Bitcoin Price Poised for 2023 Surge: Analysts Predict Incremental Price Growth
• Two analysts from CryptoQuant have predicted that the value of Bitcoin [BTC] is poised to surge in 2023 based on their observation of historical trends and patterns.
• According to pseudonymous analyst oinonen_t, BTC’s price may see incremental growth throughout 2023 following a triple bottom structure in the market cycle.
• Another analyst Woominkyu suggested that long-term holders will gradually gain control of the market and increase prices again.
Predicted Surge in Bitcoin Value
Two analysts from CryptoQuant have shared their predictions based on historical trends and patterns observed in the BTC’s price movements in the 2018 – 2019 market cycle. Pseudonymous analyst oinonen_t looked at BTC’s on-chain active address data during the 2018-2019 cycle and found that it generated three individual bottoms as part of the reversal process. According to the analyst, this suggests that the market may see incremental price growth throughout 2023 following a similar triple bottom structure of last major cycle.
Long-Term Holders Gain Market Control
Another analyst Woominkyu studied the behavior of BTC long-term and short-term holders in relation to its realized price. Historical precedents revealed that BTC long-term holders have consistently outweighed short-term holders during periods when its price has successfully crossed its realized price, often leading to a rally in its value. The situation appears not to have changed much since then, suggesting that „long-term holders“ will gradually gain control of the market and raise prices again.
Positive Market Value To Realized Value Ratio (MVRV)
Despite some momentary slips and failure to reclaim $25K mark recently, on-chain data revealed that investors are still holding Bitcoin at a profit. Data from Santiment showed that BTC’s MVRV ratio remains positive which implies double profits for all current holders if they were to sell their holdings at present prices.
Investors Profit From King Coin
Many investors currently hold Bitcoin at a profit with good tidings for them ahead if predictions by CryptoQuant analysts come true this year. The experts‘ predictions suggest an upward movement for BTC’s price as we progress through 2021 into 2023 which could see further increases according to historical trends observed so far in its value movements over cycles.
CryptoQuant analysts predict a surge in Bitcoin [BTC] value this year with history providing evidence supporting gradual gains across 2023 backed by investors continuing to hold at profit as indicated by MVRV ratio remaining positive even during momentary dips recently witnessed by king coin’s value