Bitcoin Breakout Is Coming! | BTC Price Prediction 2023

Hi friends hope you're welcome to the new update on Bitcoin

Big down channel:

On the weekly time frame chart since 18th July 2022 the priceline of the leading cryptocurrency is moving inside a long-term down channel, and so far it is not able to break out the resistance of this channel. In the meanwhile Bitcoin has been finding different uptrendline supports and breaking them down. Recently BTC has found another uptrend line support but this time it's not breaking down the support and moving towards resistance of the channel, while moving above this support.

Big down trendline support:

There is another long term down trendline support that is holding the priceline of the king of all cryptocurrncies. First the priceline bounced from this support in the month of January 2021 then it had another bounce in the month of June 2022 and recently the the priceline has bounced again in the month of November 2022. This downtrendline support can be another reason that Bitcoin may break out the big down channel using this support.

Oversold oscillators:

If we watch the stochastic oscillator then on the daily time frame chart stochastic is oversold and now turning bullish.

If we take a look at the long-term weekly time frame then stochastic is also oversold on this long term chart as well.

Therefore, soon we can expect a correction move to the upside.

Conclusion:

As Bitcoin is extremely oversold almost on every time frame, therefore, a correction is possible and and this corrective rally can lead the priceline to break the big down channel as well. And the target for the big down channel after the break out can be $25000.