account the behavior of bitcoin in previous years, we can see the similarity between the technical performance of bitcoin in 2019 and in 2022.
Based on this, Moustache cryptanalyst believes that after the New Year holidays, a bullish trend will prevail in the bitcoin market.
Technical characteristics of bitcoin in 2019 compared to 2022-2023. Source: Mustache
These similarities include a successful ABC correction, a similar Relative Strength Indicator (RSI), a similar Stochastic RSI (StochRSI), and the closing of the last body candle higher than the previous month.
Another cryptanalyst PlanB believes that in the specified period, the closing price of bitcoin is $20,498.
Bitcoin chart based on the stock-to-flow (S2F) model. Source: PlanB
Another well-known cryptanalyst, Michael van de Poppe, noted that bitcoin is “consolidating well, and profitability is ready to fall.”
The flagship digital asset is currently trading at $20,523, posting a 0.1% gain on the day and a 6.4% weekly gain.
7-day bitcoin price chart. Source: Finbold
Currently, the market capitalization of BTC is $394.13 billion, which allows the largest cryptocurrency to maintain the first position in this indicator.
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