Will 2023 begin with a dip? In a list of potential “capitulation targets,” analyst CryptoTony__ doubled down on $10,000 and lower for Bitcoin, while also revealing expectations for Ether to dip as low as $300.
“Things change quick, but if we hit these areas I begin to ladder,” part of accompanying commentary read.the current spot price at the bottom of an area that “must hold” for BTC bulls to have a shot at upside.“The entire market looks bad... Thing is that some altcoins look even worse,” Il Capo of CryptoThe downside thesis was supported by derivatives markets on Dec. 29, with funding rates positive while price action failed to rally.
“Layman terms, Long/Short ratio is positive first time since May, means more Longs than Shorts now, OI and Funding is positive, means people are betting on perpetual market BTC will pump, price structure looks bad and this can be easily another local top here and dump. Be careful!” popular commentator aQuaA slightly more hopeful perspective came from Blockware head analyst Joe Burnett, who argued that a painful period in Bitcoin’s history was slowly coming to an end.
“Bitcoin swept the low / 16.5k, filled the FVG and put in a 3rd drive with multiple H1 bullish divergences. It is now or never for the bulls to take this back up,” entrepreneur Mark Cullen“Lose the 16.2k level and the yearly low will be in threat & lower + $DXY looks like it wants to bounce!”With just two days until the weekly, monthly, quarterly and yearly close, BTC/USD was down around 60% year-to-date, 3% for December and 14.
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