The year 2023 for the cryptocurrency industry started off brightly, as top cryptocurrencies like Bitcoin saw large price increases. The recent bullish trend, though, has not yet fully reflected a rebound.
As noted by the anonymous cryptocurrency expert Stockmoney Lizards, Bitcoin has been showing a consistent pattern of ideal periods for choosing between the buy, hodl, and sell.
According to these new developments, the current bearish phase appears to be a good opportunity to buy Bitcoin before its price begins another upward bullish movement. The findings highlight how this is the best course of action to hoard and then sell at the price peak, as shown on the chart that dates back to 2013.
Bitcoin’s current price, according to cryptocurrency analyst Ali Martinez, fell below a crucial support range between $23,050 and $23,730, where 1.63 million addresses bought more than 910,000 BTC. He said that if Bitcoin was unable to take back this area as support, it might lead to a sell-off that would drive the price of BTC as low as $19,300 or as high as $20,700.
A bottom is more likely to develop when more traders exit their positions at a loss, according to data from the cryptocurrency intelligence platform Santiment.
“Bitcoin & Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form.” Santiment noted in a tweet.
Despite the fact that it has been difficult for it to gain traction near the $22K barrier over the previous several months, the price of bitcoin has been fairly constant over the past few weeks. Prior to the start of February, Bitcoin had been trading at around $23,500 throughout the previous week.
Source: https://coinpedia.org/bitcoin/bitcoins-historical-trend-why-this-might-be-the-perfect-time-to-buy-btc/