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.
After rallying as a result of the current pullback to $16,800, the bulls now look set for some nice green December. Meanwhile, a test of the $15,800 to $15,500 range remains likely which could provide a better spot for the buyers to kick in to retest the levels near $16,800. Once these levels are completed, a decent bounce could take the price above $17,300.
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, with a strong uptrend, it is now imperative for the price to experience a pullback towards the $15,433 range which will attract more buyers. In the remaining days of 2022 and January 2023, buyers are expected to be given an opportunity to recover a bit with the existing accumulations as a base. However, regardless of the current market trend, the price of Bitcoin (BTC) could see a major decline in 2023-2024.
