Bitcoin Bulls V. Bitcoin Bears: Who Shall Prevail In 2023?
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As the end of the year approaches, several experts had predicted that Bitcoin (BTC) would see a “Santa rally”. Even still, the token’s price hasn’t shown any encouraging trends.
The king cryptocurrency finished December 24 with a price over $16,800, continuing a trend of minor rises. This also held true on December 25.
The leading cryptocurrency hasn’t been making many upward trends lately. Over the course of the December 24–25 period, it increased by just 0.1%. As of this writing, one bitcoin is worth $16,866, an increase of 0.20% in the last twenty-four hours. Now, everyone’s focus is on the year 2023 and what it will bring for cryptocurrency.
What Bitcoin’s Exchange Reserve Data is Saying
The Bitcoin Exchange Reserves for All Exchanges data shows that the reserves are dropping, which is also confirmed by the on-chain analysis platform CryptoQuant. Typically, when the 14-day SMMA of Bitcoin reserves on crypto exchanges rises over the 30-day SMMA, the price of Bitcoin has a tendency to rise. As a result, a bullish crossing of exchange reserve moving averages might signify the commencement of a bullish trend.
Source: CryptoQuant
As for Ethereum, its price is hovering around $1,220 at the moment. The low for the last 24 hours is $1,205, and the high is $1,224. As a result, the price of ETH is likewise trending sideways, having increased by 0.09% in 24 hours and by over 2.7% in the last week.
More than a 30% decrease in ETH reserves on centralized exchanges has been detected, according to statistics from CryptoQuant’s Ethereum Exchange Reserve for All Exchanges chart. That’s why there’s been an increase in the number of optimistic investors purchasing Ethereum recently.
Source: CryptoQuant
What 2023 Has In Store For Crypto?
Bitcoin’s historical bull runs had an average duration of four years. Beginning with Bitcoin accumulation, the cycle progresses via an upswing, cryptocurrency sales and distribution, and eventually a slump. Accumulation may begin in 2023, according to some experts.
Experts disagree on the direction the cryptocurrency economy will go in the next year. Mike Novogratz, CEO of Galaxy Digital, thinks this dismal trend might go another two to six months.
A consensus among prominent cryptocurrency experts, including Michael van de Poppe, Rekt Capital, and CredibleCrypto, has established that a monthly Bitcoin price close above or below the $16,900 $to 17,000 range will define a bullish or negative trend in 2023.
Where exactly the cryptocurrency industry goes from here is anybody’s guess. No one has a crystal ball, but the majority are crossing their fingers that the market downturn will soon be over. This year has been really challenging.
Filed under: Bitcoin - @ December 26, 2022 2:06 pm