Bitcoin Price Prediction As BTC Forms New Support At $23,000 – Here’s Where BTC Is Heading Next
Bitcoin has been making headlines in recent months due to its rapidly rising price and newfound mainstream popularity. At the time of writing, BTC has formed a new support level at $23,000, leading many to speculate where it will go next.
In this article, we will dive deep into the current state of the Bitcoin market and make a Bitcoin price prediction for the near future.
Bitcoin HODLers Show Unprecedented Conviction, Bitfinex Analyst Report
HODL convictions have reached an all-time high and are expected to remain so going forward. According to a report from Bitfinex, the BTC Supply in Profit indicator has increased by more than 20% in the new year. With this, we can predict a more bullish market in 2023.
It seems that HODLers are starting to lose conviction in their long-term investment. They believe that it is not the time to sell even if the market goes down. They also believe that HODLers should be rewarded for their patience and loyalty.
While Bitfinex analysts say;
“The HODLer verdict is currently near record highs as indicated by Reserve Risk for BTC, which recently fell to its all-time low, even lower than the 2019 or 2020 lows. Profits are now being taken not only by short-term holders, but even long-term HODLers .
“The Market Value Realized Value (MVRV) ratio for Bitcoin has also recovered after the start of the new year. While this is another metric that flashes bullish, it is important to note that a violent move out of the box is normally accompanied of a period of consolidation and sometimes extended pullbacks for BTC.Over a 12-18 month investment horizon, this behavior for the MVRV Z-score indicator has a 100 percent price rally success rate.
In conclusion, the Bulls will hope that history will once again rhyme, and that the world’s largest cryptocurrency by market capitalization can post another exponential rally from its lows over the next three years. A 10x rally from recent lows would see Bitcoin reach around $160,000,”
400 Bitcoin touched after 11 years of inactivity in a BTC address
A Bitcoin address has been dormant for over 11 years, but has suddenly decided to come back to life. The Bitcoin address, 1MMXRA, has 412.12 BTC accumulated through 4 transactions back in 2012. Then the amount was worth $8, and now it is worth $200,000.
On February 8, the last of the coins was removed from the wallet. They were sold at a price of $23,000 each, and this represented $9.6 million in value today.
The reason why the old coins are considered less liquid is an analysis provider in the chain. The company emphasizes the importance of coins that have been untouched for more than 155 days. This could indicate potential negative activity, and will likely reduce liquidity in other coins as well. When you find old coins like these on your business floor, it may indicate that people are holding on to them rather than spending them. This happens when there is a lot of volatility in the market, for example during a financial crisis.
HODLers are up for long-term profits. In July, the number of coins held past 1 year began to increase significantly from the previous month, according to the Glassnode newsletter. People are increasingly jumping on the Bitcoin bandwagon as evidence of widespread use and security of the currency grows stronger.
UK court rulings Craig Wright has no copyright in Bitcoin
Craig Wright has lost his legal battle against Bitcoin creator Satoshi Nakamoto over the design of the cryptocurrency, according to a British court. During Tuesday, Wright failed to demonstrate that he was awarded the patent on this particular feature of Bitcoin blocks, thus failing in court. Fixation describes how people can show the first recording of a work, even if it is not aesthetically or technically perfect.
The Norwegian courts recently ruled against Wright, but last month the UK’s High Court of Justice upheld McCormack. The fact that Craig Wright Co. has attacked the Bitcoin development community has caused a lot of confusion and nervousness among them and has negatively affected their work.
The ruling also serves as a reminder of Bitcoin’s open-source development and reinforces the idea that anyone can contribute to its development without fear of legal repercussions. This is a win for open source developers and the Bitcoin community
Bitcoin price
The current trading volume for Bitcoin is $25 billion, with a 24-hour price of $22,939. Its price has risen 1.3% in the last 24 hours, and it is ranked #1 with a market cap of $442 billion. Its circulating supply is 19,285,212 BTC coins. Max. The supply is 21,000,000 BTC coins
After a recent fall in value, the price of Bitcoin is currently hovering around the support level of $23,000. If it falls below this level, the price may fall further to the projected $22,400, which is supported by an ascending trend line.
According to technical analysis, selling pressure is increasing, as indicated by RSI and MACD indicators. This could cause Bitcoin’s value to fall to $22,350 as the next low.
The BTC/USD pair may find resistance near the $23,250 level, according to the 50-day exponential moving average, although the trend remains positive. If it exceeds $23,250, the price has the potential to reach $23,500, indicating a possible increase in value.
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With a plethora of cryptocurrencies and ICOs launching on a weekly basis, CryptoNews Industry Talk has sifted through the possibilities and identified the top 15 cryptocurrencies to watch in 2023.
There are other options to explore if you are looking for a more lucrative investment opportunity.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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