Crypto Analysts Predict Bitcoin Price For 2023 As BTC Breaks Key Level

Bitcoin (BTC) price breaks further and hit a low of $16,467 on Friday as the market sentiment remains weak amid the holiday season. With the crucial support of $16.5K now broken, crypto analysts predict more narrow-range, sideways trading in the coming days. On-chain data indicates 2023 as a positive year for the crypto market.

Bitcoin Price To End 2022 Below Crucial Support $16.5K?

As reported earlier by CoinGape, Bitcoin’s (BTC) price is likely to fall further as Bitcoin is not undervalued yet or bottomed out. Several on-chain indicators such as MVRV, NUPL, Puell Multiple, and SOPR indicate that Bitcoin is undervalued. Traders can use the UTXOs in Profit and Loss on-chain data to find an exact level where Bitcoin can be considered undervalued.

Bitcoin Price Bottom. Source: CryptoQuant

According to the Spot Exchanges Stablecoin Reserves on-chain data, the reserves have reached to the pre-2021 bull market run levels. Moreover, volatility in stablecoin inflows on spot exchanges is at an all-time high. It indicates that Bitcoin could either start a bull run or fall to a new low.

Bitcoin - Spot Exchange Stablecoin Reserves — Bitcoin – Spot Exchange Stablecoin Reserves. Source: CryptoQuant

Here’s What Crypto Analysts Predict For 2023

Crypto analyst CredibleCrypto believes BTC price can only go to $15.6K if Bitcoin ends the month below $16.5K. However, he agrees with BitMEX co-founder Arthur Hayes that the BTC price can hit $100K by the 2023 end or early 2024.

Analyst Rekt Capital suggested that the BTC price needs a monthly close above $16.8K to rally higher, otherwise it will see a downfall below $15,000.

Crypto analyst Michael van de Poppe in a recent tweet suggested watching if the $16,400 level is going to provide support here. Bitcoin could have a bearish retest at $16.6K and continue falling.

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

TAGS
Bitcoin

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

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.

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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.