• Bitcoin has formed a new support level at $23,000, leading many to speculate on where it will head next.
• HODLers are showing unprecedented conviction, with BTC Supply in Profit indicator increasing by more than 20% in the new year.
• A Bitcoin address that had been dormant for over 11 years recently came back to life, with 412.12 BTC worth of $200,000 being removed from the wallet on February 8th.
Bitcoin Price Prediction
Bitcoin has been making headlines in recent months due to its rapidly increasing price and newfound mainstream popularity. As of writing this, BTC has formed a new support level at $23,000, leading many to speculate on where it will head next. In this article, we will deep dive into the current state of the Bitcoin market and make a Bitcoin price prediction for the near future.
HODL Conviction Reaches All-Time High
HODL conviction has reached an all-time high and is expected to remain so going forward. According to a report from Bitfinex, the BTC Supply in Profit indicator has increased by more than 20% in the new year. With this, we can predict a more bullish market in 2023. It looks like HODLers are starting to lose their conviction in their long-term investment – they believe that it is not the time to sell even if the market goes down – but they also believe that HODLers should be rewarded for their patience and loyalty. Whereas Bitfinex analysts say: „HODLer conviction is currently close to record highs as indicated by Reserve Risk for BTC.“
Market Value Realised Value (MVRV) Ratio
The Market Value Realised Value (MVRV) ratio for Bitcoin has also recovered since the start of the new year. While this is another metric that’s flashing bullish signs, it is important to note that a violent move out of consolidation can often be followed by extended pullbacks for BTC over 12-18 month investment horizons – which have previously seen 100 percent success rates when it comes to price appreciation.
412 Bitcoins Stirred After 11 Years Of Inactivity
A Bitcoin address that had been dormant for over 11 years suddenly decided to come back to life recently – 1MMXRA holds 412.12 BTC accumulated through 4 transactions back in 2012; which was worth just $8 back then but now stands at around $200k after they were sold off on February 8th 2021!
Conclusion
Bulls will be hoping for history repeating itself and that BTC can post another exponential rally from lows over the next three or so years – resulting in a 10x rally from recent lows and seeing prices reach approximately $160k over time!
