If Bitcoin Breaks This Price Level, Will Bitcoin Bear Market End In 2023?

As traders look for a rebound, bitcoin (BTC) has recently been moving sideways at the $16,500 mark.

The price of Bitcoin (BTC) has long been thought to be nearing or reaching the bottom of the current cycle. However, FTX's demise and the subsequent crypto crisis worsened the market situation. Analysts predict that the top cryptocurrency will exhibit indicators around the bottom level as 2023 draws near. What remains to be seen is when BTC will get back the $30,000 it lost earlier in the year.

The collapse of Terra LUNA in the cryptocurrency market caused the price of bitcoin to drop below the $30,000 mark. Since that time, the leading cryptocurrency has only experienced a negative trajectory. While the Ethereum network was getting ready for the Merge, BTC stayed close to the $25,000 mark for a few weeks. In this scenario, according to technical analysis, crypto specialists believe that BTC might reach a recovery level of $37,000 until June 2023.

As traders look for a rebound, bitcoin (BTC) has recently been moving sideways at the $16,500 mark. For traders looking to book profits, it is also the case with the altcoin market, making it unpredictable. BTC's price is currently $16,845, up 0.15% over the past 24 hours, according to the price monitoring site CoinMarketCap.