• Investors remain terrified of trading BTC despite a possible bullish breakout.
• Altcoins dominated the market in the first week of 2023 and on-chain signals protected a BTC market balance.
• According to CryptoQuant analyst Tomáš Hančar, BTC could switch to bullish conditions sooner than expected, citing the exchange depositing transactions hitting a four-year low and the Bollinger Bands exhibiting an intense contraction.

Investors in the crypto market have been feeling uneasy and uncertain since the start of 2023. After the tumultuous few months of Bitcoin [BTC], the Bitcoin Fear and Greed Index showed that investors are still filled with fear. The current price of BTC is $16,836.

The market in the first week of 2023 was largely dominated by altcoins, however on-chain signals were able to protect the BTC market balance. CryptoQuant analyst Tomáš Hančar believes that BTC could break to bullish conditions sooner than expected, citing the exchange depositing transactions hitting a four-year low as one of his reasons.

The Bollinger Bands (BB) also showed an intense contraction, something that analysts have never seen before. Hančar believes that this could be a very profitable break out trade either way, however he offers a word of caution when it comes to trading in such conditions. He urges traders to manage their risk properly, especially after such a long period of consolidation.

Despite the potential for a profitable break out, investors remain terrified of trading BTC. With so much uncertainty in the market, it is important for investors to be careful and cautious when trading.