Bitcoin Bulls V. Bitcoin Bears: Who Will Win in 2023?

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As the end of the year approached, several experts had predicted that Bitcoin (BTC) would see a “Santa Claus rally”. Even still, the price of the token did not show any encouraging trend.

The queen cryptocurrency ended December 24 with a price above $16,800, continuing a minor uptrend. This was also true on December 25.

The leading cryptocurrency hasn’t been doing a lot of uptrends lately. During the period of December 2425, it only increased by 0.1%. As of this writing, one bitcoin is worth $16,866, an increase of 0.20% over the past twenty-four hours. Now everyone is focused on the year 2023 and what it will bring to cryptocurrency.

What Bitcoin Exchange Reserve Data Says

Bitcoin Exchange Reserves for All Exchanges data shows that reserves are falling, which is also confirmed by on-chain analytics platform CryptoQuant. Typically, when the 14-day SMMA of bitcoin reserves on crypto exchanges increases relative to the 30-day SMMA, the price of bitcoin tends to rise. As a result, a bullish crossover in the moving averages of foreign exchange reserves could signify the start of an uptrend.

Source: CryptoQuant

As for Ethereum, its price is currently hovering around $1,220. The low of the last 24 hours is $1,205 and the high is $1,224. As a result, the price of ETH is also trending sideways, having risen 0.09% in 24 hours and more than 2.7% in the past week.

A decrease of more than 30% in ETH reserves on centralized exchanges has been detected, according to statistics from CryptoQuant’s Ethereum Exchange Reserve for All Exchanges chart. This is why there has been an increase in the number of optimistic investors buying Ethereum recently.

Source: CryptoQuantWhat does 2023 hold for crypto?

Bitcoin’s historic bull runs have lasted an average of four years. Beginning with the accumulation of Bitcoin, the cycle progresses through a recovery, sales and distribution of cryptocurrency, and finally a recession. Accumulation could start in 2023, some experts say.

Experts disagree on the direction the cryptocurrency economy will take next year. Mike Novogratz, CEO of Galaxy Digital, thinks this dismal trend could last another two to six months.

Consensus among leading cryptocurrency experts, including Michael van de Poppe, Rekt Capital, and CredibleCrypto, has established that a monthly close of Bitcoin price above or below the $16,900-17,000 range $ will define a bullish or negative trend in 2023.

No one can guess where exactly the cryptocurrency industry is going. No one has a crystal ball, but the majority have their fingers crossed that the market downturn will soon be over. This year has been really difficult.

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