Bitcoin Price Prediction as BTC Forms New Support at $23,000 – Here's Where BTC is Headed Next

cryptonews.com:

Bitcoin has been making headlines in recent months due to its rapidly increasing price and newfound mainstream popularity. As of writing this, BTC has formed a new support level at $23,000, leading many to speculate on where it will head next. 

In this article, we will deep dive into the current state of the Bitcoin market and make a Bitcoin price prediction for the near future.

HODL conviction has reached an all-time high and is expected to remain so going forward. According to a report from Bitfinex, the BTC Supply in Profit indicator has increased by more than 20% in the new year. With this, we can predict a more bullish market in 2023.

It looks like HODLers are starting to lose their conviction in their long-term investment. They believe that it is not the time to sell even if the market goes down. They also believe that HODLers should be rewarded for their patience and loyalty.

Whereas, Bitfinex analysts says;

“HODLer conviction is currently close to record highs as indicated by Reserve Risk for BTC, which recently fell to its lowest level ever, even lower than the 2019 or 2020 low. Profits are being taken now not only by short-term holders but even long-term HODLers.

”The Market Value Realised Value (MVRV) ratio for Bitcoin has also recovered since the start of the new year. While this is another metric that’s flashing bullish, it is important to note that a violent move out of the box is normally accompanied by a period of consolidation and sometimes extended pullbacks for BTC. Over a 12-18 month investment horizon, this behaviour for the MVRV Z-score indicator has a 100 percent success rate for price appreciation.

In conclusion, Bulls will be hoping for history to once again rhyme, and that the world’s largest