Bitcoin closes 2022 in the red, but there is still hope

The year 2022 is over and so is the annual candle On the bitcoin (BTC) chart closed. If you do Bitcoin news Regularly, it should come as no surprise that the candle of 2022 will turn dark red. Still, there is a little hope for the new year!

Bitcoin price closes 2022 deep in the red

For those who are not familiar with the candlestick chart; In this type of chart, we can read a number of things related to the price of the underlying asset. The candle covers a certain period of time, for example an hour, day or year.

If we look at a yearly chart, each candle represents price developments over a full year. In this way we can know the maximum and minimum price in a year, and at what price the price opened and closed in the year.

Dark red 2022 candle. Bitcoin opened the year at $46,216 on the cryptocurrency exchange binanceThe candle last night closed at $16,542.

Is there hope for bitcoin?

None of this sounds great, and also given the state of the macro economy, we can say that fear prevails. However, historical data shows that there is still little hope in 2023.

Historically, after a red year, bitcoin has always had a number of green years. Analyst Luke Martin shared this on Twitter last night:

Bitcoin in 2022 is the second worst annual return in its history.
Now we pray this pattern continues after a bad year…

Bitcoin 2022 is officially the second worst annual return in its history.

• Opens Jan. 1: $46,230
• December 31st closing: $16,528
• Annual Return: -64%

Now we pray the pattern after a sustained bearish year… pic.twitter.com/auWveZJM9N

– Luke Martin (VentureCoinist) January 1, 2023

It should be emphasized here, of course, that past results are no guarantee of the future. In addition, the current situation on the world stage, including the war in Ukraine and the looming economic crisis, is new territory for Bitcoin.

Earlier, he read in Bitcoin News that Capriole Investments, a trading firm, is not ruling out the possibility of BTC in the next decade $600,000 prize touches. This price will be reached if the capitalization of bitcoin equals the value of gold.