{"id":16828,"date":"2023-01-24T14:44:14","date_gmt":"2023-01-24T14:44:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-after-btc-break-above-23k\/"},"modified":"2023-01-24T14:44:14","modified_gmt":"2023-01-24T14:44:14","slug":"bitcoin-price-outlook-after-btc-break-above-23k","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-after-btc-break-above-23k\/","title":{"rendered":"Bitcoin price outlook after BTC break above $23k"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674567681524-4fc6ebac-e67b-4f12-a3e3-034d9a0d9c6a-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674567681524-4fc6ebac-e67b-4f12-a3e3-034d9a0d9c6a-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674567681524-4fc6ebac-e67b-4f12-a3e3-034d9a0d9c6a-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674567681524-4fc6ebac-e67b-4f12-a3e3-034d9a0d9c6a-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\"><em><strong>Bitcoin\u2019s rally from December lows after the FTX collapse surprised many investors, Glassnode says in its weekly report.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><em><strong>Bitcoin could see further upside but a fresh buy signal is likely at prices around $28.3k.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><strong><em>Selling pressure above $23.3k is more likely given short-term holders and miner push for exit liquidity.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> remains poised near $23,000 after a breakout pushed the leading cryptocurrency\u2019s value above the psychological $20k level.<\/p>\n<p dir=\"ltr\">As highlighted ove the weekend, Bitcoin\u2019s surge to <a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-5-month-high-as-bulls-push-btc-above-23k\/\">prices above $23,000<\/a> did surprise many people, and while optimism is high among bulls, a potential liquidity exit from profit booking is likely. Particularly, this could be the outlook given how brutal the 2022 bear market was for short term holders and miners.<\/p>\n<p dir=\"ltr\">On-chain data platform Glassnode has <a href=\"https:\/\/twitter.com\/glassnode\/status\/1617525371108487169\" rel=\"noopener noreferrer\" target=\"_blank\">highlighted<\/a> this possibility.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The recent market rally has pushed <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> prices above $23k, surprising many investors. <\/p>\n<p>However, with higher prices comes an increased motivation for network participants to take exit liquidity, especially after the prolonged bear of 2022<\/p>\n<p>Read here \ud83d\udc47<a href=\"https:\/\/t.co\/D5QY9n5dp7\">https:\/\/t.co\/D5QY9n5dp7<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1617525371108487169?ref_src=twsrc%5Etfw\">January 23, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Glassnode\u2019s outlook after latest BTC price action<\/h2>\n<p dir=\"ltr\">According to on-chain data firm Glassnode, Bitcoin looks \u201c<em>almost out of the woods<\/em>,\u201d but the price action to levels in the $21k to $23k region also reclaimed several on-chain pricing models.<\/p>\n<p dir=\"ltr\">A look at the Investor Price (currently at $17.4k) and Delta Price ($11.4k), signifies a similar price action at the bear market bottom of 2018-2019. Investor Price is the average price at which investors acquired all the spent and miner distributed coins, while Delta Price is derived from Realized Cap minus Bitcoin\u2019s all-time Average Cap to get a technical pricing model.<\/p>\n<p dir=\"ltr\">At the base of this outlook is the price discovery phase, which during that 2018 bear market bottom lasted 78 days. The current market is at a similar level, with BTC above the Realized Price of $19.7k.<\/p>\n<p dir=\"ltr\">\u201c<em>This suggests an equivalency in durational pain across the darkest phase of both bear markets<\/em>,\u201d Glassnode wrote in its weekly market <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-04-2023\/\" rel=\"noopener noreferrer\" target=\"_blank\">report<\/a>.<\/p>\n<p dir=\"ltr\">Still on the Investor Price\/Delta Price metrics, the on-chain platform points to a measure called compression, which takes into account the spot price to determine the intensity of the market\u2019s undervaluation. \u00a0The metric also correlates with the scale of change in an asset\u2019s Realized Cap or capital inflow volume, with a threshold zone of 0.15-0.2.<\/p>\n<p dir=\"ltr\">Given the current BTC price and compression value, Glassnode estimates a bullish confirmation signal could be triggered if Bitcoin bulls reclaim $28.3k.<\/p>\n<h2 dir=\"ltr\">More optimism for bulls<\/h2>\n<p dir=\"ltr\">Also helping the bull case is the Supply in Profit measure, which spiked 12% in the last two weeks to rise from 55% to 67%. The spike in percent of coins in profit is \u201c<em>the sharpest<\/em>\u201d of all prior bear markets, suggesting a lot more coins changed hands below the $23.3k level.<\/p>\n<p dir=\"ltr\">Key to bulls\u2019 case is also the fact that Bitcoin price at current levels is above all the three cost basis of long-term holder, short-term holder and BTC Realized Price. This is the first time spot price has pierced the three Realized Prices and sustained momentum above the levels would be positive.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The recent surge in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018\/19 bear market and the March 2020 Covid crisis.<\/p>\n<p>A sustained duration above these key psychological levels would be considered constructive. <a href=\"https:\/\/t.co\/kyzuwSPenv\">pic.twitter.com\/kyzuwSPenv<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1617865019508539392?ref_src=twsrc%5Etfw\">January 24, 2023<\/a><\/p>\n<\/blockquote>\n<h2>A bull trap case<\/h2>\n<p>While Glassnode points to potential bull case scenarios, its report also highlights probable cases of fresh sell-off pressure.<\/p>\n<p>According to the on-chain data report, one of these is the \u201c<em>substantial spike in profitability<\/em>,\u201d which the platform says raises the possibility of selling pressure triggered by short-term holders.\u00a0<\/p>\n<p>Miners are also likely to be motivated by the price action and might look to liquidate some of their holdings, adding to a potential retreat for BTC price.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/opportunity-or-trap-glassnode-on-bitcoin-price-outlook\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin\u2019s rally from December lows after the FTX collapse surprised many investors, Glassnode says in its weekly report. Bitcoin could see further upside but a fresh buy signal is likely at prices around $28.3k. Selling pressure above $23.3k is more likely given short-term [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":16829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16828"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16828"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16829"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}