First Half 2023 Crypto Countdown: Why Bitcoin Has 4 Days To Reclaim $32,000

BitcoinistPublicado em 2023-06-27Última atualização em 2023-06-27

Resumo

There are about four days left to go before the first half of 2023 in crypto comes to a close,...

There are about four days left to go before the first half of 2023 in crypto comes to a close, and with it the 6M Bitcoin candle.
The high timeframe BTCUSD chart is close to forming a potential bullish reversal pattern, but is currently falling short of surpassing the trigger point. Here is a closer look at why Bitcoin has only four days remaining to push above $32,000 and cement a reversal across the crypto market.
In technical analysis, high timeframe signals are always the most dominant, so what happens in the next few days with Bitcoin is crucial to determining the future trend.
The 6M candlestick is about as high timeframe as it gets, making any signals on the chart especially powerful. This is precisely why a possible morning star pattern is especially notable.

The 18-month long pattern includes the worst of the bear market, the local bottom around November, and all of 2023 thus far. And all of this happens — more than 500 days of price action — in just three candlesticks.

A morning star pattern could form on the 6M | BTCUSD on TradingView.com
Bitcoin Must Rise Above $32,000 By 6M Candle Close
Importantly, Bitcoin is currently finding resistance at $32,000 per coin challenging to crack through. The resistance exists due to it being the 50% retracement point of the previous uptrend. It is also the mid-point of the large black down candle making up one-third of the morning star pattern.
A morning star pattern is a bullish reversal pattern in Japanese candlestick analysis. Such signals should be taken into context of the broader market, such as if it appears at support or resistance, or during oversold or overbought levels.
BTCUSD is still oversold enough on high timeframes, and the pattern formed after sweeping $20,000 resistance turned support. If the pattern confirms and takes out $32,000 at close, Bitcoin could next take a shot at former all-time highs, and possibly exceed them in the next several candles.
Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Leituras Relacionadas

One small withdrawal convinced Cobb County investor of the advantages of a platform that actually didn't exist

A Cobb County investor was convinced to invest hundreds of thousands of dollars on a fake cryptocurrency platform after an initial successful small withdrawal created an illusion of legitimacy. The Georgia Attorney General's office, working with the Georgia Bureau of Investigation and the non-profit Operation Shamrock, tracked the funds to a cryptocurrency exchange and obtained a court order to recover them. The scam used social media contact, fake familiarity, and fabricated real-time profits in a "pig butchering" scheme before the fake platform disappeared with the money. This case follows other recent recoveries in Georgia, including for an elderly couple and a senior pair who lost $800,000 to an AI-generated fake website. It comes weeks after Georgia Governor Brian Kemp signed a new law, effective July 1, requiring virtual currency kiosks to post fraud warnings, cap transaction fees, and provide refunds to fraud victims within 72 hours.

cryptonews.ruHá 4m

One small withdrawal convinced Cobb County investor of the advantages of a platform that actually didn't exist

cryptonews.ruHá 4m

A Major Player on Hype Makes $58 Million Profit, Holds $111 Million Long Position, Still Hasn't Sold

A major player using the handle "watershedpath" has gained $58 million in unrealized profit from a massive long position in the $HYPE token on the Hyperliquid blockchain, according to Arkham. The position, valued at $111 million, is reportedly the largest single long position for $HYPE. Notably, the trader has held this position for nearly a year. Instead of taking profits, the trader withdrew $18.5 million in margin loan from the position. This strategy allows for capital access but also increases liquidation risk if the price of $HYPE falls significantly. This activity coincides with strong recent performance for $HYPE, which is up over 46% in the past month.

cryptonews.ruHá 5m

A Major Player on Hype Makes $58 Million Profit, Holds $111 Million Long Position, Still Hasn't Sold

cryptonews.ruHá 5m

Eight Transactions Led Marion County Detectives from a Crypto ATM Back to a Jail Cell

A Georgia prison inmate used a smuggled phone to impersonate a Florida sheriff's deputy and defraud an elderly Marion County resident of $5,600 via a cryptocurrency ATM, investigators allege. Patrick Markell Turner, 31, was extradited to Florida on August 24. The scam involved spoofing the sheriff's office caller ID to falsely claim the victim had missed jury duty and would be arrested unless a fine was paid. The victim deposited the money at a crypto ATM. Detectives traced eight transactions back to Turner, who now faces charges including grand theft, money laundering, and fraud. The investigation suggests a broader network of Georgia inmates using fake IDs, with outside accomplices laundering cash. Similar cases in Florida are cited, including one resulting in a $79,000 theft where the scammer pretended to be "Captain Eric Dietrich." The FBI reported a record $333.5 million stolen via Bitcoin ATMs in 2025, largely from the elderly. Authorities warn that real officials will never demand payments via crypto, gift cards, or wire transfers for such matters.

cryptonews.ruHá 6m

Eight Transactions Led Marion County Detectives from a Crypto ATM Back to a Jail Cell

cryptonews.ruHá 6m

128 Tokens Under Scrutiny in Defillama's Latest Crypto Rankings

Defillama, in collaboration with Forgd, has launched a Universal Token Ratings (UTR) system, assessing 128 tokens on a scale from AAA to CCC. According to the announcement, these dynamic ratings are updated in near real-time based on market performance, even if a project's public disclosures remain unchanged. The system aims to provide a standardized, data-driven method for evaluating crypto assets. Currently, Uniswap (UNI) holds the sole AAA rating. Tokens like Meteora (MET), Curve DAO (CRV), and Dogecoin (DOGE) are among those rated AA. Defillama's research lead stated this initiative is an extension of their mission to provide objective data, giving users a tool to identify promising projects. The UTR model draws parallels to traditional credit rating agencies like Moody's and S&P, which have also begun applying their methodologies to digital assets. Forgd's CEO emphasized that these ratings must be "continuously earned" based on real-time market function, unlike static transparency checklists. The launch targets a time of peak institutional awareness, with the partners believing a bond-like rating standard can bolster trust and accountability in the crypto industry.

cryptonews.ruHá 7m

128 Tokens Under Scrutiny in Defillama's Latest Crypto Rankings

cryptonews.ruHá 7m

Bitcoin Price Approaches $100k Mark: Market Forecasts and Wall Street Views

Bitcoin Price Approaches $100,000: Market Forecasts and Wall Street Views Bitcoin is nearing the $100,000 threshold as traders on prediction markets like Polymarket and Kalshi weigh various price targets for the coming years. On Polymarket, with nearly $59.7 million in volume for contracts on Bitcoin's price by end-2026, the probability of hitting $85,000 is seen at 69%, while chances for $90,000 fall to 49%. The likelihood drops significantly for higher targets: $100,000 at 29%, $110,000 at 20%, and $120,000 at 13%. Extreme targets of $150,000 and above are given very low odds. This activity is not purely bullish. Traders also price in significant downside risk, with a 67% chance of Bitcoin falling to $70,000, 44% to $65,000, and 29% to $60,000 before year-end. This creates a wide battlefield of expectations rather than a simple optimistic consensus. Similarly, on Kalshi, a $100,000-target market shows traders assign only a 7% chance of reaching that level by October, 22% by December, and 29% by January 2027. Another contract bets a 21% chance Bitcoin crashes to $50,000 before it ever touches $100,000. In contrast, Wall Street firm Bernstein presents a much more bullish long-term outlook. Analyst Gautam Chhugani forecasts Bitcoin reaching approximately $125,000 by year-end, a new high of $150,000 by mid-2027, and a cycle peak around $300,000 by late 2029. This optimism is based on institutional ownership, ETF demand, and Bitcoin's fixed supply amid high sovereign debt. While prediction market speculators anticipate a volatile path with key resistance at $85k, $90k, and $100k and support at $70k and $60k, Bernstein's analysis suggests a significantly higher trajectory in the years ahead.

cryptonews.ruHá 8m

Bitcoin Price Approaches $100k Mark: Market Forecasts and Wall Street Views