Which Crypto Will Give 1000% Gains in 2023?
Image by Fareed Mindalano / Playground AI
After experiencing a notable 4.49% uptick yesterday, Bitcoin (BTC) is currently retracing and trading at $27,665, down 1.48% in the past day.
According to crypto analytics firm Glassnode’s recent report, however, on-chain data shows Bitcoin could break $28,000 soon.
In the past 24 hours, Bitcoin reached $28,462.73 but volatility has prevented it from staying above $28,000.
As the crypto market holds its breath for Bitcoin's next major move, which crypto will give 1,000% gains in 2023?
Glassnode identifies metrics to watch like the Short Term Holder's unrealized profit/loss, recently at 1.0 and now 2.6.
The report says Bitcoin’s trajectory depends on long-term supply trends. Long-term holders typically buy Bitcoin, though sometimes less.
With the equilibrium overstretched now, more investment is likely medium-to-long-term.
Bitcoin’s ability to sustain a rally depends on global events. Interest rate increases in the U.S., U.K., and E.U. have been steady, correlating with stocks.
Similar investor strategies for stocks and crypto often mean similar market behavior. For $28,000 support and a robust rally, Bitcoin must decouple from stocks to grow independently.
Bitcoin achieving the $28,000 mark depends on its capacity to overcome significant barriers, including interest rate hikes and correlation with traditional stock markets.
If it can build its own momentum independent of external factors influencing investor sentiment, the premier digital currency will be well-positioned to establish $28,000 as a new support level.
While short-term corrections are inevitable, Bitcoin's long-term outlook remains extremely bullish, especially as institutional interest builds and mainstream adoption increases.
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