The crypto market has been range-bound recently, with no clear buying or selling pressure on Bitcoin’s price. Some indicators are also becoming bearish, which could potentially push the price lower.
However, it’s important to note that this period of consolidation doesn’t necessarily indicate a bullish reversal. In fact, some analysts are predicting a major crash in the crypto market between December 25, 2022, and January 10, 2023. It’s worth keeping an eye on developments and remaining cautious in the face of these bearish forecasts.
He believes that the major reason for the crash may be the current FUD which is circulating around Binance and is expected to intensify in the coming days. Moreover, the real crisis maybe when the price approaches February to end or by mid of march.
Besides, the stagnant trend of the BTC price has compelled the miners to work under extreme losses. The BTC hash rate is elevating constantly, forming new highs every new day. It’s been more than a month now, the price is trading below $20,000 and the real miner’s capitulation is expected to begin from now.
Collectively, Bitcoin’s (BTC) price has been trading within a decisive phase for quite a long time now and hence it is now required for the star crypto to break above the consolidation. In such a case, a jump beyond $20,000 is possible, or else a new low may be expected immediately with the beginning of the new year 2023.