Bitcoin May Have Hit Bottom According to Indicators, BTC Targets $23K?

Bitcoin continues trading in the red as the majority of crypto markets remain rangebound. While the top crypto has experienced some profit over the shorter time frames, there is still uncertainty in the market.

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At the time of writing, BTC’s price trades at $20,800 with a 4% profit in the last 24 hours and an 8% loss in the past week.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

On lower timeframes, data from Material Indicators records an increase in bid orders for BTC’s price of around $18,000. Over $49,000,000 has been placed in bids. It is the largest area for support of cryptocurrency at the moment, at least temporarily, and $20,000 because it has psychological significance in the market.

Bitcoin holds some bids orders between $18,000 and the current level. This could stop a new attack by the bears. As you can see, Material Indicators show that there are more than $15 million worth of bids orders at these levels.

BTC’s price (blue line on the chart) with over $60 million in bids orders below its current levels. Source: Material Indicators

If price trend to the upside there will be liquidity at $22,000 and around $8,000,000 in asks orders. There are more asked orders below which could suggest BTC’s price will remain rangebound and in a consolidation phase for the time being.

Bullish continuation could be signaled by a break of $22,000 to $24,000, as these levels are important for placing orders in shorter timeframes.

Despite BTC’s price consolidation of around $20,000 and its reaction to the downside pressure experienced during the past week, most inventors are bearish. Analyst Michaël van de Poppe believes BTC could target $23,000 in the coming weeks if the cryptocurrency is able to hold around its current levels.

Accordingly, the analyst also added:

The overall consensus is that we’ll be going way lower and people continue spreading that idea, as they’ve heard from strangers on the interwebs. As they were told by strangers via the web that they should purchase crypto at its peak in 2021. Standard.

There are new Bitcoin whales born

From another perspective, CryptoQuant CEO Ki-Young Ju claims “most cycle indicators are saying the bottom” could be in for BTC’s price. The cryptocurrency is now in oversold territory after months of declining trend. It might be able to see relief from macroeconomic factors that are contributing to selling pressure.

Young Ju said:

It is not clear how long consolidation would take in this area. It is not recommended to take a huge short position if you don’t believe $BTC will go zero.

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Additional data provided by CryptoQuant’s CEO records an increase in the number of BTC outflows from centralized exchanges. Although the inflows of BTC remain high, it suggests that some new BTC whales might be buying dips and then accumulating at these levels.

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