BTC Price Shakes Binance ‘FUD’ as Analysts Eye Bitcoin Bottom in Q1 2023

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Bitcoin (BTC) held steady near $17,000 during Wall Street’s December 12 open as news about Binance failed to cause BTC’s price to drop.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewFactors line up to ‘scare’ Bitcoin trading

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD avoiding further volatility as US markets opened.

After trading sideways throughout the weekend, the pair offered few clues to analysts, who were waiting for US macro data to shake up the status quo.

This, in the form of the November Consumer Price Index (CPI) printout, would nonetheless be a pivotal moment for crypto assets, they agreed, with significant upside and downside potential depending. figures, expected on December 13.

Subsequent events involving the Federal Reserve would also shape price performance, they said.

In the meantime, however, Bitcoin seemed to ignore the news that the world’s largest exchange Binance had been the target of a US lawsuit for money laundering.

Appearing in Reuters, a report said the Department of Justice (DoJ) was undecided whether to bring charges against Binance and its CEO, Changpeng Zhao, after an investigation opened in 2018.

This followed new concerns about the exchanges’ reserve evidence, which various commentators nonetheless labeled as FUD as it surfaced in the media.

Bitcoin holds steady, altcoins drop in value, $BTC dominance is bouncing back and rallying currently, Michal van de Poppe, founder and CEO of trading firm Eight, wrote in part of a day’s recap.

Van de Poppe noted that market participants were still spooked due to upcoming macroeconomic data and legal events related to the FTX scandal.

Crypto sentiment more broadly remained stronger than the worst-case scenario, according to the Crypto Fear & Greed Index, which measured 27/100 on the day, still above its lowest extreme fear zone.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me Risk asset bottom could come after Fed pivot

In terms of short-term market action, there were further bearish warnings for cryptoassets and risk assets.

Related:The biggest week of the year 5 things to know about Bitcoin this week

Popular trader Mustache took to US equities to remind his followers that despite the Fed potentially pivoting on rate hikes, historically this has not marked a turning point for performance.

Remember, the stock market has crashed very hard every time in history AFTER the FED pivot, he commented alongside a chart.

Possible that the market will rally, due to the expectations of a pivot. After the official announcement: sell the news.

He added that the outcome could be a final bottom for $BTC.

Analyst Toni Ghinea was also suspicious, telling his followers that the BTC/USD bottom would be between $11,000 and $14,000 and would come in the first quarter of next year.

The low is 11-14k. The capitulation is in the first quarter of 2023, he wrote, also including a rebound target of up to $30,000.

Ignore the noise. BTC/USD annotated chart. Source: Toni Ghinea/Twitter

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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