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Will bitcoin go back up - Decoding BTC Price rally 2023
The largest cryptocurrency by market capitalization, Bitcoin, extended its winning streak to nine days and hit an intraday high of almost $18,078.
In a recent study from on-chain analytics source Glassnode, showed how many Bitcoin investors believed there will be a rally in 2023.
Bitcoin has been trading below its realized price since September 2022, and after the FTX fall in November BTC prices dropped heavily creating new high spike in new addresses as people “bought the dip” and took advantage of the price fall.
The detailed analysis by experts of coinpedia shows the supply of Bitcoin that was profitable revealed that more traders were profitable by January 2023. Since 11.2 million BTC are in profit, indicating that they are already in private addresses.
At the time of publication, BTC price is up by 11.79% in last 7 days and trading at $18,798.10. Over the last ten days, the quantity lost has drastically decreased, indicating that a sizable sum has accumulated since the beginning of the month. Earlier Coinpedia projected that a steady rise in volumes could push the bitcoin price prediction for 2023 to $43,959.19.
The current trade set-up flashes bullish signals as the price is preparing to move beyond $19,000 any time from now. Furthermore, on achieving $19,000, the path towards the higher targets becomes pretty clear. The next destination of the BTC price could be $20,000 and after securing above these levels, a notable upswing may uplift the price close to the pivotal resistance at $25,000 and may be by Feb we can see this.
22.10.2022, 16:21
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