Top Predictions for Bitcoin, Ethereum, and Ripple for Q1 2023

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Bitcoin price is currently trading within descending trend as the bears are mounting enough pressure in the past couple of hours. The selling volume has intensified massively which has compelled the price to drop heavily in the past couple of hours.

However, the bulls also appear to be poised to keep up the rally toward the north. Moreover, another sell-off within the market may spill the beans which could be a bearish start for the year 2023.

Bitcoin (BTC) Price Analysis

Bitcoin price appears to have lost some momentum as it approached $17,000 and as it marked the daily highs at $17,142, it faced a major rejection which dragged the price lower. However, after hitting the daily lows at $16678.83, the bulls jumped in to sweep the price a little higher.

A Fibonacci retracement tool around November’s decline displays the current congestion zone. If the bulls fail to hold the price at these levels, then the resurgence of the bearish trend may be speculated. 

If the current market conditions persist, the lows may be encountered at the beginning of the new yearly trade. With the descending trend being intensified, the next lower target could be around $14,900 which is the liquidity zone remained untouched since 2020. If the bulls wish to sweep high, then they need to clear the hurdle at 0.38 FIB levels. 

Ethereum (ETH) Price Analysis

Ethereum price has been within a declining trend since it marked interim highs during the August highs beyond 2000. Since then the price is constantly marking lower highs and lows and presently testing one of the crucial support zones. Failing to hold at these levels may mount huge selling pressure that may drag the price quite lower ahead.