![]() Source: Coin MetricsĪt the same time, Bitcoin’s downward trajectory has correlated with the traditional sector products that have been battered by the prevailing macroeconomic factors. Notably, with Bitcoin’s depressed prices, the data can be viewed as an indicator of the network’s faster growth. In particular, data retrieved from Coin Metrics indicates that 40 million BTC addresses now have a balance greater than $1. Source: TradingView.ĭespite Bitcoin’s gloomy outlook, onchain metrics point to increased adoption. Moving averages are for a ‘strong sell’ at 12, while oscillators are for ‘sell’ at 3. Meanwhile, Bitcoin’s technical analysis remained bearish, with a summary of the one-day gauges retrieved from TradingView aligning with the ‘sell’ sentiment at 15. ![]() On the weekly chart, BTC is down over 4%. ![]() Bitcoin price analysisīy press time, Bitcoin was valued at $26,240 with daily losses of about 2%. It is worth noting that the last Bitcoin all-time high of almost $69,000 was partly triggered by the increased entry of institutions into the space.Įlsewhere, Bard acknowledged the importance of Bitcoin’s related technology in influencing the asset’s value as it will make it easier to use the maiden crypto. According to Bard, increased institutional interest in Bitcoin can potentially increase prices. Secondly, the tool highlighted the importance of institutional adoption of Bitcoin. Source: Bard Factors influencing BTC priceīard pointed out that if the economy is doing well, investors may be more willing to invest in risky assets such as Bitcoin. Indeed, Bitcoin is still attempting to exit the 2022 bear market that saw the maiden crypto plunged by almost 70% from its all-time high. For instance, it noted that CoinPriceForecast places Bitcoin’s price at $35,085, at $35,459, and Binance crypto exchange at $26,364.82. At the same time, the tool shared some of the notable price predictions by renowned institutions and platforms for the end of 2023.
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