Caleb Franzen, senior market analyst and strategist at Cubic Analytics has taken to Twitter to share his tackle the route the place Bitcoin could also be transferring. He believes that the worth of the flagship cryptocurrency is heading down within the route of the $14,000 and would possibly drop even decrease.

“A goal of $11.4k to $13.9k” for Bitcoin

Franzen, who used to work as an analyst within the banking sphere after which switched into crypto evaluation, shared a Bitcoin chart, the place he highlighted an space based mostly on the earlier BTC lows, the place he reckons Bitcoin is at the moment heading.

It serves as “a magnet for Bitcoin”, he tweeted, including that this suggests a goal of $11.400 to $13.900 for the main digital forex.

I nonetheless assume that the teal field is a magnet for #Bitcoin, implying a goal of $11.4k to $13.9k. pic.twitter.com/5V8wFgX759

— Caleb Franzen (@CalebFranzen) December 23, 2022

He defined that this goal was the extent the place Bitcoin value closed in December 2017, which was the height of that cycle. Apart from, the identical degree acted as resistance in 2019, precisely on the $13,900 degree. This makes him assured that BTC is prone to attain that concentrate on. Nevertheless, it admits that it simply may occur and isn’t a particular forecast.

I get reassurance about this goal as a result of it was the month-to-month shut from December 2017, the height of the previous cycle.

This degree additionally acted as resistance in 2019, completely at $13.9k.

Will it completely fall to this degree? No.
May it. Sure.

Identical goal I’ve shared since June pic.twitter.com/ymLssZzAqY

— Caleb Franzen (@CalebFranzen) December 23, 2022

Bitcoin nonetheless underneath promoting strain

The flagship cryptocurrency has been buying and selling within the vary of $16,800 since December 14. On that day, the US Fed Reserve introduced one other charge hike, this time by 50 foundation factors, which matched the expectations of analysts.

The Fed additionally introduced that it’s decided to proceed taking charges excessive subsequent 12 months, which might hold pushing shares and cryptocurrency down. Bitcoin fell from the $18,244 excessive on that day and is now buying and selling at $16,848, in keeping with information shared by CoinMarketCap.

Chief commodity strategist of Bloomberg Intelligence Mike McGlone believes that Bitcoin is able to “resume outperforming” different property, as soon as the Fed reverses to financial easing and stops charge hikes, as reported by U.At this time earlier.