Closely followed crypto analysts shared their new predictions for the 2023 levels of the Bitcoin price. Saying that the strength of the dollar will be important, Jason Pizzino predicts that we will see a bottom towards the new year.
Mark Yusko predicted that Bitcoin will replace gold
The veteran hedge fund manager claimed that Bitcoin will eventually replace gold. The leader suggested that the crypto will reach a six-figure price level. In the new interview, Yusko predicts that China will be the home of the next world reserve currency, but Bitcoin will dethrone it very soon.
Morgan Creek Digital’s senior hedge fund manager also highlighted BTC’s “superior” features. He said that cryptocurrency is on track to replace gold because of its divisibility and portability. Yusko estimates that we will see roughly $250,000 in the long run, based on the monetary value of gold.
In a recent interview with Stansberry Research, Yusko updated his Bitcoin predictions:
The monetary value of gold, $5 trillion, is roughly equivalent to $250,000 per Bitcoin. Now, it won’t all be tomorrow, but it will be over time.
Bitcoin rally lags as on-chain metrics hit historic highs
The host of Youtube channel InvestAnswers said in the new video that an on-chain signal shows that Bitcoin is too late to rally. The crypto analyst looks at Bitcoin’s realized price (RP) metric, which records the value of all BTC at the price at which they were purchased, divided by the number of coins in circulation. Accordingly, he points out that BTC does not stay below RP for a long time:
We are counting down to the next halving and we are now below the actual price… it has now been 170 days and the actual price is below the RP of about $21,000. This indicates that an increase in the real price is possible…
According to the analyst, Bitcoin has been below RP for 110 days in 2011, 240 days in 2015, 115 days in 2018, 8 days in 2020, and 170 days so far in 2022. This hints that a BTC bounce may be imminent. The analyst then says there is also increasing weakness in the US dollar index (DXY), suggesting that Bitcoin is poised for a rally:
As DXY rises, Bitcoin falls and vice versa. They are inversely related. If history repeats itself, this chart points to a possible collapse. But you can argue that it has already dropped from 115 to below 109. Yet here we are. If that happens, it will be very good for the risk area as well.
Bitcoin prepares for bull closing towards the new year
BTC price managed to hold above the $17,000 region in the last 24 hours. But according to some analysis, it marks new lows before the end of 2022. On-chain analytics platform Cryptoquant reports in its updated reports that the MVRV ratio of BTC price remained low for about 170 days and reached new lows.
Previously, levels had dropped drastically. It remained at these levels for about 134 days. Then the price entered an upward trend. Therefore, similar price action speculations are emerging right now. Therefore, at the end of 2022, it will increase the price movements to the highest levels.
Also, bearish signals are flashing, indicating that Bitcoin has failed significantly. According to the analysis in question, for the first time since the golden cross of the Hash Ribbon pattern, a dearh cross has emerged even as the BTC price remains largely stagnant.
The hash rate power of mining giant F2Pool has gradually decreased due to the recent collapse of FTX. This resulted in a massive drop in Bitcoin price that formed the bottom around $15,500. Also, miners have been going through a very tough time last week. Because a huge outflow of 10 thousand BTC was recorded in a single day. Analysts still expect Bitcoin to follow the momentum, with macro data starting to recover.
Popular analyst predicts Bitcoin’s rise
Sharing his analysis on Twitter and Youtube, Jason Pizzino called for a possible Bitcoin rally as the US dollar index (DXY) shows signs that this year’s parabolic rally may be coming to an end. The crypto analyst says that the US dollar index will not stop falling as it threatens to break an important support area on the higher timeframe chart.
The crypto analyst, looking at Bitcoin, believes that BTC could pull back to $16,700 before starting the next leg.
This means that we are back on track to break above this $17,200 high and move towards our target above $17,600. So this is our second step, our multi-day close area where we want to see Bitcoin strengthen further and then brace itself for moves above $18,600.
As Kriptokoin.com, we have compiled the current BTC estimates of nobel-winning and well-known economists in this article. The leading crypto was trading above $17,000 at the time of writing. It gained more than 7% in value compared to last week.
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