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.
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.
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.
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.
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