Just-In: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?

Bitcoin
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Bitcoin price held over the crucial support of $16.5K and starts the year with an upside move. In the last 24 hours, Bitcoin price saw a rebound of nearly 2%, with the most upside move coming in just an hour around 8 AM UTC.

Bitcoin price is currently trading at $16,748. The 24-hour low and high are $16,521 and $16,751, respectively. The chart pattern indicates a definite move above $16.8K. Meanwhile, a top analyst predicts a retest of $17K could be on the chart.

Bitcoin Price To Bottomed Out Soon?

Bitcoin trading volumes look to return to normal after the holiday season and guide the BTC price direction for the next few weeks. According to the Bitcoin Fear and Greed Index, the positive sentiment has marginally increased to 27 in the last 24 hours.

Just-In: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?0 Bitcoin Realized Price UTXO. Source: CryptoQuant

On-chain analysis of the Realized Price UTXO age band data indicates that the average price of 6 to 24 months held Bitcoin is $34k to $52k. Moreover, the deposited UTXO and consumed UTXO of coins held for the last 6 to 24 months are at losses, not profit.

Therefore, panic selling by long-term holders is underway. Historically, large spikes in bands from an average loss were at the bottom of the market. While there may be more pain left, panic selling help create a bottom for Bitcoin. Also, traders should keep an eye on the Long Term Holder SOPR indicator (SMA 7) when long-term holders stop selling at a loss to confirm a bull market.

Just-In: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?1 Bitcoin Spent Output Age Bands. Source: CryptoQuant

Also Read: Crypto Twitter Reacts To Bitcoin Core Developer Losing Over 200 BTC

Crypto Analysts’ Prediction for Bitcoin

Crypto analyst Michael van de Poppe in a tweet on January 2 predicted that Bitcoin price can jump over $17K. He believes the BTC price will continue to hold above $16.6K and would result in continuation towards $17K. However, the BTC price rally will not start until a few weeks.

Just-In: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?2 Bitcoin Price in 1Hr Timeframe. Source: Michael van de Poppe

Meanwhile, the crypto market cap has risen above $800 billion amid a significant upside momentum in altcoins. Ethereum price is also trading up over 1% at $1,214, as expected earlier by crypto analysts.

Also Read: What is a Bear Trap in Crypto, and How Does it Work? – Beginners Guide



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Updated: 01/02/2023 — 06:00

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