appeared first on
The king cryptocurrency, Bitcoin, finally crossed the important $17,000 resistance level on December 5 and is currently marching towards $17,600. Due to the uncertainties surrounding the FTX collapse, the leading cryptocurrency fell to a yearly low of $15,700 in November 2022. Thehas dropped nearly 74% since reaching an all-time high of almost $69,000 in November 2021.
Analysts and experts from the industry are now predicting how the cryptocurrency sector as a whole and Bitcoin would perform in 2023 as we near the end of the year 2022. In the wake of the FTX collapse, entrepreneur Tim Draper has once again. In a previous prediction, Draper stated that by the end of 2022, the price of Bitcoin would reach $250,000.
“I have extended my prediction by six months. $250k is still my number,” Draper wrote in an email to CNBC.
Bitcoin would need to rise in value from its current level of $17,000 by nearly 1,400% for Draper’s prediction to come true.
Draper added, “I expect a flight to quality and decentralized crypto like Bitcoin, and for some of the weaker coins to become relics.”
Do Bitcoin Holders have a Neutral Stance?
The Global In/Out of the Money (GIOM) on-chain measure showed that BTC holders are neutral with 46.48% of addresses being in-the-money and showing profits, while 49.05% of addresses are out-of-the-money and display losses.
Additionally, an Area of Interest (AOI) is indicated by the closest green cluster, which has a mean value of $12633 and could support purchasers in a bullish reversal. On the other hand, a supply zone is highlighted by the red cluster, which has a mean value of $202530.