Bitcoin Ended 2022 With a Bearish Engulfing Candle. Can Bitcoin Price Drop Further?

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2022, Being the Bearish Year for the Crypto Market and Stock Market performance as Being the worst year In 14 Years.

By the conclusion of the year 2022, the price of bitcoin hardly changed at all, but it continued to hover around $16,500 during the entire year.

Bitcoin has been trading between $16,000 and $17,000 since the 14th of December, when it attempted to break through the $18,000 barrier but was unsuccessful.

The percentage that Bitcoin holds as the most dominant cryptocurrency over all other cryptocurrencies currently sits at a comfortable 40.1%, while its market valuation has remained below $320 billion.

Will Bitcoin Drop Below $15,000?

According to the findings of technical analysis, the appearance of a Bearish Engulfing Candlestick toward the end of 2022 for Bitcoin implies that additional decline is possible.

The absence of buying pressure, as shown in the chart above, shows that the bottom of the bitcoin market may not be reached until the year 2023, at which point the price may fall to a range of $11,000 and $12,000. It is possible that the price of Bitcoin may reach $32,000 by the end of 2023.