A prominent cryptocurrency analyst and trader shared his views for Bitcoin (BTC) in 2023, suggesting that the world's leading cryptocurrency could be traded in a narrow range for most of the year.
Pentoshi, who has more than 681,000 followers on Twitter, says that BTC has made its first high topping (HH) since the all-time high (ATH) of around $69,000 in November 2021. The rising top is a bullish sign that indicates an uptrend.
The analyst explained his views as follows:
“The most positive development in this regard is that BTC has seen its first HH since ATH. I think it's hard to expect new lows with the recent market structure, so it's entirely possible that we're going to spend most of the year here between 20-32k.
The 32k level is also the lowest level for this chart to be invalidated.”
The most positive development out of this is that BTC got it's first HH since ATH. I think with recent market structure it's hard to imagine new lows so it's entirely possible we spend most the year between 20-32k from here
— Pentoshi 🐧 (@Pentosh1) April 6, 2023
According to Pentoshi, Bitcoin could hover between $20,000 and $32,000 for most of 2023 unless it rises above or falls below these levels. Pentoshi adds that $32,000 is also the lowest price to invalidate the bearish scenario.
BTC price has been following a very stagnant course in the last hours and at the time of writing, it is trading at $ 28,036 with a decrease of 0.52% in the last 24 hours.
*Not investment advice.