Bitcoin has endured a rocky 2022, with market strategists scrambling to pinpoint the bottom. Furthermore, the BTC price has continued its downward trend since the May capitulation, fueled by the Terra implosion. With the collapse of FTX and Alamedathe price of the OG cryptocurrency may continue to fall before forming a bottom.
The ongoing bear market has been described as more unique than the rest as BTC price has never stayed below 200MA on the weekly chart for so long. As the year comes to a close, market strategists anticipate a ‘Christmas rally’. Additionally, crypto analysts are watching for a trend break as the correlation between stock indices and the crypto market diverges.
BTC Price and Market Outlook
According to the famous cryptanalyst, Jason Pizzino, this is not the time for extreme fear as the BTC price could rally similar to the S&P500 among other major indices. While Bitcoin has been falling for 377 days, Pizzino believes that the time for a rebound is just around the corner. Also, Bitcoin fundamentals are shifting to bullish sentiment even though there is no clear indication from a technical standpoint.
Pizzino told his 279,000 YouTube subscribers several key indicators to watch for in December and beyond.
Here are the key points:
The Bitcoin price may bottom this month in a similar version of the 2018 scenario. A Christmas rally is likely, as seen in previous years, in the Bitcoin market. Pizzino believes that extreme fear will hit the crypto market in the first quarter of 2023 as the bottom continues to form. Pizzino added that cryptocurrency prices will rise and fear will subside during the second half of 2023. On altcoins, Pizzino thinks it is not time to invest in altcoins until Bitcoin gets stronger.
Nonetheless, Pizzino indicated that Bitcoin traders should wait for macro confirmation, including a monthly close above $25k. Therefore, he deduced that the accrual period may be different from previous years, but it will be 6 to 9 months.
However, the Bitcoin market is unpredictable and could rally strongly in December and continue into the following months. As long-term holders continue to accumulate more coins, the BTC price is likely to close December above $25,000.
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