Originally published on: December 12, 2022
Bitcoin’s price held steady near $17,000 at the December 12 Wall Street open despite concerns around Binance, showing resilience in the face of potential downside. Market data indicated that BTC/USD remained stable as US markets opened, with little movement over the weekend providing little guidance for analysts awaiting macroeconomic data.
The November Consumer Price Index (CPI) report, scheduled for December 13, was expected to be a crucial moment for crypto assets, with potential for both upward and downward price movements depending on the numbers. Analysts also noted that developments involving the Federal Reserve could impact price performance in the near future.
Despite news of a potential money laundering lawsuit against Binance, Bitcoin appeared unfazed, with market sentiment remaining relatively strong compared to recent lows. Analysts like Michaël van de Poppe highlighted the stability of Bitcoin, contrasting it with the decline in altcoin values and uncertainty surrounding legal events like the FTX scandal.
Looking ahead, traders cautioned about potential bearish signals in both the crypto and risk asset markets. Some analysts, like Moustache, pointed to historical data on US stock market crashes following the Federal Reserve’s policy shifts, suggesting that this could lead to a final bottom for Bitcoin.
Toni Ghinea echoed this sentiment, predicting a Bitcoin bottom between $11,000 and $14,000 in the first quarter of 2023, with a bounce target reaching up to $30,000. These projections underscore the uncertainty and volatility in the crypto market, reminding investors to remain cautious and informed.
As Bitcoin continues to navigate various challenges and market events, the crypto community remains vigilant, analyzing data and trends to anticipate future price movements. Stay updated on the latest market insights and investment opportunities by subscribing to the Markets Outlook newsletter. Join us in exploring the evolving landscape of cryptocurrency and refining your trading strategies for success.
