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Is It $10K Or $100K For Bitcoin Price In 2023?

Bitcoin and Ethereum reach inflection points and further movements will depend on Bitcoin price holding above $16.8k.
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Is It $10K Or $100K For Bitcoin Price In 2023?

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.

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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.

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.

Bitcoin Exchange Reserves. Source: CryptoQuant

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

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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.

Ethereum (ETH) Price. Source: Michael van de Poppe

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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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