The crypto market fails to witness a Santa Claus rally as expected by crypto analysts and on-chain experts. However, the Bitcoin (BTC) price still holding above the $16.8K level, which is a good sign. Ethereum (ETH) price is also moving sideways above the $1,200 level.
Bitcoin Price To Move Towards $10K or $100K in 2023?
Bitcoin price is currently trading at $16,839, as per CoinMarketCap. The 24-hour low and high are $16,755 and $16,908, respectively. Thus, the BTC price has increased nearly 1% in the last 24 hours and just 2% in a week.
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According to on-chain analysis, the Bitcoin Exchange Reserves for All Exchanges data indicates the exchange reserves are still falling. Moreover, the 14-day and 30-day SMMA of Bitcoin reserves of crypto exchanges shows that the 14-day SMMA moving above the 30-day SMMA has historically led to an increase in Bitcoin price.
Therefore, a bullish crossover of moving averages of exchange reserves can be a signal of the start of a bullish trend. Also, earlier on-chain reports indicated a fall in selling pressure from miners and the distribution of Bitcoin from whales to investors.
Popular crypto analysts such as Michael van de Poppe, Rekt Capital, and CredibleCrypto have predicted that Bitcoin price monthly close above or below the $16.9k-$17k range will determine a bullish or bearish trend in 2023. If the price closes below the level, Bitcoin price is likely to drop to $15,600. However, an above close will turn Bitcoin bullish.
In fact, analysts including CredibleCrypto fully agree with BitMEX co-founder Arthur Hayes that the Bitcoin price can hit $100K by the 2023 end or early 2024.
Also Read: Bitcoin And Ethereum Price Prediction As The Crypto Market Struggle In Uncertainty
Ethereum Price Stays Strong
Ethereum price is currently trading at $1,219. The 24-hour low and high are $1,203 and $1,222, respectively. Thus, the ETH price is also moving sideways, with a 1% rise in 24 hours and over 3% in a week.
According to on-chain data, the Ethereum Exchange Reserve for All Exchanges metric indicates the ETH reserves on centralized exchanges have declined by more than 30%. Thus, investors are accumulating and are more bullish on Ethereum.
Crypto analyst Michael van de Poppe believes anything above $1,170 would be a good price to buy for the long term. Ethereum price closing above the support will be bullish for Ethereum in 2023.
Also Read: Top 5 Altcoins Under $100 With Great Utility Demand
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.