Sunday, February 5, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
Crypto Miracles
Advertisement
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
  • Home
  • Crypto News
    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ripple
    • Altcoin
    • Press Release
  • Blockchain
  • People
    • Opinion
    • Interview
  • Business
  • Technology
  • Market
  • Analysis
  • Live Price
  • Regulation
  • Guide
No Result
View All Result
Crypto Miracles
No Result
View All Result
Home Market

Glassnode: Bitcoin price outlook after BTC break above $23k

January 24, 2023
in Market
Reading Time: 4 mins read
0
Glassnode: Bitcoin price outlook after BTC break above $23k
Share on FacebookShare on TwitterPinShare on Reddit


  • Bitcoin’s rally from December lows after the FTX collapse surprised many investors, Glassnode says in its weekly report.
  • Bitcoin could see further upside but a fresh buy signal is likely at prices around $28.3k.
  • Selling pressure above $23.3k is more likely given short-term holders and miner push for exit liquidity.

Bitcoin price remains poised near $23,000 after a breakout pushed the leading cryptocurrency’s value above the psychological $20k level.

As highlighted ove the weekend, Bitcoin’s surge to prices above $23,000 did surprise many people, and while optimism is high among bulls, a potential liquidity exit from profit booking is likely. Particularly, this could be the outlook given how brutal the 2022 bear market was for short term holders and miners.

On-chain data platform Glassnode has highlighted this possibility.

The recent market rally has pushed #Bitcoin prices above $23k, surprising many investors.

However, with higher prices comes an increased motivation for network participants to take exit liquidity, especially after the prolonged bear of 2022

Read here 👇https://t.co/D5QY9n5dp7

— glassnode (@glassnode) January 23, 2023

Glassnode’s outlook after latest BTC price action

According to on-chain data firm Glassnode, Bitcoin looks “almost out of the woods,” but the price action to levels in the $21k to $23k region also reclaimed several on-chain pricing models.

A look at the Investor Price (currently at $17.4k) and Delta Price ($11.4k), signifies a similar price action at the bear market bottom of 2018-2019. Investor Price is the average price at which investors acquired all the spent and miner distributed coins, while Delta Price is derived from Realized Cap minus Bitcoin’s all-time Average Cap to get a technical pricing model.

At the base of this outlook is the price discovery phase, which during that 2018 bear market bottom lasted 78 days. The current market is at a similar level, with BTC above the Realized Price of $19.7k.

“This suggests an equivalency in durational pain across the darkest phase of both bear markets,” Glassnode wrote in its weekly market report.

Still on the Investor Price/Delta Price metrics, the on-chain platform points to a measure called compression, which takes into account the spot price to determine the intensity of the market’s undervaluation.  The metric also correlates with the scale of change in an asset’s Realized Cap or capital inflow volume, with a threshold zone of 0.15-0.2.

Given the current BTC price and compression value, Glassnode estimates a bullish confirmation signal could be triggered if Bitcoin bulls reclaim $28.3k.

More optimism for bulls

Also helping the bull case is the Supply in Profit measure, which spiked 12% in the last two weeks to rise from 55% to 67%. The spike in percent of coins in profit is “the sharpest” of all prior bear markets, suggesting a lot more coins changed hands below the $23.3k level.

Key to bulls’ case is also the fact that Bitcoin price at current levels is above all the three cost basis of long-term holder, short-term holder and BTC Realized Price. This is the first time spot price has pierced the three Realized Prices and sustained momentum above the levels would be positive.

The recent surge in #Bitcoin price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis.

A sustained duration above these key psychological levels would be considered constructive. pic.twitter.com/kyzuwSPenv

— glassnode (@glassnode) January 24, 2023

A bull trap case

While Glassnode points to potential bull case scenarios, its report also highlights probable cases of fresh sell-off pressure.

According to the on-chain data report, one of these is the “substantial spike in profitability,” which the platform says raises the possibility of selling pressure triggered by short-term holders. 

Miners are also likely to be motivated by the price action and might look to liquidate some of their holdings, adding to a potential retreat for BTC price.


Share this article

Categories

Tags





Source link

Related articles

Bitcoin sees $23.3K amid market reaction to US jobs report

Bitcoin sees $23.3K amid market reaction to US jobs report

February 3, 2023
MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

February 3, 2023
Share2Tweet1PinShare
Previous Post

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US GDP, Consumer Sentiment Data – Market Updates Bitcoin News

Next Post

Bitzlato Executives Arrested in Europe, Exchange Laundered €1 Billion, Europol Says – Exchanges Bitcoin News

Related Posts

Bitcoin sees $23.3K amid market reaction to US jobs report

Bitcoin sees $23.3K amid market reaction to US jobs report

by cryptomiracles
February 3, 2023

Bitcoin price fell slightly to retest support near $23,250 on Friday. The top cryptocurrency’s price action mirrored early trades on...

MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

by cryptomiracles
February 3, 2023

MicroStrategy registered $34 million in its first-ever bitcoin sale. The company registered a paper loss of over 1 billion in...

Solana-based crypto lender Everlend Finance shuts down app

Solana-based crypto lender Everlend Finance shuts down app

by cryptomiracles
February 2, 2023

Everlend Finance has closed down its lending app. Users have been advised to withdraw their assets. The crypto lender has...

Ethereum price after Zhejiang testnet launch

Ethereum price after Zhejiang testnet launch

by cryptomiracles
February 2, 2023

The Ethereum Zhejiang public testnet went live on February 1, just according to the plan. The testnet paves the way...

Coinbase pausing creator Drops on its NFT marketplace

Coinbase pausing creator Drops on its NFT marketplace

by cryptomiracles
February 2, 2023

The exchange however maintained that it is not planning to close its NFT marketplace. It wants to align the exchange’s...

Load More
Next Post
Bitzlato Executives Arrested in Europe, Exchange Laundered €1 Billion, Europol Says

Bitzlato Executives Arrested in Europe, Exchange Laundered €1 Billion, Europol Says – Exchanges Bitcoin News

Washington Townhome Tied to Disgraced FTX Co-Founder Listed for $3.28 Million Amid Controversy and Bankruptcy – Bitcoin News

Washington Townhome Tied to Disgraced FTX Co-Founder Listed for $3.28 Million Amid Controversy and Bankruptcy – Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions.

twenty − 2 =

Crypto Miracles

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics, and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency.

Categories

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Business
  • Dogecoin
  • Ethereum
  • Guide
  • Interview
  • Litecoin
  • Market
  • Opinion
  • Press Release
  • Regulation
  • Ripple
  • Technology
  • Uncategorized

Recent Posts

  • Australian Government Says It Is Working to Ensure ‘Regulation of Crypto Assets Protects Consumers’ – Regulation Bitcoin News
  • Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn – Bitcoin News
  • Binance to Support Georgia’s Crypto Industry Through Blockchain Education – Exchanges Bitcoin News

Newsletter

    • About Us
    • Contact Us
    • Privacy Policy
    • Terms and Conditions

    cryptomiracles.com © 2021 All rights reserved.

    No Result
    View All Result
    • Home
    • Crypto News
      • Bitcoin
      • Ethereum
      • Dogecoin
      • Litecoin
      • Ripple
      • Altcoin
      • Press Release
    • Blockchain
    • People
      • Opinion
      • Interview
    • Business
    • Technology
    • Market
    • Analysis
    • Live Price
    • Regulation
    • Guide

    cryptomiracles.com © 2021 All rights reserved.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.