Bitcoin Price Prediction – Can BTC Reach $100,000 by 2023?
During the European session, BTC trade was choppy in a narrow range of $19,950 to $19,400, so Bitcoin price prediction is neutral until this range is breached.
On October 18th, Bitcoin outflow from exchanges increased, indicating that sell pressure is easing and helping the BTC price avoid a more profound decline below $18,000.
According to data compiled by CryptoQuant, more than 37.8K BTC were withdrawn from cryptocurrency exchanges on October 18th. This is the largest daily Bitcoin outflow since June 17, when traders withdrew roughly 68K BTC from exchanges.
Furthermore, approximately 121K BTC, equal to around $2.4 billion at current rates, has been removed from exchanges over the past 30 days.
An increase in the number of Bitcoins entering exchanges is often seen as negative because it expands the supply of Bitcoins that are now available for sale.
Bitcoin Exchange Outflow - Source: Cryptoquant
When Bitcoin outflows from exchanges reached almost 68K BTC on June 17, the cryptocurrency hit a local low of about $18,000. In the weeks that followed, the price of Bitcoin surged toward $24,500.
According to Whale Alert, a popular cryptocurrency tracking service that keeps tabs on large cryptocurrency transactions, recently four separate transactions moved a total of 47,846 Bitcoins.
Meanwhile, despite the price of Bitcoin remaining low, the Bitcoin hashrate has set another all-time high, as reported by Santiment in a recent article.
While Bitcoin's price remains supported above $19,500, a new analysis from the Santiment data aggregator indicates that Bitcoin's long-term indicators have been showing signals of a reversal in BTC price.
MDIA (no distribution of BTC has been happening for a long time) and MVRV, social volume and weighted
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