Key Takeaways:

• Bitcoin price is struggling hard to hold the crucial levels around $23,000 which is largely under bearish captivity 
• Meanwhile, the trend continues to remain under the bullish influence and hence a notable upswing could be imminent
• Bitcoin mining difficulty is increasing, and hence a notable impact may be expected on the price 

Additional Read: Top Crypto That Crashed More Than 70%

Bitcoin  Price History

• Bitcoin was initially described in 2008 in a whitepaper by a person or a group of people with a pseudonymous name ‘Satoshi Nakamoto’ and was soon launched in January 2009
• The first BTC block was mined in 2010 where in the token first started trading with a price ranging from $0.0008 to $0.08
• Bitcoin underwent many bull runs and bear markets in its history starting from 2013, where the price surged high beyond $1000 for the first time
• However, the Bitcoin halving also took place every 4 years, that positively impacted the token price 
• Further in 2017, the Bitcoin price underwent a gigantic bull run to mark new highs close to $20,000, somewhere around $19,500 and later dropped in a steep bearish well
• The bear market sustained over the next couple of years and bottomed during the Covid pandemic outbreak in March 2020
• The price began to rally in the Q4 2020 and reached the highs in Q4 2021 to mark a new ATH at $69,000
• Since then the price has been trading under bearish influence and attempting hard to stabilize a decent uptrend

Bitcoin  Technical Analysis

Source: Tradingview

• The bears have regained the dominance and hence the BTC price is plunging below the support levels of the ascending triangle
• The price also dropped below the crucial 100-day EMA levels which is flashing bearish signals for the crypto
• Additionally, the On-balance volume (OBV) is displaying a bearish divergence which means the trading volume has decreased significantly  
• Although, the BTC price is repeating the previous pattern, the trend does not appear to be ascending and hence the possibility of a bearish pullback emerges
• In case of an extended bearish action, the price could drop back to test the lower support at around $21,500 in the short term

Read More: Ethereum Price Predictions

Overview of Bitcoin On-chain Analysis:

Bitcoin Hash Rate

Source: Messari.io

The Hash rate is nothing but the amount of the processing power and computing power required to validate the transaction on the proof-of-work network. It consists of solving a complex mathematical equation at the earliest which is calculated on the basis of per second. Presently, the hash rate has recovered significantly and is hovering around 282 million and heading toward the north. The rising hash rate indicates that more nodes or computers are on the network which in turn signals the network to be more secure and less prone to any attack.

Bitcoin Average Difficulty

Source: Messario.io

The Bitcoin average difficulty or the mining difficulty refers to how difficult it is for the miners to generate a hash rate lower than the desired rate. This is achieved by reducing the numeric value of the hash block header. Bitcoin’s new block is formed and added to the network every 10 minutes. Presently, the average difficulty is at the peak indicating more miners on the network. Further, the difficulty is adjusted depending on the number of participants on the network and their combined hash power.

Bitcoin Supply on Exchanges

Source: Messari.io

The supply on exchanges indicates the number of tokens present in the exchange wallets. If the balance on these wallets increases, it indicates the market participants are transferring their tokens onto the exchanges with an international to perform a trade. Besides, a plunge in these levels indicates that traders are more interested in holding the tokens in their wallets for a long time ahead. The BTC supply on exchanges had dropped but recovered notably since the beginning of the year. Therefore, indicating the price could remain highly volatile for some time as a huge amount of tokens has flown back to the exchanges. 

Bitcoin Price Prediction for 2023

Bitcoin remained under acute bearish pressure throughout 2022 after undergoing a bull run in 2021. Meanwhile, the beginning of 2023 marked a notable recovery phase as Bitcoin prices gained nearly 40% in its value. Regardless of the current pullback, the price is believed to maintain its bullish momentum and resume an upswing by the end of January. Further, by the end of Q1, the price may attempt to settle beyond $25,000.

However, during the Q2 trade, the price may remain consolidated as the bearish influence does not appear to have eased. Hence, by the end of H1 2023, the BTC price could rise close to $28,100 or if the bearish actions intensify may hover below these levels. Further, by the end of Q3, the price may reach back above $28,000 if the bulls hold the rally, or else display an extended consolidation. By the end of 2023, the BTC price may rise slightly above $30,000 and settle around $32,000.

Bitcoin Price Prediction for 2024

With a bullish close for 2023, a similar momentum may be carried forward in 2024 as the price may attempt to reach beyond $35,000 in Q1. After a brief consolidation, the upswing may resume which could propel the price beyond $37,500 or close to $40,000 by the end of H1 2024. Woefully, just before the end of Q2, the BTC price may face rejection from $40,000 and drop below $38,000.

The second half of 2024 is largely considered to be bullish as the possibility of a bull run intensifies. The Q3 trade may remain slightly consolidated as the bulls may continue to accumulate gains to propel high. Hence the bulls may gear up in Q4 and rise the price levels back above $40,000 initially and uplift beyond $45,000. However, by the end of 2024, the price may attempt to secure $50,000 but the bears may restrict the price to around $48,500.

Bitcoin Price Prediction 2025-2030

The Bitcoin price may regain $50,000 in the first few weeks of 2025 and maintain a notable upswing to leap long throughout the year and close around $59,000 after facing rejection at $60,000. After rising for more than 20 months, the bulls may get exhausted and Bitcoin may fall in a bearish trap wherein the price may drop below $50,000 in H1 2026 and also test support levels at $40,000 by the end.

Further in 2027, the price may begin with a significant recovery and remain consolidated within a very narrow range. The price may remain consolidated throughout 2028 and by the beginning of 2029, the token may begin to rise slightly. During 2030, the price may regain bullish momentum and may surge beyond the current ATH and hover around $80,000.

Should you invest in Bitcoin in 2023? 

Bitcoin has been considered the most profitable investment since its inception in the crypto space. The token carries a history of more than a decade and hence the market participants may largely rely on the token. However, before investing in the token, detailed research on the project and upcoming upgrades are imperative. A close study of the price movements is also important.

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