Bitcoin Price Prediction as Bulls Hold BTC Above $23,000 – Where is the Next Target?
With Bitcoin's price currently hovering around $23,000, there is uncertainty among traders and investors about the direction of its next move. As the market undergoes a period of consolidation, analysts and experts are making predictions about the future of Bitcoin's price.
In this article, we will delve deeper into the current state of the market and examine several factors that could have an impact on the movement of Bitcoin's price in the near future. We will explore various scenarios and provide insights on what traders and investors can expect in the coming days and weeks.
A few days ago, Bitcoin (BTC) appeared to be in a price-RSI divergence pattern, which was a sign of relative trend weakness for the bears and would lead to a retracement. The retracement has now been completed, but the bears are also showing signs of weakness.
While Bitcoin exchange flows have been leaning toward the bears for the last few days, the selling pressure has been steadily decreasing. According to Glassnode alerts tracking daily on-chain flows, Bitcoin's net flows on February 24 totaled -$29.5 million. While there has been a return of overall sell pressure, it has slowed around the time of publication.
The majority of purchasing power for Bitcoin comes from addresses owning 1,000 - 10,000 BTC, which were accumulating at press time. This is significant, as this address category controls the majority of the BTC in circulation. However, a bullish trend has yet to begin because addresses holding more than 10,000 BTC have been contributing to selling pressure.
It will be interesting to see whether the bulls are prepared to take over in the coming days and weeks. The current value of 1, 10, and 100 BTCs can be found using a Bitcoin Profit
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