Bitcoin (BTC) price breaks further and hit a low of $16,467 on Friday as the market sentiment remains weak amid the holiday season. With the crucial support of $16.5K now broken, crypto analysts predict more narrow-range, sideways trading in the coming days. On-chain data indicates 2023 as a positive year for the crypto market.
Bitcoin Price To End 2022 Below Crucial Support $16.5K?
As reported earlier by CoinGape, Bitcoin’s (BTC) price is likely to fall further as Bitcoin is not undervalued yet or bottomed out. Several on-chain indicators such as MVRV, NUPL, Puell Multiple, and SOPR indicate that Bitcoin is undervalued. Traders can use the UTXOs in Profit and Loss on-chain data to find an exact level where Bitcoin can be considered undervalued.
According to the Spot Exchanges Stablecoin Reserves on-chain data, the reserves have reached to the pre-2021 bull market run levels. Moreover, volatility in stablecoin inflows on spot exchanges is at an all-time high. It indicates that Bitcoin could either start a bull run or fall to a new low.
Here’s What Crypto Analysts Predict For 2023
Crypto analyst CredibleCrypto believes BTC price can only go to $15.6K if Bitcoin ends the month below $16.5K. However, he agrees with BitMEX co-founder Arthur Hayes that the BTC price can hit $100K by the 2023 end or early 2024.
Analyst Rekt Capital suggested that the BTC price needs a monthly close above $16.8K to rally higher, otherwise it will see a downfall below $15,000.
Crypto analyst Michael van de Poppe in a recent tweet suggested watching if the $16,400 level is going to provide support here. Bitcoin could have a bearish retest at $16.6K and continue falling.
Also Read: Is It $10K Or $100K For Bitcoin Price In 2023?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.