Bitcoin has been making headlines in recent months due to its rapidly increasing price and newfound mainstream popularity. As of writing this, BTC has formed a new support level at $23,000, leading many to speculate on where it will head next.
In this article, we will deep dive into the current state of the Bitcoin market and make a Bitcoin price prediction for the near future.
Bitcoin HODLers Showing Unprecedented Conviction, Bitfinex Analysts Report
HODL conviction has reached an all-time high and is expected to remain so going forward. According to a report from Bitfinex, the BTC Supply in Profit indicator has increased by more than 20% in the new year. With this, we can predict a more bullish market in 2023.
It looks like HODLers are starting to lose their conviction in their long-term investment. They believe that it is not the time to sell even if the market goes down. They also believe that HODLers should be rewarded for their patience and loyalty.
Whereas, Bitfinex analysts says;
“HODLer conviction is currently…