Bitcoin price was again near the $42,500 threshold at the time this article was prepared. It had fallen to $41,637 yesterday. This week, BTC largely moved sideways within a narrow range. This is good for altcoin investors as we witnessed the continuation of the recovery in positively diverging altcoins. So, what are the expectations for BTC before the year ends?
Bitcoin End of 2023 Forecast
BTC, which has come to this day by surprisingly and explosively breaking through tough resistances, has not been able to break the major sell wall for a long time. Bulls that easily pierced through levels that seemed hard to overcome are now facing the risk of a price drop as they could not close above $44,700. Today, the on-chain analysis platform CryptoQuant highlighted the historical resistance of the Puell Multiple indicator for Bitcoin markets.
Analysts have observed that the Puell Multiple has reached values that formed significant resistance in previous years, indicating a price correction. This situation had occurred in 2012, 2016, and 2019.
“These periods were marked by a significant reversal in Bitcoin prices.”
The Puell Multiple measures the level of demand among investors. It is frequently used to assess whether Bitcoin is in a state of overbuying or overselling. According to this, a BTC price correction before the end of the year seems likely.
BTC Price Predictions
The indicator, created by David Puell in 2014, generally signals overbuying above 4 and overselling below 0.5. However, this is not the only signal indicating a downturn. The BTC price, which has been trading at an extra premium in the Asian market for some time, was noteworthy and greatly encouraged investors for the continuation of the rise. But this has now reached the peak level expected to return.
The popular crypto commentator known as CrediBULL Crypto insists that there is no need to worry about the feared price correction.
“In the coming months, I expect it to continue upwards at a more aggressive pace than we have seen so far, as a major opportunity period has begun to conclude this multi-year cycle.”
According to him, the bull peak will be seen in the year 2024 and we will see the start of another bear market at the beginning of 2025.
Another analyst named Ramen Panda also wrote that even $41,000 may not be lost in the short term.
