Bitcoin Price Prediction For FEB-2023: $30K or $18K, What Next For BTC Price?
After consecutive bullish trading sessions, the BTC market has slowed down and is tumbling near critical resistance levels as the digital asset slightly reverses the price chart. This shift in price momentum can be caused by various factors, including early profit-booking by investors and the market’s bearish sentiment brought about by Genesis’ bankruptcy filing.
However, this short-term setback in the Bitcoin price chart is not letting investors move away, as many believe that the market’s bullish sentiment will remain intact in February and that the current dip is a normal part of the market’s volatility.
Is Bitcoin Price On The Verge Of A Boom?
The crypto market is currently heating up and has been buzzing with excitement as the market takes a new turn in the price chart. However, analysts believe that the current price bottom may signify a rebound and renewed growth, leading to speculation of another bull run.
According to on-chain analyst firm CryptoQuant, the MVRV ratio of Bitcoin is promising a bullish trend ahead as it trades at 1.14. The firm noted that a value above 3.7 marks price tops in the BTC price chart, and a value below 1 signifies bottoms for BTC. However, the recent metric indicates that BTC has enough room to lead significant growth in February and can spark bullish hopes among investors.
BTC Price Is Due For A Bearish Shockwave
Despite Bitcoin’s overwhelming bullish sessions in the last three weeks, experts are now warning that the party may soon head toward an end with a solid bearish shockwave. waiting on the verge of the BTC price graph.
A well-known BTC trader, Profit Blue, predicts a freefall for Bitcoin’s price. The analyst predicted that the BTC price might turn bearish after rejecting from the level of $22.7K. According to him, Bitcoin may quickly fly below the level of $20K and form a support level if it again faces rejection at $23K.
Regarding Bitcoin’s recent price trend, Michael Van De Poppe, CEO, and Founder of Eight Global said,
“Patiently waiting for Bitcoin to drop beneath $22.3K or breaking and reclaim $23.1K. In between, I don’t see much of an interesting set-up.”
Bitcoin Price Analysis: What Next BTC Price? $18k or $14k?
In the wake of the Terra Luna and FTX catastrophe, the Bitcoin market and cryptocurrency sector have suffered in 2022. With Bitcoin trading below the $17,000 mark, many analysts, investors, and Bitcoin enthusiasts have hopped on the bandwagon and are setting their year-end targets for the king coin.
According to Vince Prince on TradingView, there are major signs that will lay the cornerstone for the growth of the Bitcoin price movement going ahead until 2023. He said that Bitcoin is trading in a major parallel channel formation which is inclined towards the upside and has resistance inside the higher boundary and support inside the lower boundary.
“Once the final confirmation has settled the percentage height of the channel formation can be used as a measurement to the final target zone of the breakout this will result in a target of $18,000 when the bullish breakout settles and a target of $14,000 when the bearish breakout settles,” he explained.
On-chain data hints at an impending rally
According to on-chain research company Glassnode, the percentage of bitcoin supply held by retail traders has increased to 17 percent, or roughly 3.57 million, in 2022. Despite the underlying BTC value trading 75% below the ATH, the number of individual users globally is increasing, according to the data.
Glassnode classifies Bitcoin addresses with less than 10 BTC as retail traders. The use of Bitcoin by regular traders has increased dramatically over time, ensuring the longevity of the cryptocurrency industry.
Co-founder of ReflexivityRes Will Clemente believes that the Bitcoin price is moving in the correct direction.
“The percentage of Bitcoin supply held by retail has soared to 17% this year. Not perfect yet, but solid for a 12-year-old asset and definitely trending in the right direction. Bitcoin’s supply disperses over time, while Fiat’s holder base concentrates to whales over time,” he said.
Bitcoin Options Expiry On Friday, Will Bulls Push the Price Beyond $18K or Bears Tightened Their Grip?
Bitcoin’s (BTC) price recently slumped hard below $15,500 marking the 2022 lows, whipping out more than 200 million from the crypto space. This move appears to have made the bears more confident of the BTC price remaining within the bearish influence as BTC options expiry is due on December 09, 2022. But these bets are unlikely to pay off as the actual figures are expected to be much lower than expected.
Nearly $320 million worth of BTC is due to get expired this month, while the actual figures are expected to be pretty lower. Mainly due to the reason that the bears appear to be overly pessimistic about the price as it constantly trading within a descending trend.
The above chart shows the imbalance between the $175 million call (buy) open interest and the $145 million put (Sell) options. This indicates that the most bearish bets are more likely to become worthless and get liquidated. However, for this to happen, Bitcoin price is required to remain around $17,000 until the options get expired on December 09 as only $16 million worth of these put (sell) options would be available.
Due to this, the shorts at $16,500 or $15,000 is useless if BTC trades above these levels until the expiry. Moreover, only $16 million worth of these put (sell) options may remain available then. This may rise for 4 possible scenarios this Friday,
- Of the BTC price trades between $15,500 & $16,500, the ratio could be 200 calls vs 2100 puts that enhance the bearish influence
- If the price is between $16,500 and $17,000, the ratio could be 1,700 calls vs 1,500 puts which may have an equal balance between the bulls and the bears
- Further for the price levels between $17,000 & $18,000, the ratio could be 5,500 calls vs 100 puts, while the result may be in favor of bulls
- Lastly within the price range of $18,000 and $18,500, the ratio will be 7,300 calls vs 0 puts where bulls could dominate the rally ahead
Therefore, the upcoming couple of days could be pretty crucial for the Bitcoin (BTC) price as the present day’s close may largely determine the levels on December 09, just before the Bitcoin Option expiry.
Bitcoin Price Analysis: $14K or $18K, What Next For BTC Price?
For the whole cryptocurrency market, both in terms of pricing and general events, the previous week was largely favorable. While the FTX meltdown hangs over the industry, most market players continue to be concerned about the contagion that is spreading.
However, the outlook for the price of bitcoin has changed from bullish to bearish as the king cryptocurrency consolidates in a tight range between $16,000 and $17,250 as a result of existing FUD.
BTC Price Heading To This Level
Veteran trader and analyst Peter Brandt predicted that the price of Bitcoin will fall to $14,000. CTO of Digital Wealth Daniele Bernardi says that the price of bitcoin will fall to $14,500. Although, the analysis by Bernardi is supported by a mathematical examination of computer models built using previous Bitcoin price information.
“Bitcoin is extremely repetitive in the cycle, based on the halving that happens more-or-less every four years, and which cuts rewards for miners. So basically we analyze a lot of the quant data related to this, and discovered a huge pattern in these movements.”
According to another expert Michael van de Poppe, the price of Bitcoin will reach $10,000. However, if it rises above the $16,800–17,000 area, the price of bitcoin might skyrocket to $18,400. He said that the range for support is $16,250–16,450.
Fundamental sentiment is still bullish: Raoul Pal
While the crypto industry is experiencing a strong bearish sentiment, macro specialist and former Goldman Sachs executive Raoul Pal says its fundamentals are still solid. In a recent interview with Impact Theory co-founder and host Tom Bilyeu, Pal said that investor negativity is at its highest level ever, but also said that this whole thing is a psychological and long-term game.
“If you look at the past cycle, so the 2017 peak to the low in 2019, we lost about 80% of the active wallet addresses. When I look at it now, we’ve lost about 30% because the adoption keeps rising,” said Raoul Pal.
On-Chain Data Hints Bearish Scenario For Bitcoin, Will BTC Price Drop Below $18K? – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin (BTC) is a hot news sensation, and it seems that things have gone awry once again. According to Glassnode’s report, Bitcoin experienced turmoil in the network activity, leading to a series of sell-offs in the last 22 days.
When BTC made its all-time high of $68,789.63 on 10 November 2021, did investors know that the dream of $100K would go in vain in 2022?
The Long-term Holders and Short-term Holders Realized Price are two significant factors in preparing the on-chain analysis. The market becomes highly oversold when the short-term realized price exceeds the long-term realized price.
The Bears Are On The Move
During the first half of 2022, the price of BTC had dropped below by over 60%. As a result, the crypto king Bitcoin closed H1 at the $18,000 price level.
In July, however, BTC gave relief to its holders as the coin kept itself above the realised price for 23 consecutive days. Furthermore, BTC’s price had surged by over 15% within the 31-day period, according to data from CoinMarketCap.
It is an essential factor for Bitcoin’s price that indicates meagre profitability if BTC drops below the realized price of short- and long-term holders. It is possible to witness two probabilities from here.
First, we can see a pump in BTC trading volume if institutional investors start adding BTC to their portfolio in the bearish phase or a sudden increase in selling of both short-term and long-term investors to exit at this price, taking a slight loss.
Glassnode discovered that investors having less than one BTC and whales with over 10,000 BTC (excluding exchanges and miners) accumulated and distributed BTC after it crashed below $20,000.
In case you want to ape in and buy the dip, Glassnode stated that there exists a general lack of speculative interest in BTC. Thus, it results in a decline in the exchange flows of Bitcoin.