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Bitcoin Price Prediction for the 15th of December 2022, where BTC On-Chain Data Signals Bullish Sentiment, $15,000 or $20,000 by the End of December, let’s check out…
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In the last 24 hours, the price of Bitcoin (BTC) reached a high of $18,318. Even though the price of BTC went down after the U.S. Federal Reserve raised interest rates by 50 basis points, the mood is still good. On-chain data also shows that both whales and miners are selling less Bitcoin.
Bitcoin (BTC) price breaking
With the Bitcoin (BTC) price breaking above the $18,000 resistance level and the crypto market FUD slowly ending, experts predict a bulls takeover and a rally to $20,000.
On-chain data shows that there is less pressure to sell.
The Bitcoin (BTC) Spent Output Value Bands – All Exchanges metric shows, according to on-chain analysis, that the number of whale deposits on crypto exchanges is going down.
The data helps figure out how the price of Bitcoin changes based on how whales who deposit 1,000 to 10,000 BTCs into crypto exchanges act. In the past, Bitcoin bottom was formed when whales sold their BTC holdings by sending them to crypto exchanges.
FTX crisis
Even though the FTX crisis is worse than the Terra-LUNA crisis, whales are sending less money to the crypto exchanges. In fact, the risk of the upcoming miner crisis might not happen at all if the Bitcoin price keeps going up.
On-chain data also shows that more people are holding Bitcoin for a long time. So, a selloff caused by miners giving up could be a long drop rather than a quick panic sell. The number of BTCs that have been held for more than six months was 78.37%, which was almost a record high.
The price of Bitcoin (BTC) goes into an accumulation cycle.
After a year-long bear market in which whales and miners sold off a lot of Bitcoin, it is now entering a pre-halving accumulation cycle. In fact, institutional investors are likely to buy the dip quietly, just like they did in the 2019-2020 accumulation cycle.
CEO of Ark Invest Cathie Wood
CEO of Ark Invest Cathie Wood also thinks that a lot of institutional investors will buy Bitcoin and Ethereum. Cathie Wood still thinks Bitcoin will be worth $1 million by 2030.
Based on technical analysis, a drop below $17k is no longer possible, and $17.5k is now the new support level. The price of Bitcoin has its first daily close above its lows from June.
First, the price of Bitcoin will rise until it hits a barrier at $19,000, and then it may pull back. Based on how things are going now, it looks like the BTC price will test $19,000 in December. At the moment, the price is $17,692.
Source: Google Trend