Bitcoin Price Prediction as Experts Expecting Further Downturn

Following the day before when major crypto exchanges like Coinbase, Circle, Galaxy Digital, and Paxos ended the tie with Silvergate, Bitcoin slides down more than 5%. To experts, Bitcoin price prediction was above $24K, but now it has been challenged by the fall in the market.

The announcement from Silvergate bank that it may be "less than well capitalized" has led to the loss of partnerships with several well-known names in the crypto industry. This includes Coinbase, one of the largest U.S. exchanges, and Crypto.com, both of which have stopped using Silvergate.

Circle, the stablecoin giant, has also announced that it is unwinding certain services with Silvergate due to concerns about the bank's stability and reliability.

This development could potentially impact the Bitcoin price prediction and the industry's growth and adoption. The loss of trusted banking partners could make it harder for cryptocurrency companies to operate and attract investors. As a result, investors may become more cautious and the price of Bitcoin could be affected.

Some trading experts have shared their views on Bitcoin's next move on Twitter. One of the analysts under the name Crypto Yhutiee has shared his views on Bitcoin price prediction. 

He compared the 2019 Bullish Bitcoin graph to the current ongoing chart and asked his followers if they can see the similarities.

“Bitcoin 2019 vs Bitcoin 2023

Look closing history is about to repeat itself

What do you think?”

Another trader just mocked the straightness of the Bitcoin price progress. The 25-day SMA is just straight and is flat for a long time.

“How straight and how long this line can go?”

Bitcoin Price Prediction

Bitcoin is currently at $22,232.93 USD, with a 24-hour trading volume of $11,308,878,741 USD. Bitcoin has fallen by 0.35% in the previous 24 hours. With a market cap of $429,280,153,155 USD, CoinMarketCap now ranks first. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,308,306 BTC coins.

 

Source: CoinMarketCap

Bitcoin Price Prediction: 1-Day Analysis

The 1-day price chart for Bitcoin price analysis reveals that the price breakdown was downwards today and is still going down, with the BTC/USD pair trading hands at 22,245 at the time of writing. The price trend has been higher over the past week, but it appears to be falling downward today. 

A bearish reversal pattern on the daily chart may indicate that additional decline is possible in the short future. Traders should keep a watch on the double-top support level, as a sustained break above it might lead to a short-term surge to $22,213 and beyond.

The relative strength index (RSI) stands at 42.09, indicating that the downward momentum is still active and that a further downturn is possible. The moving average indicator is below the 50-day moving average, indicating that additional downward momentum is expected.

Source: TradingView

Bitcoin Price Prediction: 4-Hour Analysis

The 4-hour price chart for Bitcoin price analysis reveals a continuing decline in price, with no significant bullish attempt, noted today. If the sellers now dominate the market, the last candlestick on the 4-hour chart may also turn red shortly. The 4-hour moving average is at $22,326 and is anticipated to continue at a critical level for the next several hours.

The MACD oscillator indicator has given a negative signal in the recent 24 hours, as indicated by the red hue of the histogram. The RSI is just above the oversold zone, indicating that the price may begin to rise from here.

Source: TradingView

Bitcoin Price Prediction: Onchain Analysis

BTC's price struggles to regain the $25,000 mark, and concerns are rising about a potential further drop in value. CryptoQuant analyst CryptoOnchain has stated that while short-term holders are buying BTC, long-term holders have not been supporting the recent price rise.

An on-chain assessment of BTC's price reveals that short-term holders are capitalizing on the price growth so far this year, resulting in a surge in coin distribution. However, CryptoOnchain notes that BTC's exchange inflow by 1-3 months holders is at its highest value since June 2022.

This development raises questions about the market sentiment towards BTC, as short-term holders seem to be taking profits while long-term holders remain hesitant. The high exchange inflow by 1-3 months holders also suggests that some investors may be looking to cash out their BTC holdings.

As the cryptocurrency market continues to be highly volatile, it remains to be seen what effect this will have on BTC's price prediction and whether it will lead to a further drop in value.

 

Source: CryptoQuant

Another expert in Santiment stated that “Liquidations across the cryptocurrency market in the past 24 hours have reached a staggering $245.51 million, with 82,137 traders liquidated, according to data from the crypto analytics platform Coinglass.”

BTC liquidations during that period totalled $84.74 million, with the majority being long liquidations. The prevalence of extended liquidations suggests that traders were leaning towards bullish positions, indicating that they expected the cryptocurrency to experience a price surge.

However, the significant amount of liquidations highlights the volatile nature of the cryptocurrency market and the risks associated with trading on margin. Investors and traders must be aware of the potential for sudden price swings and the need to manage their risk accordingly.

 

Source: Coinglass

As the cryptocurrency market continues to experience high levels of volatility, BTC's price prediction remains uncertain. The recent data from all the technical analysis and on-chain analysis suggests that traders are leaning towards bullish positions, but the significant amount of liquidations highlights the risks associated with trading on margin. 

It is crucial for investors and traders to manage their risk effectively and approach trading in the cryptocurrency market with caution. With the potential for sudden price swings, it is important to stay vigilant and make informed decisions based on market trends and analysis.