Bitcoin Price Prediction as $28,500 Support Holds Strong – Where is the Next BTC Target?
The price of Bitcoin has been a topic of much discussion among investors and cryptocurrency enthusiasts alike. With the support level at $28,500 holding strong, many are wondering about the future direction of the world's largest cryptocurrency.
In this update, we will examine various factors that could impact Bitcoin's price movement and make a prediction about where BTC could be headed next.
The US government, a major bitcoin holder, intends to sell 41,490 BTC in 2023, as revealed in a court document related to James Zhong's sentencing. In November 2022, the government seized a record-breaking 50,000 BTC from Zhong, who admitted to wire fraud in September 2012 after unlawfully obtaining over 50,000 bitcoin from the Silk Road dark web marketplace.
Onchain analytics company Glassnode detected the sale or transfer of 9,861 BTC to a leading exchange, likely Coinbase, prior to its sale. The court filing states that about 41,490.72 BTC remains from the Ulbricht case, which the government plans to liquidate in four additional batches throughout the year.
Glassnode's analysis of the on-chain transaction suggests that the funds were likely transferred to Coinbase. If the funds were indeed sold on Coinbase, this would differ from the US government's previous method of auctioning off confiscated crypto assets.
After selling the 41,490 BTC, the government will still possess 164,025 BTC, valued at approximately $4.65 billion.
Coin ATM Radar data reveals that the global count of crypto ATMs had experienced a 13.91% reduction since December 2022, when there were 39,179 units installed.
In January, 1,587 crypto ATMs were removed, marking the second-largest decrease since September 2022's loss of 399 units. February 2023 saw a smaller
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