Bitcoin Will Likely Witness A Bumpy Ride Next Week! On-Chain Metrics Suggest Short-Term Suffering For BTC Price
The crypto market has been on a roll lately as major cryptocurrencies like Bitcoin have witnessed significant price swings in the last few days. The Bitcoin price trend has been stuck in a choppy range as it swings sideways with 1% volatility, creating a blurred vision for long-term holders.
The primary reason behind this intense volatility is the recently released report on job growth by the US, pumping the dollar and weakening the BTC price. Hence, it caused a shift in investors’ sentiments and questioned whether Bitcoin price would form a dip next week or make a bullish reversal.
BTC On-Chain Metrics May Create Turmoil
As the US economy provides a bullish job report which strengthens the dollar, it creates a weakening situation for several crypto assets, including Bitcoin. Several analysts believe that Bitcoin is unlikely to witness a fresh bullish cycle in the next two weeks.
According to the on-chain analytics firm, Glassnode, the number of BTC addresses with a non-zero balance witnessed a spike of 300K on 2 February. A similar spike in BTC addresses was seen just after the collapse of the FTX exchange, which indicated the escape of BTC owners from a centralized exchange to a self-custody one.
If the non-zero BTC addresses continue to rise at the same pace, it may touch an all-time high by the end of February. Moreover, the analytic firm suggests that an influx of interest from investors in jumping on the BTC bull ride may create a massive concern in the Bitcoin market as it may develop a profit-taking sentiment among investors, resulting in a significant price drop in the BTC price chart after attaining a bullish goal.
Bitcoin Price To Form A Correction Next Week
Though Bitcoin has made a steady climb since the beginning of the new year, it is now facing several bumps on its upward trajectory, developing a slowdown in the price chart. As a result, it is predicted that the BTC price will be preparing for a downward correction by next week before entering into a bullish cycle.
As of writing, the BTC price hovers near $23,435, with a minor uptrend in the last 24 hours. A prominent crypto analyst, Solldy, predicts a short-term downward retracement in the BTC price chart as the RSI forms a bearish divergence with the current price trend.
The analyst mentioned that Bitcoin might consolidate longer near the $23.5K price level to gain enough selling pressure before dropping heavily. By the next week, the BTC price may form a support level below its 0.23 Fib level at $22.8K.
After that, Bitcoin is projected to witness its seventh golden cross, which may spark a lasting bull run with excellent medium to long-term buy signals after this minor downtrend.
BTC Price Forecast: Analyst Maps Potential High Levels For Bitcoin This Bull Market
The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Bitcoin (BTC) Price to Surge 8x If This Scenario Plays Out – Here’s How and When
A three-year low was reached in the market when FTX crashed, wiping away billions in client deposits. As a result of the FTX fiasco, Bitcoin fell to $15,500 and appeared to be headed considerably lower. Bitcoin has since recovered and posted considerable returns and is now hovering near the $23k mark.
However, the market appears to be split; some analysts feel that Bitcoin’s low point was reached in November 2022, while others predict increased volatility and a still-lower low point in the near future.
According to research posted by an unnamed researcher going by the handle @TechDev 52 on Twitter, Bitcoin may be about to experience another impulse based on the indication that has anticipated its upsurges throughout the entire history.
The momentum indicator known as the moving average convergence/divergence (MACD, or MAC-D) is once again in the “green zone,” which is typically indicative of “bullish” emotion.
The analyst also monitored the changes in the rate of the China Government Ten-Year Bonds (CN10Y) relative to the U.S. Dollar Index (DXY). Just recently, this indicator crossed over its 1-year moving average line.
In 2010, 2012, 2013, 2017, and 2020, this combination of events constituted a reliable indicator for Bitcoin. When it last appeared, the price of Bitcoin increased by 8 times between Q4 2020 and Q1 2021.
After the US jobs report on Friday, bitcoin moved roughly 2% down to trade at around the $23,250 level. The US Bureau of Labor Statistics said that in the first month of 2023, the labor market added 517,000 jobs. The data showed an unexpected increase, surpassing the 188,000 economists had predicted.
Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
What Instore For BTC, SOL, AVAX, and GMT Prices? Analyst Maps Next Levels
Altcoin Sherpa, a well-known crypto strategist, and analyst, recently made several price predictions for the cryptocurrency market in February 2023. In his recent tweets, he discussed his next levels for Bitcoin (BTC), Solana (SOL), Avalance (AVAX), and STEPN (GMT).
Bitcoin (BTC) :
Altcoin Sherpa is becoming more bullish on BTC as it remains in its current range. He predicts that a gap closure of up to $30,000 is probable, based on his analysis. However, he also cautions that the recent January rally does not necessarily indicate a bull market and that BTC has not yet reached its bottom.
Solana (SOL):
According to the analyst, Solana is heading toward the $30 area, and if BTC continues to rise, it could reach the mid-$30s. He notes that the future of SOL is unclear, and its value depends on the holdings of the FTX/Alameda exchange.
Avalanche (AVAX) :
The analyst predicts that AVAX will retrace to $17, a drop of more than 20% from its current value of $21.48. He explains that the retreat is due to pressure from the 200-day exponential moving average (EMA) and certain support and resistance levels.
STEPN (GMT) :
Altcoin Sherpa predicts that STEPN is bottoming and will rally to $0.79, a 38% increase from its current value of $0.57. He explains that if BTC remains stable, GMT is likely to make a low around its current value and proceed higher to $0.79.
Conclusion
Altcoin Sherpa’s recent price predictions provide a glimpse into the potential future of the cryptocurrency market in February 2023. While his predictions are based on his analysis, they should not be considered investment advice.
Bitcoin (BTC) to Hit $28,000 Next Week? This Analyst Thinks So
The fact that Bitcoin has established what seems to be a firm support level of over $23,000 has brought a lot of excitement to the community. At the time of going to print, one king coin was valued at $23,492; however, only a few days before, the token had even reached and breached $24,000 for a brief period.
All eyes are on Bitcoin’s performance in February as predictions pile up and commentators get enthusiastic. That Martini Guy, a crypto specialist who posts videos on YouTube, has forecast that Bitcoin’s price would reach $28,000 by the following Friday.
That Martini Guy predicted as the CME gap/exchange is about to close, Bitcoin will have a tremendous rise and go higher than $28,000.
The expert believes that Bitcoin’s price will fluctuate slightly around $25,000 over the next few days. He also believes that Bitcoin’s price may start at that level but will most certainly surpass his $28,000 target before the day is done.
Recent monetary policy decisions made by the Federal Reserve in the United States have significantly impacted the cryptocurrency market. Bitcoin and other digital assets rose in value after the Fed said it would slow rate rises to 25 basis points.
Technically speaking, Bitcoin is rising and is headed toward $23,800, where there is some near-term support. If this level is breached, more buying might send the price all the way up to $24,000, where an upward trendline may give support around $24,550.
In addition, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both showing signs of a trend toward selling, which means that more selling pressure might potentially drive the price of Bitcoin (BTC) higher upwards. It is clearly highly expected that the king coin will see a massive surge this month, so let’s watch and see.
Bitcoin To Enter A New Bull Market If BTC Trades Above This Level
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.
Snowfall Protocol (SNW) Presale Set To Sell Out As Bitcoin (BTC) and Ethereum (ETH) Prices Signal Increased Market Enthusiasm
As the year begins, the crypto market is obviously regaining its feet after the crypto winter of 2022. Bitcoin (BTC) and Ethereum (ETH) are at the forefront of this new rally, trading around the $23,000 and $1,500 mark, respectively.
This could only mean one thing; market enthusiasm is once again on the rise, and groundbreaking protocol Snowfall Protocol (SNW), currently in its final presale phase, is sailing on this wind as it is set to sell out very soon.
Bitcoin (BTC)’s Recent Rally Hints At A Healthier Ecosystem
Since its inception in 2009, Bitcoin (BTC) has had a rollercoaster journey up until 2023. In November 2021, the King coin achieved a feat that seemed impossible when Bitcoin (BTC) first launched. It hit an all-time high of $65,000. However, by 2021 in the heat of the bear market, Bitcoin (BTC) had plummeted below $20,000, going even lower at times.
But following FTX filing for bankruptcy, Bitcoin (BTC) is beginning to rally again. According to Cointelegraph, on-chain data revealed that the recent short liquidation dominance is behind this rally. This is because it creates automatic Bitcoin (BTC) buys, driving up its price. Apparently, this dominance helped clear the market of unhealthy investments and has made room for the futures market to trend toward longs.
Ethereum (ETH) Updates Will Attract Favorable Investments, Says Expert Observers.
Additionally, the second largest crypto by market cap, Ethereum (ETH) launched its newest update, the Zhejiang testnet on the first of February ahead of the Shanghai and Capella hardfork. A move that would potentially allow validators on the network to safely withdraw Ethereum (ETH) from the network without destabilizing it.
This move was highly anticipated since the blockchain for smart contracts had switched from a proof-of-work mechanism to a proof-of-stake one in a massive event called the Merge in 2022. This was especially important for Ethereum (ETH) users because some of their investments had been locked in for more than two years.
Analysts have predicted that the upgrades would be advantageous to Ethereum (ETH) staking. And the crypto’s price has not only rallied but also remained relatively stable throughout the preparation and launch of the testnet.
Snowfall Protocol (SNW) is Not Left Out From This Rising Market Enthusiasm
Another beneficiary of this market turnaround is the Snowfall Protocol (SNW), a cross-chain transfer ecosystem for both Fungible and Non-fungible tokens. This platform is the very first of its kind, built to provide secure, reliable, and autonomous transactional highways between the myriads of blockchains and ecosystems scattered all around the world of crypto.
Although Snowfall Protocol (SNW) is still in the final part of its presale phase, the crypto promises to spike over 1000% before it is over. This is because it is providing groundbreaking technology, bridges that can link EVM to non-EVM compatible chains, and wrapping and swapping non-fungible tokens between blockchains.
Snowfall Protocol’s token (SNW) was sold at $0.05 in the first phase of its presale, and by the end of this third phase, it would be going for $0.75. Of the total supply of Snowfall Protocol (SNW), only 30% is available, and the price would just keep rising as buyers increase.
The developers of Snowfall Protocol (SNW) have created a platform that offers users a secure way to navigate all their numerous holdings from one place in a secure and user-friendly manner. As a result, savvy investors are buying out the multi-chain solution presale offer as fast as possible.
These three tokens, Bitcoin (BTC), Ethereum (ETH), and Snowfall Protocol (SNW), among others, are restoring investors’ faith in the crypto market. Bitcoin (BTC) with its price recovery, Ethereum (ETH) with its continuous efficient upgrades and stability, and Snowfall Protocol (SNW) with its innovative technology that is changing the way crypto transactions are conducted forever, with its mission of creating a bridge that would link the entire world of crypto.
Learn more about SnowFall Protocol from the links below:
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Altcoin Market Closer to a Breakout, Will BTC Rally be Sluggish
Bitcoin bulls appear to have become extremely passive as they are unable to mount the buying pressure required to rise & sustain above $24,000. Meanwhile, the top altcoin Ethereum has been displaying immense strength by trading close to the crucial resistance at $1650.
The market cap of the second-largest crypto has surged beyond $200 billion despite the global market capitalization witnessing a minor pullback of nearly 1.19% in the past 24 hours.
As the BTC prices appear to have stuck within narrow ranges, the market capitalization of the altcoins is approaching crucial levels. The possibilities of a bullish breakout are constantly flashing that may begin a fresh bullish wave of several altcoins in the short term.
The altcoin market cap maintained a descending trend for the past 6 months and faced constant rejection from the trend line. Presently, the levels are again testing the crucial resistance, displaying a higher probability of a breakout.
Previously, the levels faced rejection as the resistance collided with the crucial 200-day MA, but presently, the market cap has surged beyond these levels and hence points towards a bullish breakout in the coming days.
Therefore, once the daily close is recorded above the trend line, then a significant upswing may kick in. This may ignite another 7% to 17% growth in the total altcoin market cap securing the levels above $700 billion. If the rally materializes, then the global market capitalization excluding Bitcoin may hit $1 trillion, validating the peak of the Altseason 2023.
The Bitcoin Death Cross Looms: What Traders Can Expect Next For BTC Price?
The Bitcoin bulls have continued to surprise many in the past few weeks despite several calls for an imminent price correction. The largest digital asset has gained over 3 percent today to trade around $23.8k.
However, analysts are now convinced Bitcoin price must flip the 50-week and 200-week moving averages (WMAs) into support lines before a death cross occurs.
Historically, Bitcoin price has experienced a choppy market every time a death cross occurs. After the January crypto rally, the 50 and 200W MAs, which have never crossed since the inception of Bitcoin, are at their closest proximity as shown below.
Experts Weigh In: Bitcoin Market Outlook
According to content strategists Keith Alan, the recent interest rate hike is a key factor for the Bitcoin market to consider. Furthermore, the digital asset industry has shown tremendous correlation with market equities in the recent past following increased crypto regulations.
“Now, SPX has a triple top on the Monthly, and BTC is headed for a Death Cross on the Weekly. These are toppy signs, but the FED, FANG, and labor market are dealing wild cards,” Keith noted.
As such, the Material Scientist cofounder indicated that Bitcoin must deal with key moving averages to break out from $25k.
According to analysts Rekt Capital, Bitcoin price is still on a falling trend until it flips the $25k resistance level. The bull case scenario is likely to be extended by increased liquidations that result in a short squeeze. Notably, approximately $39 million has been liquidated in the Bitcoin market in the past 24 hours according to data provided by Coinglass.
Here’s How Bitcoin (BTC) Price May Plan it’s Advent Beyond the $25k mark
Bitcoin, the largest cryptocurrency, has broken its one-year trend and is now waiting for its next move. In January, the crypto sector experienced a significant change as Bitcoin flipped important resistance levels into support. This has caused the coin to hover closer to the $24,000 mark, leading analysts to predict its journey beyond the $25,000 mark.
Analyst Benjamin Cowen has pointed out the convergence of several factors at the $25,000 mark for Bitcoin. He stated that the 50-week simple moving average (SMA) is moving down to $25,000, the 200-week SMA is moving up to $25,000, and $25,000 also marked the summer 2022 top. The only thing not yet at $25,000 is the current price of Bitcoin.
Technical analyst CryptoCon has warned about the possibility of pullbacks but suggests that taking part in accumulation and buying in at great prices will ultimately result in a return to the median price of $34,000 and a bottom of $15,500. Another analyst named Cillionaire.com highlighted an interesting fact, mentioning that the last time Bitcoin bounced back from its multi-year support, the price of Bitcoin went from $6,000 to $64,000 in a year.
A recent study by cryptocurrency services provider Matrixport showed that an improvement in the early part of the year often leads to a positive year-end performance for Bitcoin. The head of research, Markus Thielen, stated that the average gain throughout the year has been around 245% and that Bitcoin’s year-end performance has been favorable in five of the last six years when it had a January rally.
In conclusion, while pullbacks can be a concern, the convergence of various factors at the $25,000 mark for Bitcoin and the positive results from early improvements in the year have analysts optimistic about the cryptocurrency’s future performance.
Bitcoin (BTC) Price Set To Surge High As Miners Halt Selling
The Bitcoin market has seen an upward trend in the past 24 hours, reaching a high of $24,000 earlier today. With the current price trading at around $23,869 in the Asian market, the market has seen a 3% increase. Market analysts predict further growth in the future, driven by both fundamental and technical factors.
Bitcoin Price Outlook from Puell Multiple’s Perspective
One such indicator that maps out Bitcoin price is the Puell Multiple. This is calculated by dividing the daily value of Bitcoins in U.S. dollars by the 365-day moving average of its daily value. According to the Puell Multiple, there may be relief on the horizon for Bitcoin miners who have been under increased sell pressure in the past year.
In the past, every time the Puell Multiple entered the green zone, it resulted in significant returns in the following months. Currently, the Puell Multiple has been in the green zone for 191 days, which suggests further upside movement in the price of Bitcoin. Philip Swift, the founder of lookintobitcoin.com, highlighted the relief for miners, stating that
“the Puell Multiple shows recent relief for Bitcoin miners. After 191 days in the capitulation zone, the Puell Multiple has rallied, showing relief for miners via increased revenue and likely reduced sell pressure.”
If Bitcoin continues to rally, this could trigger a pump in other cryptocurrency markets, including meme coins such as Dogecoin, Shiba Inu, and Baby Dogecoin. Additionally, a study has shown that more money is flowing from large caps to lower caps. Overall, the outlook for Bitcoin remains positive, with market indicators pointing to further growth in the near future.
BTC Price Forecast: Bitcoin Predicted to Soar to $150,000 with New Geometric Cycle!
Bitcoin price is currently trading in and out of $23,000 ever since it broke the resistance during the recent price surge. Despite the trading volume having spiked notably, the trend continues to remain flat, indicating the bulls accumulating for the next bullish action. Presently, the star crypto is rebounding aggressively after the LMACD on the weekly chart and bounced on its historic support that formed the 2015 and 2018 cycle bottoms.
The BTC price appears to have formed a geometric pattern from top to bottom and hence is believed to rise soon. The Ichimoku cloud and Fibonacci MAs offer a fair projection of the future price trend, according to which, BTC price is primed to meet the bottoms again.
As per the above chart, the next bullish confirmation of the new cycle could be when the price enters the Ichimoku cloud. When this happened previously in June 2012, October 2015, and May 2019, the bull cycle never looked back, while March 2020 could be exempted due to the covid crash.
Further, a breakout of multiple 3 of Fib MAs will kick in the parabolic rally which is speculated after the Bitcoin halving in 2024. Therefore, considering the above projections, the Bitcoin price could form new highs somewhere around August 2025.
Currently, the Bitcoin(BTC) price is trading just above $23,000 with reduced volatility, and the trading volume has dropped by 3% at the moment. However, RSI is displaying a bullish divergence due to which the price may not experience a drastic plunge. After a brief pullback, the price may begin to rise sharply.
Analyst Predicts Bitcoin (BTC) Price to Hit This Level By May – Right Time To Buy The Dip?
At the time of publication, the price of bitcoin remained relatively stable at roughly $23,100. The number of positive predictions for the cryptocurrency that is considered to be the king of cryptocurrencies is growing.
Bitcoin to Hit $50k by May
Aaron Arnold, a crypto analyst and the founder of the YouTube channel dedicated to the cryptocurrency space known as Altcoin Daily, recently had a conversation with Bitcoin tech analyst Carl Runefelt, who said that Bitcoin now has a clear bullish divergence.
Runefelt has expressed his strong belief that it is feasible for BTC to reach 50,000 over the next four months, despite the fact that this could seem a little bit odd to some people.
The analyst says Bitcoin will hit $26,000 to $30,000 in February, $33,000 to $37,000 in March, $39,000 to $43,000 in April, and definitely $50,000 by the end of May. And while Runefelt seems quite sure of his prediction, it would seem that the comment section does not agree with him.
A significant number of people are emphasizing the fact that his forecasts are never accurate. For example, he anticipated that Bitcoin would be worth $300,000 in 2022, but instead, the token fell to $14,000.
Some even went so far as to compare him to Jim Cramer, claiming that whatever he forecasts for Bitcoin, the token will move in the opposite way. For instance, if he claims that Bitcoin will reach $50,000, then it is possible that BTC could fall to $20,000 in value.
If Bitcoin manages to break out of its current trading range and close over $23,250, it might trigger a new wave of buying. Under these conditions, it’s possible that the price would climb to about $23,650. The $24,000 mark may represent the next point of difficulty. Continuing the current upward trend would push Bitcoin’s price to the $25,000 area.
Bitcoin Golden Cross on Horizon: Here’s The Timeline To Get Bullish On BTC Price
The anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting has got investors on the verge of their seats. As the crypto market eagerly awaits the outcome, Bitcoin has started feeling the heat, and it is consolidating in a range-bound zone.
Despite its recent struggle to establish a solid trend, there’s a glimmer of hope that the FOMC meeting could spark an upward rally in the BTC price chart. With the US economy showing steady signs of improvement and the inflation rate slowing down, the stage is set for a potentially bullish dance for Bitcoin.
Bitcoin Witnesses The Best Month Since October 2021
Since the beginning of the new year, BTC’s price has gained over 40%. According to on-chain analytic firm, Glassnode, BTC has performed relatively well in January since October 2021, when it saw a jaw-dropping 41% gain in value.
To describe the reason behind the overwhelming performance, Glassnode hints at a combination of historic spot demand and a series of short squeezes, which has created a perfect storm in driving up the price of Bitcoin and sending it soaring to new heights.
Moreover, the firm claimed that the daily BTC transaction had touched a high of 50K, signifying investors’ interest in the asset. In addition, the flow of Bitcoin in and out of exchanges has stabilized significantly as a daily average of around $625 million is moving in both directions, bringing the exchange flow in a balanced shape.
This balanced situation in exchange flow signifies a healthy and robust BTC market, as buyers and sellers engage in a steady back-and-forth dance. This starkly contrasts with the turbulence of late 2022, when outflows dominated the scene.
Glassnode stated, “We also note that initial impulse of exchange outflows, in the aftermath of FTX, have calmed to neutral and are now balanced by newly motivated inflows.”
Will BTC Price Bring Golden Times Above Golden Cross?
Investors are busy predicting the next price movement because the BTC price gets stuck in the range of $23K-$24K in the last three days. As the market’s FUD situation hops in, analysts are closely watching the golden cross formation, which may spark bullish hopes in the BTC price chart.
A well-known crypto analyst, CryptoRand, predicts that Bitcoin price is poised for a bullish breakout by the next few weeks as it forms a golden cross in its price trend. The analyst noted that the 50 MA is building potential to cross above the 200 MA, known as the formation of a golden cross. The golden cross indicates a bull market for BTC, and it is strengthened with high trading volume, acting as a catalyst in the next Bitcoin bull run.
In 2019, one of the most significant golden crosses in Bitcoin’s history took place, and it made BTC the hottest investment in the crypto world by pushing its price by 600% in two years.
Bitcoin (BTC) Price Can Hit $30K in February If This Happens
At present, the value of Bitcoin has stabilized at around $23,000. The interest rate and Bitcoin have a direct correlation, as evidenced by the fluctuations observed over the past year. If data suggests a 25-basis point softening, a short-term price increase can be expected.
The Federal Open Market Committee’s meeting concludes on February 1st and a 25-basis point rate hike is widely expected, pushing the federal funds rate from 4.5% to 4.75%.
When the Federal Reserve started hiking interest rates, Bitcoin’s value decreased, possibly due to nervous market participants selling their holdings.
Economic Concerns & Recession Risks
Bitcoin broke $23,000 as the previous month’s numbers leveled out, jumping 40% in 4 weeks. If interest rates continue to soften, another significant increase may be seen in February, potentially breaching the $30,000 support level. Currently, BTC is valued at $23,727 with a 7% increase in the past 24 hours.
The CME FedWatch Tool predicts a 99.9% chance of a 25-basis point interest rate hike by the Federal Reserve. Once a decision is made, Fed Chair Jerome Powell will give a speech outlining the Fed’s outlook. Although a 25 bps hike is widely expected, the possibility of a 50 bps hike still exists.
Elon Musk and Treasury Secretary Janet Yellen have voiced concerns about the risk of a deep recession in the US economy. Yellen worries that high-interest rates could trigger a recession, despite declining inflation and positive employment numbers.
Bitcoin Bulls & Bears Clash For Conquest-Will BTC Price Rise towards $24K or Drop Below $22,500 Today?
The uncertainty within the crypto space has yet again increased after a relief of a few weeks, as the Bitcoin price crashed hard below crucial levels. The increased bearish action is currently signaling that the rally could re-test the interim support at $22,500. Meanwhile, the bulls appear to hold enough strength and momentum required to withstand the bearish pressure.
However, it would be incorrect to say that the bulls could continue like this for much longer- they are expected to get exhausted soon and that may spark a fresh decline in the prices very soon.
The BTC price has surged from $16,500 to as high as $23,900 since the beginning of 2023. The 40% price rise appears to end soon as the 3 main bearish factors have emerged. Here’s what they are:
- Bitcoin completely overshadowed the price rise that marked the yearly highs on 20th January 2023 and dropped to the levels below during the next trading day. This is a clear indication of a bearish reversal, popularly known as bearish engulfing which begins at the end of the rally.
- The Relative Strength Index (RSI) has displayed an inclination towards the south and slipped below the January 14 levels. However, in the meantime, the BTC price continued to rise and this gap usually results in trend reversals, favoring bears.
- Lastly, the MRI or the Moment Reversal Indicator which is a time-based indicator that speculates the end of the trend based on the momentum of the price movement has breached the BTC price in the daily chart. However, it still continues to hover within a crucial area wherein a bullish flip may be expected. But in case, the levels drop towards the south, a notable bearish case may be validated.
Presently, the Bitcoin bulls are trying hard to hold the price levels above the crucial support and a failure may spark a fresh bearish trend. The price may continue to dive lower until the sell-off subsidizes offering an opportunity for the buyers to accumulate. Besides, the FOMC meeting which is scheduled to take place in the following days is believed to induce bullish momentum to rise the price beyond $24,000.
Therefore, the next 24 to 48 hours appear to be extremely crucial for Bitcoin and the entire crypto space.
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.”
How FOMC Meeting Could Impact the Bitcoin Price on Feb 1st ? Here’s What BTC Traders Can Expect
As the Federal Open Market Committee (FOMC) meeting is slowly approaching this week, the crypto market wonders about the after-effect of the meeting on the BTC price. With so much uncertainty and speculation around the corner, it’s no wonder that investors, traders, and enthusiasts alike are eager to know what the future holds, and a question arises on whether this meeting will become the catalyst in sending bitcoin to new heights or it will bring a steep and painful downfall.
Will Bitcoin Soar Or Tumble Due To FOMC Meeting?
All the eyes of the crypto market are currently on the decision in the FOMC meeting as the anticipation creates intense volatility in the BTC price chart. As the US economy experiences high inflation, a higher interest rate may create turmoil in the stock market, plunging Bitcoin’s price with solid downward retracement for being heavily correlated.
According to the on-chain analyst firm, CryptoQuant, the Bitcoin price has made a spike in volatility in the last few days with the hype of the FOMC meeting, and it has touched the highest level in three months.
In addition, the firm noted that the open interest, i.e., the amount of BTC futures contracts opened on crypto exchanges, has reached a three-month high of 8.3%. It is to be noted that the massive accumulation usually drives the surge in Bitcoin’s OI due to the hype of the FOMC meeting, which pushes the BTC price upward for a short period. However, traders should stay aware as the FOMC meeting may bring a short-squeeze and negative spike in the Bitcoin price after an astronomical surge.
Here Is Where BTC Price Heading Next
The Bitcoin market has witnessed a higher high and higher low in the last two days as the $24K resistance level seems too much to handle. Additionally, the spike in BTC mining difficulty creates selling pressure which may cause severe volatility to the downside.
As of writing, Bitcoin price trades at $23.2K, with a decline of over 1% in the last 24 hours. A well-known crypto trader, SkyrexTrading, predicts that Bitcoin is poised for a short-term bearish trend as the asset recently broke below the immediate support level of $23,564. The analyst predicted that Bitcoin might slump hard below its 31.8% Fib level at $22.5K before sparking fresh surges during the FOMC meeting.
However, a piece of positive news from the FOMC meeting will leave a bullish impact on Bitcoin’s price, sending the coin to new monthly highs in February.
Why Bitcoin Price is Up Today? Is it Heading to $25K? What is Triggering BTC Price Rise?
Bitcoin witnessed yet another bullish weekend, that raised the price beyond the crucial levels of around $23,500. With the recent upswing, the star crypto is closer to recording the most bullish candle for the first time since October 2021. Moreover, the indicators are flashing extremely bullish signals that may ignite a notable upswing in the coming months.
But How Long Will the BTC Price Rally Sustain? Will the Rally Face Rejection After Reaching $25,000?
A big week for the crypto space is approaching ahead with multiple events lined up to impact the BTC price. Moreover, the traders and the investors presently, appear to be in profit and the upcoming events may witness acute withdrawals due to a further increase in profits.
As per the report from Glassnode, an on-chain data provider, Bitcoin price is now back in profit as the market price has surged above the realized price which is collected year on year since 2017.
The average acquisition price for Bitcoin is tracked by average exchange withdrawals which are displayed in the above chart. The average withdrawal price has now surged above 2019 levels which clearly suggests that the BTC price is back in profit. To be precise, all exchange average withdrawal price is around $16.7K while for Binance and Coinbase, the levels are around $21K. Hence, the two largest exchanges also appear to be back in profit.
The extended price rally also carries the fear of a sell-off as a 40% gain in the crypto markets does not certify the revival of a firm upswing, while a bull run could remain quite distinct. Presently, Bitcoin is also not facing miners’ selling pressure as they are recording very low transactions to the exchanges. However, it doesn’t validate the end of the miner’s capitulation phase as they continue to sell small amounts of Bitcoin as the prices go higher.
Collectively, Bitcoin price is flashing acute bullish signals as the rally is approaching the crucial 200-week MA levels. A rise beyond these levels may validate a notable upswing in the coming days that may achieve $25,000 quickly, but if the bulls get weak at this juncture, a notable rejection may occur.
Bitcoin Golden Cross Ahead – Can BTC Price Surge More Than 100% in Feb?
Ever since the year started, Bitcoin has been making some pretty good price movements. The king crypto has increased by a whopping 39% in the past 30 days.
This impressive action has sparked enthusiasm among traders and investors alike, and this month is on its way to becoming the best one Bitcoin (BTC) has had in a decade.
Best January in a Decade
The last time BTC had a better price movement in January is 2013 when it rose by 43% in just four weeks.
Bitcoin investors have seen negative returns in January six times out of the previous ten years, while on the other four occasions, they have seen double-digit marked increases. None was, of course, as good as this one.
Bitcoin’s price action appears to be setting up for a continuation of its recent climb from a technical point of view as well. As can be seen in its chart, a golden cross is very close to forming on the daily time frame, which is a bullish omen for the market.
After a prolonged period of Fear and Extreme Fear, the widely followed Bitcoin Fear & Greed Index just went back into the neutral zone (that is, above 50) for the first time after moving back and forth between Extreme Fear and Fear for quite some time.
The start of the subsequent Bitcoin bull market is typically when a sustainable rebound back into neutral occurs, like at the beginning of 2019 and then once more in the middle of 2020.
The entire crypto market is on a surge. The recent increase in cryptocurrency prices can be linked to the possibility that interest rate hikes will no longer be implemented. The fact that riskier investments, such as cryptocurrency, have been less appealing over the course of the past year as a result of increased interest rates makes the likelihood that they will fall down an incentive to invest.
Bitcoin’s Hash Rate Hits New Records; What Next For BTC Price ?
As the 2023 bull rally drives Bitcoin (BTC)’s price movement to new five-month highs, the largest cryptocurrency’s network is experiencing new records in activity. Data from MiningPoolStats, show that on January 26th, Bitcoin’s hash rate reached a new record high.
The entire amount of computer power that is linked to the Bitcoin network is referred to as the hash rate. If the current rate of increase in BTC prices is maintained, then it is likely that a new level will be registered.
According to the findings of on-chain analyst CryptoQuant, an increase in Bitcoin values would prompt a greater number of users and mining farms to turn on their rigs, which would lead to an even higher hash rate.
CryptoQuant added that the increasing hash rate would be a sign that strong liquidations were about to occur, which may lead to a reduction in mining activity and a subsequent decline in price.
The expert believes that the opposite is true, citing data that is stored on the blockchain. This is despite the fact that there seems to be a direct correlation between the spot price of Bitcoin and the hash rate. He is confident that prices and the peaking hash rate of bitcoin can move in opposite directions, which will affect the coin’s valuation.
Furthermore, the expert pointed up instances in the years 2021 and 2022 in which increasing hash rates led to major price retracements after strong gains in price. The average price drop during the selloff was 19.5%, with the steepest drop being 37%. There were seven events that caused the selloff. He goes on to say that prior to this downturn, the coin’s valuation had a tendency to report a maximum increase of 11%.
BTC is currently valued $22,968 as of the time of this writing, which represents an increase of over 10% in the past seven days but a decrease of 0.06% in the past twenty-four hours.
BTC Price Rally: Expert Economist Predicts Massive 50% Surge for Bitcoin
Bitcoin price has hit a psychological resistance level at $23k after breaking through last week’s roof around $21k. On one hand, short-term traders and miners are taking profit from the relief rally after the painstaking bearish sentiment last year. On the other hand, long-term holders have been identified as taking the opportunity to stash more coins in the past few weeks.
As such, popular crypto economist Alex Kruger has highlighted that Bitcoin hitting $30k to $35k this year is very doable. However, Kruger cautioned traders that a retrace to the $19k to $23k is also likely as the market stabilizes.
Bitcoin Price Action Outlook
In his remarks, the longtime crypto economist highlighted that risk-averse traders will have a chance to enter the Bitcoin market after the price dips from $32k to $28k later this year.
In the comment section, one of the followers asked if a fall in market equities this year will affect the crypto market. Moreover, a lot of institutional investors have directly exposed themselves to the crypto market including Tesla which just reported a $184 million Bitcoin bag. In his response, Kruger noted that the correlation between Bitcoin and the market is insignificant to account for huge price actions.
“A drop from earnings is not my base case and look at most big moves in crypto they are not in tandem with equities any longer … correlation is still there but accounts for a small fraction of PA. A very hawkish FOMC could do it but next FOMC looks like a cointoss to me,” Kruger noted.
Kruger‘a remarks in Bitcoin price action have been reiterated by crypto analyst Altcoin Sherpa who thinks Bitcoin will repeat a similar move in 2019 but with lesser volatility.
Bitcoin Price Forecast: Here’s When BTC Price Will Surge Above $50K
Bitcoin price has retested $23k in the past seven days after a sudden breakout from last week’s $21k resistance level. As a result, a popular analyst dubbed PlanB has highlighted that Bitcoin’s realized return just turned positive. According to the analyst, Bitcoin sellers are now taking profits instead of cutting losses.
In a recent YouTube video, PlanB highlighted his predictions for Bitcoin price in the next few years. However, not all his previous predictions materialized in the past. For instance, PlanB had predicted Bitcoin price will hit a $100k base price during the 2021 bull market and a high of over $240k. Bitcoin price, however, hit an ATH of around $69k and retracted to trade at about $15.5k last December.
Nonetheless, the analyst has made specific calls that materialized timely in the past. Forward, PlanB expects Bitcoin to trade above $32k during next year’s halving. Additionally, the analyst forecast that Bitcoin price will trade above $100k during the 2025 bull market.
Bitcoin Market Outlook
Bitcoin price has hit a psychological resistance level of around $23k with onchain data suggesting mixed reactions. According to an on-chain analytics firm, Santiment increased crypto social interactions and FOMO may cause the market to form the top. The increased sell pressure from Bitcoin miners and short-term holders may lead to an imminent price reversal.
According to aggregate data provided by Coinglass, a total of $108 million has been liquidated from the crypto market in the past 24 hours. Bitcoin and Ethereum lead in liquidation with approximately $27.57M and $30.02M respectively.
Meanwhile, long-time Bitcoin critic Peter Schiff thinks the last bull market was a hoax and the price should be below $10k.
Bitcoin Price Analysis: Bullish Continuation Signals, BTC in Early Bull Phase!
After maintaining a consolidated trend for a couple of days, Bitcoin again regained the lost levels above $23,000 in the early trading hours. The bulls, who were accumulating gains without inducing buying pressure, quickly uplifted the price when the bears fell weak for some instance. On the whole, the BTC price is believed to be at the foothill of a massive explosion that could ignite a massive bull run in the coming days.
The BTC price in the short term was trading within a bullish ascending pennant, but the recent bearish pressure dragged the price lower, slicing beyond the lower support. In the meantime, the rounds of the bears reclaiming their dominance to squeeze the rally were outspread. However, the bulls jumped back in action and temporarily invalidated the bearish trajectory.
The current trade set-up indicates that star crypto is poised to maintain a notable upswing. As per Ki Young Ju, the CEO of an on-chain data provider, Crypto-Quant, Bitcoin entered into the early bull phase.
The CEO lists some of his observations due to which, it is evident that the current pullback is part of the star crypto preparing for a massive bull run ahead. The analyst referring to the Crypto-quant bull-bear indicator says that BTC is trading within an early bull run phase. The levels in the above-mentioned chart have rebounded from negative levels and heading toward the positive range.
Each time, the bullish divergence was recorded, the BTC price underwent a significant upswing to mark interim highs. Besides, the BTC price is also speculated to follow traditional assets like Gold. DXY, etc. The price trend is following the pattern Gold or DXY has undergone earlier. Hence if it follows the upswing the traditional assets followed, then a BTC price is believed to rise beyond $30,000 in the coming days.
Bitcoin Closer to Undergo the First Weekly Death Cross- This Could be the Impact on BTC Price!
Bitcoin price slipped down below $23,000 and created a wave of uncertainty over the crypto space. The altcoins which had risen above their respective resistance levels have dropped below the levels which could flash the revival of a bearish trend. Additionally, the star crypto is closer to witnessing a great leap but towards the south.
The star crypto is about to witness a death cross in the weekly timeframe for the very first time in history and hence the impact is being expected at a larger scale. The death cross is when the 200-day MA & 50-day MA levels cross each other and the 200-day MA levels head toward the lower support. Usually, the impact in the daily chart is bearish as the BTC price drops by nearly 7% to 10%.
Presently, the price trend is towards the south and hence the 50-day MA levels may cross over the 200-day MA to reach the lower support soon.
The death cross is expected to happen in the next week or 2 as the prevailing bearish formations may impact the price negatively. However, the price may still undergo a bullish divergence due to the below-mentioned reasons,
- BTC price is up by 50% from the November lows. Moreover, throughout history, the price surged by such a margin each time it tests the 200-Week MA level which was the bottom of the cycle.
- The weekly RSI levels whenever reach breaks above 60 after hitting the 50-Week MA, indicate the cycle bottom may be reached. Therefore, a notable upswing may be fast approaching.
- Presently, the weekly RSI is around 56.52 and hence a slight plunge may mark the bottom of the cycle ahead beyond which a notable upswing may be ignited
Collectively, after reaching the lower bottoms, the Bitcoin (BTC) price rally may being and reclaim the lost levels very soon.
Bitcoin Price Analysis: BTC Slips Below $23,000, Remains Bearish for The 2nd Consecutive Day!
Bitcoin price prediction for 2023 had become bullish as the token ignited a significant upswing soon after the start of the year. While the forecast for $25,000 was emerging, the bears regained control and slashed the price below $23,000. The BTC price has been dropping for 2 days and is unable to recover despite a decent buying volume persisting.
The crypto markets, regardless of their claims of being independent, largely depend on the trends of the traditional stock markets. The stock markets which are facing turbulence managed to break the upswing that it held for 15 consecutive days. Moreover, Microsoft also joining the layoff crew has also impacted both markets to a large extent.
Therefore, now the question flashes, whether the Bitcoin (BTC) price move beyond $25,000 or drop back to $21,000. How well can Bitcoin sustain the momentum?
The BTC price rally was ignited after a strong whale activity wherein the number of addresses holding 100 to 1000 BTC surged by 416 in the past few weeks.
Therefore, considering the recent price rise, the short-term holder’s profits have also risen by more than 90%. Hence, the possibilities of these holders extracting their profits also emerge.
As per the on-chain data provider, Glassnode, the recent price surge has broken all the 3 levels, realized price, the long-term holder(LTH) realized price & short-term holder (STH) realized price.
“The recent surge in Bitcoin proce action has resulted in an initial breakout above all three costs-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis.
A sustained duration above these key psychological levels would be considered constructive,”
Bitcoin Price Analysis: BTC Slips Below $23,000, Remains Bearish for The 2nd Consecutive Day!
Bitcoin price prediction for 2023 had become bullish as the token ignited a significant upswing soon after the start of the year. While the forecast for $25,000 was emerging, the bears regained control and slashed the price below $23,000. The BTC price has been dropping for 2 days and is unable to recover despite a decent buying volume persisting.
The crypto markets, regardless of their claims of being independent, largely depend on the trends of the traditional stock markets. The stock markets which are facing turbulence managed to break the upswing that it held for 15 consecutive days. Moreover, Microsoft also joining the layoff crew has also impacted both markets to a large extent.
Therefore, now the question flashes, whether the Bitcoin (BTC) price move beyond $25,000 or drop back to $21,000. How well can Bitcoin sustain the momentum?
The BTC price rally was ignited after a strong whale activity wherein the number of addresses holding 100 to 1000 BTC surged by 416 in the past few weeks.
Therefore, considering the recent price rise, the short-term holder’s profits have also risen by more than 90%. Hence, the possibilities of these holders extracting their profits also emerge.
As per the on-chain data provider, Glassnode, the recent price surge has broken all the 3 levels, realized price, the long-term holder(LTH) realized price & short-term holder (STH) realized price.
“The recent surge in Bitcoin proce action has resulted in an initial breakout above all three costs-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis.
A sustained duration above these key psychological levels would be considered constructive,”
BTC Price Analysis: Analyzing Bitcoin’s Prospects Of Reaching The $25,000 Mark
Despite market analysts’ skepticism that Bitcoin’s recent surge is a trap for bulls, the cryptocurrency has continued to rise. Data from CoinGecko shows that BTC has increased by 36% this month, reaching a peak of $23,000 on multiple occasions. This marks the highest monthly gain for the leading cryptocurrency since October 2021.
As traders eye the $25,000 level, they remain vigilant for potential downturns. However, for Bitcoin to reach a price of $25,000, a number of factors will need to come into play, including increased demand, positive sentiment, and a lack of negative market developments.
Bitcoin’s Road to $25k
For Bitcoin to reach a price of $25,000, it would likely need to follow a pattern of rising to a key level of resistance, such as $23,000, before retracing and moving on to the next level of support, such as $23,800, and gradually approaching $24,500 before reaching the target price.
If bulls are able to maintain a consistent pattern of breaking through resistance levels, as they did over the weekend at $23,000, the outlook for the month suggests that BTC may even reach as high as $29,000 before hitting a crucial cap. However, it should be noted that this is a speculative analysis and nothing can be predicted with absolute certainty.
Nevertheless, if bulls maintain their current level of dominance or even increase it, the possibility of the price reaching $30,000 in the near future should not be ruled out.
On-Chain Data Predict Potential Selling Pressure for Bitcoin – What Next For BTC Price?
Bitcoin price has gained approximately 1.52 percent in the past 24 hours to trade around $23,115.25 during the early Asian market on Tuesday. The recent rally has pushed Bitcoin price out of a falling trend that lasted over a year.
However, Glassnode analysts are warning the market has not signaled clear price action for traders to buy in at current levels. Moreover, Glassnode highlighted that Bitcoin miners and holders may be motivated to take some profits after the 2022 bear market.
“The recent price recovery from the December lows to over $23.2k has significantly improved investor profitability across the board,” Glassnode noted.
According to the on-chain analytic firm, the 2022 bear market has portrayed similar attributes to the 2018/2019 one. As such, the firm has noted that Bitcoin price will completely be out of the woods at around $28.3k.
From the holders’ profitability scale, Glassnode noted that the recent rally from $16.9k to $23.1k has increased the supply of traders’ profits from 55 percent to 67 percent. Reportedly, long-term holders are above their break-even price of about $22.6k
“After 6.5 months, the market price has finally recovered above the long-term holders’ cost basis at $22.6k. This denotes that the average LTH is only just above their break-even basis,” the firm noted.
Interestingly, short-term holders and Bitcoin miners are selling part of the bag to take some profits. With a notable recovery in Bitcoin miners’ balance sheet, Glassnode noted that the resulting behavior shift has switched from the accumulation of over 8.5k BTC/month to the distribution of negative 1.6k BTC/month. Reportedly, Bitcoin miners spent approximately -5.6k BTC since January 8 and have experienced a net balance decline YTD.