Will #bitcoin still hit $40k in 2023? NO | RICH WEALTH on Binance Square

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Will #bitcoin still hit $40k in 2023?NO YES
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Bitcoin Could Be at Deep Value Levels or Start of a Bear Market Key Takeaways Market sentiment is softening as technical indicators shift. Accumulation patterns and ETF moves signal broader hesitance. Indicators suggest this isn't a routine pullback but a deeper recalibration. Underlying vulnerabilities may reshape long-term trends. Bitcoin's valuation metrics are pointing to bearish territory, and according to a the market may be teetering between deep value levels and the onset of a bear market. The Bitcoin Bull-Bear Market Cycle Indicator is currently at its most bearish level this cycle-a level that, in previous cycles, has either preceded a sharp correction or marked the beginning of a downturn. This shift in sentiment can be seen by the noticeable contraction in Bitcoin demand. Recently, the apparent demand growth for Bitcoin dropped by 103,000 BTC in a single week, representing the fastest pace of contraction observed since July 2024. U.S based spot ETFs have transitioned into net sellers of Bitcoin this year, further adding downward pressure on prices. Bitcoin is trading around 81,000 as of writing a range slightly below the trader's on-chain realized price lower band, a key support level. Heightened tensions over tariffs targeting major U.S. trading partners Canada, Mexico, and China-have rattled markets, prompting a wave of sell-offs across risk assets Should Bitcoin fail to maintain this support, its next major target is around 63,000.

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No one can print more #BTC

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#cocos is it on your watchlist

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