HomeCrypto NewsMarketCrypto Analyst Suggests Bitcoin Already Tapped Its Low For The Year

Crypto Analyst Suggests Bitcoin Already Tapped Its Low For The Year

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Crypto Rover suggests that Bitcoin’s 2023 low is in.

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Crypto Rover, a highly followed crypto analyst, has attempted a prediction of Bitcoin’s price low for the calendar year.

In a tweet today, the analyst suggested that the asset has already tapped its price low for the year at the $16,552 price point. Notably, CoinMarketCap data puts the current 2023 low at about $16,517 on the first day of the year. However, it does not take away from the point the analyst was trying to make.

Notably, 2022 is the only year in the list since 2015 that Bitcoin traded lower than the previous year.

It is worth noting that Bitcoin has remained on an upward trajectory so far this year. At press time, it is up 26% from its opening price of $16,547.91 on January 1.

While the reason for the renewed interest in Bitcoin is unclear, Santiment Feed, in a tweet yesterday, pointed out significant accumulation by key big bag holders.

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Per the data shared, Bitcoin sharks with holdings between 10-100 BTC kicked things off by accumulating 106,500 BTC in the past 10 weeks, halting Bitcoin’s $16k decline. Next up, the crypto analytics firm shows that small whales with holdings between 100-1000 BTC, accumulating 67,000 BTC in the last 8 weeks, led the rebound to $18k. Finally, large whales with 1000-10,000 BTC, adding 37,100 BTC to their bags in the last 10 days, led the rally to $21k.

As reported today, veteran trader Peter Brandt has shared a bullish outlook on the asset, seeing it peak above the $100k price in 2024. Verified CryptoQuant author Maartunn shared a similar setup with a $60k price target. Notably, both hinge on Bitcoin maintaining price support around the $18,300-$18500 range.

At the time of writing, Bitcoin is trading at the $20,877.2 price point, up 0.51% in the last 24 hours.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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