2022 is over and so is the annual candle on the bitcoins Chart (BTC) closed. If you do bitcoin news regularly, it should come as no surprise that the 2022 candle has turned dark red. However, there is a little hope for the new year!
Bitcoin price closes 2022 in deep red
For those who are not yet familiar with a candlestick chart; on this type of chart we can read a number of things regarding the price of an underlying asset. The candle covers a certain period of time, such as an hour, a day or a year.
If we look at the yearly chart, each candle represents the price movement within 1 full year. This way we can see what the high and low price was in a year and at what price the price opened and closed in a year.
The 2022 candle is dark red. Where bitcoin opened the year at a price of $46,216 on the cryptocurrency exchange Binanzathe candle closed last night at a price of $16,542.
Is there hope for bitcoin?
None of this sounds exceptional, and looking at the macroeconomic situation as well, we can tell that fear prevails. However, historical data shows that there is still little hope for 2023.
Historically, after a red year, bitcoin always formed a number of green years. Analyst Luke Martin shared this on Twitter last night:
Bitcoin in 2022 is officially the second worst annual return in its history.
Now let’s pray that the pattern continues after a bad year…
Bitcoin’s 2022 is officially the second worst annual return in its history.
•Opening January 1: $46,230
•December 31 close: $16,528
•Annual return: -64%Now let’s pray that the pattern after a bad year continues… pic.twitter.com/auWveZJM9N
— Luke Martin (@VentureCoinist) January 1, 2023
It should of course be emphasized here that past results are no guarantee for the future. Furthermore, the current situation on the world stage, including the war in Ukraine and the looming economic crisis, is new territory for bitcoin.
It was previously read in bitcoin news that trading firm Capriole Investment does not rule out the possibility of BTC in the next decade a prize of $600,000 tap. This price would be reached if the capitalization of Bitcoin were equal to that of gold.
