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Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin price jumps over $17,000 but crypto analysts and on-chain data reveal warning signs and upside level for BTC.
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Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin price finally breakout above the $16.5k level today after struggling near the level for many days. The BTC price hit a high of $17,021, rising almost 3% in the last 24 hours. While on-chain data and crypto analysts expect Bitcoin to record more gains, resistance remains much stronger at $18k.

Moreover, Fed Chair Jerome Powell’s speech to impact the markets today as a hawkish stance could mean pushing the economy into recession. Experts believe the Federal Reserve to continue rate hikes to tame inflation in 2023.

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Is Bitcoin Price Really in Bull’s Control?

Bitcoin price saw significant gains on Wednesday, November 30 as a result of short covering by traders at the end of the month. The BTC price tops $17,000 but analysts expect the price action will be slow from here. “It’s just a bear market rally.”

According to Spent Output Profit Ratio (SOPR) on-chain data, short-term participants continue to sell in losses with SOPR of less than 1. The lack of positive sentiments makes $18k a strong resistance level. In fact, $18k is the average cost of entry for short-term participants.

Moreover, traders need to be careful once $18k is reached as yield curve inversions often precede recessions and the current 10-year Treasury rate (3.75%) is below the 3-month rate (4.22%).

Bitcoin SOPR Analysis. Source: CryptoQuant

Long-term investors of Bitcoin are still at loss and it’s tough for long-term holder SOPR to turn back to a positive trend anytime soon. Therefore, short-term SOPR becomes a more informational and dynamic metric compared to aSOPR/SOPR under current conditions.

Bitcoin (BTC) Price At Day Timeframe. Source: Michael van de Poppe

Crypto analyst Michael van de Poppe predicts Bitcoin price can continue to rally toward $18.3k if it holds the local support at $16.6k. Michael van de Poppe earlier pointed out that Bitcoin price has reached the previous bear markets bottom where the price generally starts to rise.

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Fed Chair Jerome Powell’s Speech to Drive Market Dynamics

Wall Street and Crypto Market to carefully observe Federal Reserve Chair Jerome Powell’s speech at the Brookings Institution on Wednesday for clues about the Fed hawkish or dovish stance in the coming year. Moreover, Fed slowing the rate hikes in the coming FOMC meetings could mean bullishness for stocks and crypto.

Elon Musk has also raised concerns over the need for the Fed to cut rate hikes immediately to prevent recession risks.

“Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession.”

Bitcoin and Ethereum prices are currently trading at $16,872 and $1,268, respectively ahead of Powell’s speech.

Also Read: This May Break Bitcoin’s Ongoing Consolidation

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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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