Full report on what to expect in 2023

[ad_1]

Bitcoin price is expected to end the year above the crucial $16.5,000 support level. The crypto market has seen slow price action due to limited trading activity over the holiday season. Traders expect the second largest cryptocurrency, Ethereum, to also end the year above $1,200.

In the weekly timeframe, Bitcoin price action has been trending lower since the ATH in November 2021. BTC price failed to capitalize on the breakout of the descending channel in October 2022 due to the collapse of the FTX crypto exchange.

Bitcoin price is currently trading at $16,553, trading sideways after recovering from a dip below the crucial support level on Friday. The 24-hour low and high are $16,408 and $16,610 respectively. Thus, the price has only recovered 1% in the last 24 hours.

The RSI is at 33. Therefore, the Bitcoin price is showing weakness and is likely to continue moving sideways in the coming weeks. The exponential moving average also shows a bearish price trend in the coming weeks.

Interestingly, the Bollinger Bands indicate the formation of narrow bands in the weekly time frame. Thus, traders may stay away from trading due to reduced volatility. The end of Squeeze could likely see the price of Bitcoin rise.

According to data from blockchain UTXO, 1-3 month retail investors (green) are maintaining positive sentiment, but longer timeframes like 3-5 year holders (pink) clearly show reduced risk. Additionally, short-term traders 3M-6M (orange) are still reeling from heavy losses. However, the institutional 2Y-3Y level (deep blue) is showing signs of accumulation.

Distributor Bitcoin UTXO. Source: CryptoQuant

Also Read: Is Bitcoin Price Drop to $10,000 Inevitable in Early 2023?

Bitcoin Price Prediction 2023: Arcane Research

According to the Arcane Research report, the crypto market will calm down in 2023, with declining volumes and declining volatility. This will be a year to accumulate and build exposure to Bitcoin, while keeping an eye out for upcoming crypto regulations.

Bitcoin price will mostly trade in a flat range, but close 2023 higher. The correlation between Bitcoin and stocks will decrease due to the drop in crypto trading activity.

Also Read: Crypto Analysts Predict Bitcoin Price for 2023 as BTC Crosses Key Level

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

[ad_2]