Bitcoin bulls are struggling to push the price of the asset above $17,000. Still, most of his attempts since mid-November have been futile. As a result, the movement on the Bitcoin chart has been more or less horizontal. Bitcoin price is currently just below $17,000, changing hands at $19,946. So what’s next? Here are the opinions of analysts…
Willy Woo: “deep” in the MVRV value space
On-chain analyst Willy Woo recently shared his expectations for Bitcoin price on Twitter. He claimed that the market value to realized value ratio (MVRV) hovers “deep in” the value zone. The ratio in question follows the ratio between the market cap of Bitcoin and the capital invested in the network. In fact, the analyst said that according to the available data, the asset is already at the bottom. Detailing this and emphasizing that the market has entered a buying zone, Woo used the following statements:
The MVRV ratio is deep in the value zone. Below this signal, we were already at the bottom (1) until the latest FTX white swan debacle brought us back into a buy zone (2).
Market participants take advantage of being in the buying zone. Data from the on-chain analytics platform Glassnode revealed that the number of addresses holding more than 10 coins hit a 22-month high of 152,799 on Tuesday. He also confirmed that the accumulation continues. Leaving the buy zone extraction aside, we see that long-term investors are protecting their assets. According to data from Glassnode, the supply, which was active 5-7 years ago, reached 1.25 million coins, the highest level in 2 years.
Jason Pizzino: Bitcoin price could drop further
According to renowned crypto analyst Jason Pizzino, this is not the time for extreme fear as the price of Bitcoin could rally in a similar fashion to the S&P 500 among other major indices. With Bitcoin falling for 377 days, Pizzino thinks it’s time to recover. Also, the fundamental aspects of Bitcoin are changing as bullish sentiment, although it is not a clear technical indicator. Pizzino pointed out a few key items to watch out for in December and the months following. The items are as follows:
- Bitcoin price could bottom out this month in a version similar to the 2018 scenario.
- A Christmas rally is likely, as has been observed in the Bitcoin market in previous years.
- Pizzino thinks extreme fear will hit the crypto market in the first quarter of 2023 as the bottom continues to form.
- Pizzino added that in the second half of 2023, crypto prices will rise and fear will subside.
- In altcoins, Pizzino thinks it’s not time to invest in altcoins until Bitcoin gets a little stronger.
Still, Pizzino noted that Bitcoin traders should wait for macro confirmation, including a close above $25,000 per month. As such, the accumulation period is different from previous years. However, the analyst concluded that this period will be between 6-9 months. With this, cryptocoin.com As we have also reported, the Bitcoin market is unpredictable.
IntoTheBlock: Number of active addresses increased
Meanwhile, IntoTheBlock says the number of daily active addresses for both Bitcoin and Ethereum dropped after they first hit above $60,000 in May 2021. The analytics firm now states that the number of active addresses for BTC and ETH is stabilizing. This shows that more people are using the first two cryptos today than in the previous bull run. The analytics platform uses the following statements:
For Ethereum and Bitcoin, prices for May 2021 [en yüksek] After the level, there was a net decrease in daily addresses. Active addresses have stabilized quickly and have been at consistent levels ever since… We are seeing an increase in active addresses of around 36% for Ethereum (327,000 addresses on March 8, 2020, compared to 514,000 on December 1, 2022). Bitcoin has seen more modest gains, with a roughly 20.6% increase in active addresses (we registered 826,000 on March 9, 2022 compared to 1.04 million on December 1, 2022).
The firm tracks daily active addresses in its analytics application, which measures how many wallets make at least one transaction on a given day. More active addresses indicate broader adoption, according to the analysis firm. The analytics firm also says that despite the troubling macroeconomic conditions over the past year, the number of active addresses for BTC and ETH has stabilized. This indicates that we are at or near the bottom of a market cycle for active addresses and thus near user attrition.
Michael van de Poppe targets these levels for Bitcoin price
Finally, popular analyst Michael van de Poppe largely believes that the uptrend will soon be revived. Settling on the lower support, it is believed that the Bitcoin price will recover nicely and enter a double rally to reach $50,000 somewhere in mid-2023. The analyst marks targets for a relief rally that is expected to begin anytime as the BTC price hits lows for the first time in 2 years.
To do this, BTC price needs to surpass the pivot levels initially around $18.444, and after continuing at these levels, the rally is likely to continue above $25,000 and secure levels near $30,000. However, the price has reached the lowest FIB levels. Therefore, it is believed that it will recover nicely to test the upper levels very soon.
Meanwhile, the bears remain passive, according to the analyst. Therefore, they cause only minor fluctuations. Still, believing that the bulls will continue to move, the analyst also keeps the price target high. As Michael van de Poppe predicted, the BTC price is expected to rise to $50,000 in 2023.
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