Bitcoin in an extreme long-term hodler accumulation zone around 2023

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While the majority of the cryptocurrency market turned red again, its largest asset, Bitcoin (BTC), saw minor losses, dropping below its sideways trading pattern of previous weeks as aftershocks from the FTX’s collapse are still being felt.

Given Bitcoin’s historical price development, the flagship decentralized finance (DeFi) token is currently in the extreme long-term accumulation zone, as observed by pseudonymous crypto analyst Trader on December 27. Tardigrade.

According to the expert, current Bitcoin activity is very similar to the price level in 2010 and 2020, when the first cryptocurrency changed hands at a price of $0.09 and $3,800, respectively, making it a good deal.

Bitcoin price action analysis. Source: Trader Tardigrade bitcoin price analysis and outlook

As it stands, Bitcoin is trading at press time at $16,659.58, down 1.04% in the previous 24 hours and down 1.18% from seven days. previously, while, on the monthly charts, BTC registers an increase of 2.95%, as per data retrieved on December 28th.

7-day Bitcoin price chart. Source: Finbold

Meanwhile, Aurélien Ohayon, CEO of strategy services platform XOR, noted that Bitcoin’s historic bull run has happened every four years, meaning 2023 will potentially form the basis for another. , given that BTC bear markets only last for a year.

On the other hand, David Kemmerer, CEO and co-founder of crypto tax software platform CoinLedger, believes that Bitcoin could still crash in 2023. Crypto miner running BitcoinMiningSoftware.com, Stefan Ristic, has similar opinions but also expects BTC to be halved. in 2024 to be the main catalyst for a possible bull run.

Elsewhere, Fraser Matthews, president of crypto exchange Netcoins, projects more pain for Bitcoin the following year, warning that the digital asset could correct itself to around $10,000, while the machine learning algorithm of CoinPriceForecast pegs BTC price at $17.191 for mid-2023.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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