Bloomberg Report Predicts Bitcoin Uptrend in 2023
Analyst Bank on Bearish Dynamics and Central Banks’ Actions as Bull Triggers
BTC trades on short-term recovery, $19,000 in sight
Investors can hold their breath, hoping that 2023 proves to be a good year for crypto and stocks alike. But even with these expectations, market analysts warn that 2023 could be the year of the global recession. With an economic depression, notable recovery may be difficult. But Bloomberg analysts believe the bullish trigger will be to bearish. bitcoin price (BTC/USD). How?
In their crypto outlook, the analyst says that Bitcoin will be overtaken by a possible economic shutdown in 2023. Still, the prediction is not outright. According to the report, bitcoin could drop to $12,000 or even $10,000. From there she will make a strong comeback.
Additionally, a Bloomberg report highlights policy easing as a major bullish trigger for bitcoin and cryptocurrencies in 2023. Analysts say central banks may be forced to ease policy because of the deflationary consequences. If this happens, the case for using bitcoin as a digital version of gold will be stronger. Analysts say bitcoin will start to perform like US long-dated Treasury bonds and metals. The landscape for digital assets will be bullish.
Bitcoin Price Action As Moving Averages Add Support
Technically, BTC is mildly bullish and trading with a short term ascending trend line. The price has moved above the 50-day moving average for the first time since November. A potential 20-day MA crossover of the 50-day MA could spur a recovery. The RSI reading has safely crossed the midpoint reading of 50, indicating that buyers are in control.
What is the possible target for BTC?
with reverse, Bitcoin It is now trading below the $19,000 overhead and an important resistance. Should the current upside continue, the level is a target area for buyers. Quick recovery will depend on the prevailing crypto sentiment.
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