Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Analysts who compared the on-chain metrics of Bitcoin in 2023 to that in the 2018-2019 cycle found that Bitcoin could have formed its long-term bottom back in January.
Investors with high time horizons could be rewarded later this year.Read Bitcoin’s [BTC] Price Prediction 2023-24Analysis of the price action showed that, although there was significant sell pressure recently, bulls still have strength in the market.
The confluence of support in the $21.6k-$22k area underlined the possibility of a bounce in prices across the market.Source: BTC/USDT on TradingViewFrom June to November, Bitcoin traded within a range that extended from $18.9k to $24.2k.
The mid-point of this range lay at $21.6k and was previously tested as support in mid-February. The price has sunk to this region once again after a rejection at $25.2k.Even though the king of crypto was able to breach the range highs, the bulls were unable to defend their gains.Read more on ambcrypto.com