The crypto markets continue to struggle as the FTX contagion impacted multiple platforms, hence keeping the price restricted below $20,000. Additionally, the Binance FUD has also shaken the entire crypto space, which has restricted buyers from jumping in. However, the recent CPI rates had uplifted the market to some extent, which was later slashed by the hawkish statements of Fed Chair Jeremy Powell.
Well, now that the year 2022 is set to end, a popular analyst laid down the top predictions for Bitcoin, Ethereum, Cardano & Chainlink prices for 2023.
One of the popular analysts, Rekt Capital, believes that Bitcoin’s (BTC) price may fall by more than 20% in the upcoming weeks. Bitcoin’s price has closed below the monthly level of around $17,150 and continues to act as a crucial resistance level at the moment.
Hence, if the BTC price faces rejection from these levels then it may further drop by more than 20% in the coming weeks to find the lows between $13,900 to $17,150. On the contrary, a monthly close above the crucial resistance at $17,150 may ignite a firm upswing ahead.
The second-largest crypto has failed to reclaim the 3-month support levels at around $1300, earlier this month which has noe flipped to become a strong resistance. If the ETH price which is trading around $1200 closes the monthly trade below $1300, a fresh bearish wave may kick in.
Coming to Chainlink, the analyst believes the crypto to be in deep trouble as the price is heading towards the low of around $5. The monthly close below certain levels is expected to fuel an extreme bearish trend of the crypto.
“LINK has been consolidating within the black-black range since May 2022. Monthly close below the black range low would confirm this range as one of Distribution. In which case the green area would be next at sub-$5”
Referring to Cardano, the analyst believes it may continue to trade within a bear market as the price has retraced by more than 90%. Moreover, there is no major support, and more downside is expected in the coming. A monthly close below $6.2 confirms a fall below $5 in the new year.