Bitcoin Likely Targeting $13,900-$11,400, Senior Market Analyst Believes

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Youri Molchan

This market analyst and strategist believes that Bitcoin is gradually being pushed towards $13,900

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A target of $11.4k to $13.9k for BitcoinBitcoin still under selling pressure

Caleb Franzen, senior market analyst and strategist at Cubic Analytics, took to Twitter to share his views on the direction in which Bitcoin could move. He thinks the price of the flagship cryptocurrency is heading towards $14,000 and could drop further.

A target of $11.4k to $13.9k for Bitcoin

Franzen, who previously worked as a banking analyst and then moved into crypto analysis, shared a Bitcoin chart, where he highlighted an area based on previous BTC lows, where he believes Bitcoin is currently heading .

It serves as a magnet for Bitcoin, he tweeted, adding that this implies a $11,400-$13,900 target for the major digital currency.

I still think the turquoise box is a magnet for #Bitcoin, implying a target of $11.4k to $13.9k. pic.twitter.com/5V8wFgX759

Caleb Franzen (@CalebFranzen) December 23, 2022

He explained that this target was the level at which Bitcoin price closed in December 2017, which was the peak of that cycle. Moreover, the same level acted as resistance in 2019, exactly at the $13,900 level. This makes him confident that BTC will likely achieve this goal. However, he admits it could happen and it’s not a definitive prediction.

I am reassured about this objective because it was the monthly close of December 2017, the peak of the old cycle.

This level also acted as resistance in 2019, perfectly at $13.9k.

Will he absolutely fall to this level? No. Could he. Yes.

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

Caleb Franzen (@CalebFranzen) December 23, 2022 Bitcoin still under selling pressure

The flagship cryptocurrency has been trading in the $16,800 range since December 14. On that day, the US Federal Reserve announced another rate hike, this time by 50 basis points, which was in line with analysts’ expectations.

The Fed also announced that it was determined to continue raising rates next year, which would continue to drive stocks and cryptocurrency lower. Bitcoin fell from the high of $18,244 that day and is now trading at $16,848, according to data shared by CoinMarketCap.

Bloomberg Intelligence Chief Commodity Strategist Mike McGlone believes Bitcoin is ready to start outperforming other assets again, once the Fed returns to monetary easing and halts rate hikes, as reported U.Today earlier.

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