Bitcoin continues to inch closer to the pivotal $17K marker as it nurses conservative gains after suffering the effects of the FTX implosion that wiped the entire crypto market of billions worth of valuation.
The maiden digital coin managed to go up by 2.6% during the previous 24 hours, pushing its seven-day gains to 4.4% as it changes hands at $16,882 at the time of this writing according to tracking from Coingecko.
The increase may not be much but it helped the cryptocurrency to trim its 30-day losses to just 18.1% and more importantly increase its market cap by almost $10 billion in just a day.
As 2022 nears its end, experts are taking a good look at all Bitcoin indicators to ascertain its future come 2023.
Bitcoin Could Peak At $24K Between 2023 And 2024
Luckily, for investors and holders, some of these analysts bring with them the good news that BTC will likely post bigger gains as days and weeks go by.
Trader Tardigrade, a pseudonymous but popular crypto analyst used Bitcoin’s Price Momentum Oscillator (PMO) to share his thoughts about the matter at about where BTC might stand in the near future.
Image: Finance Magnates
According to the expert, at this time, Bitcoin PMO is below the zero value and when this is mixed with the asset’s curved support, a potential bounce back will likely be triggered.
Tardigrade noted that based on data he has collected, this major move for the digital asset will happen sometime in 2023 and towards 2024 and will peak at around $24,000.
Meanwhile, another expert in Moustache is banking on the historic movement of the Bollinger Band Width Percentile (BBWP) indicator in suggesting the notion that BTC is preparing for a major rally.
Price Momentum Oscillator (PMO) under zero, together with the curved support, trigger a bounce in #Bitcoin.$BTC is currently in the zone of PMO under zero and in contact with the curved support.#BTC #Cryptos pic.twitter.com/6WwT8XqvNJ
— Trader Tardigrade (@TATrader_Alan) November 28, 2022
Near-Term Forecast For Bitcoin
He noted that basing on the asset’s two-week chart, the BBWP is at its lowest level in over six years and the last time this happened in May 2016, Bitcoin went on a rampaging run to increase its value by 80% within just four weeks.
If that proves to be the case right now, the cryptocurrency will add more than $12,000 on its current trading price and will hit the $29K territory.
If this happens, Bitcoin’s market capitalization will be more than $500 billion and it will further solidify its status as the largest digital currency in terms of overall valuation.
According to Coincodex, by December 6, BTC will change hands at $17,463, suggesting that in the coming days, the crypto asset will finally be successful in its attempts to reclaim the $17K territory.
BTC total market cap at $324 billion on the daily chart | Featured image from Flickr, Chart: TradingView.com