Bitcoin has started the year on a positive note and the price is trading in green. One of the biggest questions for traders and investors going into 2023 for Bitcoin is the future price prediction. There are many in the market who believe that the bear cycle isn’t fully complete yet, and the price could shift further to 10K. However, one thing is for certain, and that is there is more pessimism that is baked into the price action now than ever before, and that means that there is a limited downside for the BTC price.
It is likely that we may see the price action moving higher. Traders believe that in 2023 Bitcoin price will easily retest the 50K price level, if not it’s an all-time high, as few bears are left now.
The support and resistance zones are shown on the chart below
BTC/USD Daily Chart