The crypto markets appear to have reached the final capitulation phase as the prices after forming an interim high, are falling apart. Bitcoin price which was trading within a bullish trend during the past week has scrambled down with a deep bearish trend soon. The technicals also flash bearish signals and due to this, the BTC price appears to shed some of its gains very soon.
Meanwhile, the prevailing descending trend is believed to trigger a massive upward move soon. However, a minor decline is expected below $16,500 before the price starts with a significant increase, which could soon ignite a significant increase. According to a popular analyst, BTC price is expected to witness a significant bull run by the end of the first quarter of 2023.
In the short term, the BTC price had risen above the bearish descending triangle, displaying the possibility of igniting a notable upswing soon. As per the current forecast, the BTC price is believed to ignite a notable upswing and maintain an ascending trend for the next 6 months. The analyst also believes that the upcoming 45 days may witness extreme consolidation for the token and the entire crypto space.
Also by the end of January 2023 or early February, there could be a breakout impulse that could sustain the bullish trend till mid-May 2023 which could propel the Bitcoin (BTC) price closer to $45,000. At the same time, the analyst also believes that altcoins may also shoot up which is crucial to establish a bullish trend within the crypto space that may attract strong hands back into the space.
