• Bitcoin (BTC) and Ethereum (ETH) are expected to remain in an accumulation phase in the beginning of 2023, following a bearish close for 2022.
• Market sentiments remain drained as fewer positive waves hover around the yearly close, indicating a consolidation phase.
• Popular crypto assets such as Cardano (ADA), Ripple (XRP), and Solana (SOL) are believed to remain within an accumulation phase for an extended period.
Cryptocurrency markets are approaching the end of a tumultuous year, with the closing of 2022 bringing a bearish outlook for the near future. This bearish sentiment follows a large bull run throughout the year, with crypto prices reaching their peak in the late summer. However, since then the markets have been cleansed of the ‘hopium’ that surrounded the markets, as the unwarranted characters have left the market. Now, it appears that a notable upswing is on the horizon.
The top predictions for the crypto markets in January 2023 are as follows; Bitcoin (BTC) and Ethereum (ETH) are expected to remain in an accumulation phase as the year begins, with the market sentiments drained from the bearish close of the year. This would indicate that the consolidation phase will continue for an extended period. Moreover, popular crypto assets such as Cardano (ADA), Ripple (XRP), and Solana (SOL) are also expected to remain in an accumulation phase for an extended period.
The bearish close of the year has caused a great deal of uncertainty in the markets, with investors unsure of when to enter and when it is safe to exit their positions. This has caused a great deal of caution in the markets, with many investors opting to wait and observe the market before making any decisions. This sentiment has also caused the market to cool off and consolidate, with the prices of the major cryptos remaining stagnant for a longer period than usual.
Overall, the market outlook for 2023 is one of cautious optimism. With the bearish close of the year, the markets are expected to remain in an accumulation phase for a longer period than usual. However, this could also mean that once the consolidation phase is over, the markets will see a marked upswing, as investors start to enter the market again and the prices of the major cryptos rise. It is also possible that the prices of the top cryptos will reach new highs, as the market sentiment starts to turn positive again.