Bitcoin Price Prediction – Can BTC Reach $100,000 By 2023?
During the European session, BTC trading was choppy in a narrow range of $19,950 to $19,400, so the Bitcoin price prediction is neutral until this range is breached.
On October 18, Bitcoin outflows from exchanges increased, indicating that selling pressure is easing and helping the BTC price avoid a deeper decline below $18,000.
$740 Million in BTC Outflow
According to data compiled by CryptoQuant, more than 37.8K BTC were withdrawn from cryptocurrency exchanges on October 18. This is the largest daily Bitcoin outflow since June 17, when traders withdrew approximately 68K BTC from exchanges.
Furthermore, approximately 121K BTC, equivalent to around $2.4 billion at current rates, have been removed from exchanges in the last 30 days.
An increase in the number of Bitcoins entering exchanges is often seen as negative because it expands the supply of Bitcoins now available for sale.
Bitcoin Exchange Outflow – Source: Cryptoquant
When Bitcoin outflows from exchanges reached nearly 68K BTC on June 17, the cryptocurrency hit a local low of around $18,000. In the weeks that followed, the price of Bitcoin rose towards $24,500.
Whale Alert Reports Record Transfer of $1 Billion in BTC
In accordance Whale alerta popular cryptocurrency tracking service that keeps track of large cryptocurrency transactions, recently moved four separate transactions totaling 47,846 Bitcoins.
Meanwhile, despite the price of Bitcoin remaining low, the Bitcoin hash rate has set yet another record high, as reported by Santiment in a recent article.
What Makes Whales Move Bitcoin?
While Bitcoin’s price remains supported above $19,500, a new analysis from data aggregator Santiment indicates that Bitcoin’s long-term indicators have shown signs of a BTC price reversal.
MDIA (no distribution of BTC has happened for a long time) and MVRV, social volume and weighted sentiment, and network realized-profit-loss all point in Bitcoin’s favor (NRPL).
Therefore, we see such movements from whales, which can also help support the Bitcoin price.
Bitcoin Price Prediction – Can BTC Reach $100,000 By 2023?
Bitcoin, the leading cryptocurrency, has stabilized near the $19,500 level, with a 24-hour trading volume of $27 billion. The value of bitcoin has risen by 0.54% in the last 24 hours. With a current market cap of $375 billion, CoinMarketCap is currently in first place.
Bitcoin bottomed around $19,440 and since then has climbed back up to a price of around $19,600. The 50-day moving average of the BTC/USD pair has also been breached, indicating a bullish trend.
On a bearish breakout below $19,440, the triple bottom support, Bitcoin (BTC) could fall to $19,200. A further drop could take the BTC price towards the $18,900 level.
On the higher side, BTC’s resistance remains near $19,650. If the price exceeds $19,650, traders are likely to consider buying at $19,950.
New crypto pre-sale
The IMPT coin has already raised $5.4 million from ESG-conscious investors in just two weeks since the presale started. The aim of the initiative is to help in the fight against climate change, one of the most pressing issues of the 21st century.
They also plan to create a market where carbon credits can be traded freely between businesses and consumers.
About half of the initial tokens issued in Phase 1 are still available, making each one worth $0.018. In phase 2 and 3, the token price will rise to $0.023 and then $0.028.
Visit the IMPT website
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