Bitcoin Price Prediction 2023

Bitcoin Price Prediction – Bitcoin’s price has flatlined in the past few days, taking its volatility to record lows. Market participants seem wary of placing large bets due to the uncertainty regarding the economy, the Federal Reserve’s monetary policy in 2023, and fears of another Covid surge as seen in China.

Although Bitcoin is facing one of its worst crypto winters, billionaire investor Mark Cuban remains bullish on the largest cryptocurrency. In a podcast with comedian Bill Maher, Cuban said, “I want Bitcoin to go down a lot further so I can buy some more.” He added that Bitcoin was a store of value similar to gold.

Another legendary investor Bill Miller also remains bullish on Bitcoin. In an interview with Barron’s, Miller said that Bitcoin holding near $17,000 after the debacle of the FTX cryptocurrency exchange was “pretty remarkable.” He expects Bitcoin to start going up after the Fed pivots from a tightening to an expansionary policy.

A bear phase offers an excellent opportunity for long-term investors to accumulate assets at low levels and that is what several crypto investors seem to be doing. Data from on-chain analytics firm Glassnode shows that the Bitcoin balance held by accumulation addresses soared to 3,099,828 Bitcoin as of December 25, just short of the all-time high of 3,403,280 Bitcoin made in August 2015.

However, large institutional investors continue to stay away from the crypto sector. Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management, told Bloomberg, that high volatility and “the lack of an intrinsic return that you can point to” has kept the institutional investors at bay and that may not change anytime soon.

The large investors may also have been deterred by the huge erosion of wealth seen among crypto billionaires. According to Forbes’ estimates, 17 of crypto’s wealthiest investors and founders have seen an erosion of $116 billion in personal wealth since March of this year.

Is Bitcoin showing signs of forming a bottom? What are the important levels to watch on the upside that will signal a potential trend change? Let’s look at the charts to find out.

BTC/USD Market Analysis

Bitcoin has been trading near the 20-day exponential moving average (EMA) for the past week. This suggests that the bears are defending the level but the bulls have not given up much ground.

This tight-range trading is unlikely to continue for long as periods of low volatility are usually followed by a range expansion.

In this case, if buyers thrust the price above the moving averages, the BTC/USD pair could rally to $17,568 and then make a dash to the stiff resistance at $18,385. The bears are expected to defend this level with vigor.

Conversely, if the price turns down sharply from the current level and breaks below $16,273, it will signal that bears have overpowered the bulls. That could sink the pair to the crucial support at $15,460.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. Traders may wait for the range to expand before placing directional bets.

The pair may remain stuck inside the large range between $15,460 and $18,385 for some more time.

ETH/USD Market Analysis


Ether has been trading close to the 20-day EMA for the past week. The bears tried to pull the price lower on December 22 and again on December 25 but the bulls bought the dips. This shows demand at lower levels.

Buyers will now try to propel the price above the moving averages. If they succeed, the ETH/USDT pair could rally to $1,352 which may act as a major hurdle.

If the price turns down from this level, it will suggest that the pair may consolidate between $1,071 and $1,352 for a few more days.

Another possibility is that the price turns down from the current level and slips below $1,150. If that happens, it will suggest that the bears are back in the driver’s seat. The pair could then sink to $1,071 where buyers may step in to arrest the decline.

BNB/USD Market Analysis


The bears thwarted several attempts by the bulls to push and sustain the price back above the breakdown level of $250. This indicates that the bears are trying to flip the $250 level into resistance.

The downsloping moving averages and the RSI in the negative territory indicate advantage to bears.

However, a minor positive in favor of the bulls is that they have not allowed the price to break below the immediate support of $236. This suggests that the buyers will again try to drive the price above the overhead resistance zone between $250 and the 20-day EMA.

If they manage to do that, it will suggest that the break below $250 may have been a bear trap. The BNB/USD pair could then pick up pace and rally to $290.

Conversely, if the price turns down and breaks below $236, the bears will try to strengthen their position by pulling the pair below $220. If this level cracks, the pair could drop to $200.

XRP/USD Market Analysis


XRP’s recovery from $0.33 reached the 20-day EMA on December 26. The bears are likely to defend the zone between the moving averages.

If the price turns down from this zone, the sellers will try to pull the XRP/USD pair to $0.32. Buyers are expected to protect the $0.32 to $0.29 zone with all their might.

On the upside, a break and close above the moving averages will be the first sign that the selling pressure could be reducing. That could clear the path for a possible rally to $0.41. This level could again act as a strong barrier.

If the price turns down from $0.41, it will suggest that bears are active at higher levels. That could keep the pair stuck between $0.32 and $0.41 for a little while longer.

ADA/USD Market Analysis


Cardano continues to trade inside the descending channel pattern. The ADA/USD pair is attempting a recovery from the psychological support at $0.25.

The relief rally could face strong selling near the 20-day EMA as the bears tend to defend this level during strong downtrends. If the price turns down from the 20-day EMA, the pair could again drop to $0.25.

If this level fails to hold, the downtrend could resume and the pair may plummet to the next support at $0.21.

This bearish view could invalidate in the near term if buyers propel the price above the 20-day EMA. The pair could then attract further buying and rise to the 50-day SMA. If this level is scaled, the pair may extend its rally to the downtrend line.

Hopefully, you have enjoyed today’s article for further coverage please check out our crypto Blog Page. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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