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Bitcoin Predicted to Reach $17,000 Before 2023

A crypto analyst known as @AltcoinSherpa has predicted that Bitcoin (BTC) has the potential to reach $17,000 before the end of 2023.

Bitcoin logo on a rising arrow
Bitcoin logo on a rising arrow

At the time of writing, BTC is trading at $16,840.89 and has a market cap of $323,987,731,307.

The analyst also tweeted that BTC is expected to reach $17,075.14 by the end of 2022, setting a new bullish pace for cryptocurrency. However, the current bearish trend in the market may continue for some time, according to the Stochastic Relative Strength Index (SRSI) line, which is currently at 38.33.

The bearish momentum in the BTC market has gained control of the four-hour and twenty-four-hour price charts. The Moving Average Convergence Divergence (MACD) line remaining above the signal line suggests a short-term bearish sentiment in the market. The Bollinger Band (BB) is also converging, indicating a bearish mood in the market with a potential low of $16,766 and a high of $16,900.

Advice for Traders and Investors in the BTC Market

It is important for traders and investors to exercise caution before entering the BTC market, as the bearish trend may persist. The negative trajectory histogram and the decline in the SMA line suggest that this bearish strength could continue for a while.

On the four-hour chart, the bears have taken full control of the market, with BTC experiencing a prolonged decline and approaching the support level at $16,794. This highlights the importance of careful analysis and risk management for traders and investors in the BTC market.