As the majority of the cryptocurrency market has turned red again, its largest asset, Bitcoin (BTC), has been recording minor losses, breaking below its sideways trading pattern from the previous several weeks as the aftershocks of the FTX collapse are still felt.
Taking into consideration Bitcoin’s historical price action, the flagship decentralized finance (DeFi) token is currently in the “extreme long-term hodler accumulation zone,” as pseudonymous crypto analyst Trader Tardigrade observed on December 27.
According to the expert, Bitcoin’s activity at present looks a lot like the price level in 2010 and 2020, when the maiden cryptocurrency was changing hands at the price of $0.09 and $3,800, respectively, which makes it “a good bargain.”
Bitcoin price analysis and outlook
As things stand, Bitcoin is at press time trading at $16,659.58, down 1.04% across the previous 24 hours and recording a 1.18% drop compared to seven days before, whereas, on the monthly charts, BTC is notching an increase of 2.95%, as per data retrieved on December 28.
Meanwhile, Aurelien Ohayon, CEO of strategy services platform XOR, has noted that Bitcoin’s historical bull run has occurred after every four years, which means that 2023 will potentially form the base for another one, considering that BTC bear markets only last one year.
On the other hand, David Kemmerer, the CEO and co-founder of the crypto tax software platform CoinLedger, believes that Bitcoin could slump further down in 2023. Crypto miner running BitcoinMiningSoftware.com, Stefan Ristic, has similar views but also expects BTC halving in 2024 to be the major catalyst of a possible bull run.
Elsewhere, Fraser Matthews, president of the Netcoins crypto exchange, projects more pain for Bitcoin in the following year, warning that the digital asset could correct to around $10,000, while the machine learning algorithm at CoinPriceForecast sets the BTC price at $17.191 for the middle of 2023.
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