Bitcoin Weekly (12/26/2022)

0 22

Written by

CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

1 year ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Bitcoin, Cryptocurrency, Investing, Crypto, Personal finance, ...

Bitcoin Weekly - Edition 39

I hope Santa visited you the weekend, even if he failed to rally the market this year. Ho, Ho, Ho! Happy Boxing Day to everyone in my birth country of England.

Bitcoin (BTC) had a very flat week with minimal fluctuation in its price range of less than $200 between the week's low and high points settling in around the $16.8k mark. Unfortunately, the same can not be said for 2022 which has seen the largest cryptocurrency fall 63.5% since the start of the year with the current bear market bottom of $15,700 last month after the FTX fiasco.

Most of the major economic news for the year has already been released so let's take a peek at the crystal ball and predict what lies ahead for Bitcoin. If we start by trying to time the end of the bear market, we can turn to the analysts who are mainly predicting BTC to start to turn bullish in mid-2023. Typically, Bitcoin will trade sideways for some time before a major uptick occurs and we seem to be starting to settle into that pattern currently outside of major news drivers. As such, I think you may see BTC sink to as low as $15k and as high as $20k, until that point unless we see more FTX-type events. A number of analysts are pointing to a low of around $10k, however, I see a lot of support levels before then so I'd be surprised to see BTC sink that low outside of a catastrophic crypto or economic event.

Imagine if the Binance Exchange went belly up, that would be catastrophic, and a lot of eyes are on the world's largest cryptocurrency exchange. Fears mounted after heavy outflows and the company's decision to halt USDC withdrawals for about eight hours. Changpeng Zhao, CEO of Binance and also known as CZ, has reassured investors that Binance is in good economic standings and that their crypto holdings are safe.

With the next BTC halving set for May of 2024, I would expect a bullish run up to that point starting about nine months before that fateful date. The year before the halving often sees a small price increase before the bulls take full control of the market.

The Crypto fear and greed index highlighted below, is at 28 and down one point from last week and remaining in the "fear" range for the fifth consecutive week.

Ten Must-Read Bitcoin Articles This Week

Bitcoin accumulation addresses near record 800K despite whale selling (Cointelegraph)
Bitcoin hashrate drops nearly 40% as deadly storm unplugs U.S. miners (Yahoo Finance)
From Prediction To Reality: How Bitcoin Will Win In 2023 (Bitcoin Magazine)
How to Not Pay Taxes on Bitcoin (Analytics Insight)
Mark Cuban chooses Bitcoin, says "if you have gold you're dumb as F*C*" (Bitcoinist)
Bitcoin or Ethereum: Which Is the Better Buy? (The Motley Fool)
Why Bitcoin will survive its teenage growing pains (Forkast News)
Bitcoin exchange withdrawals sink to 7-month low as users forget FTX (Cointelegraph)
As Financial Surveillance Intensified In 2022, Bitcoin Is Needed By Individuals And Nations Alike (Bitcoin Magazine)
Here's What Bitcoin Maxis Would Love Elon Musk to Do, David Gokhshtein Believes (U.Today)

Bitcoin Price Statistics (as of 12/25/2022, weekly close)

Bitcoin Price = $16,831
Last Week = $16,741
Weekly High = $16,919
Weekly Low = $16,753
Market Cap = $323,996,528,514
Market Cap Dominance =38.365%
All-Time High = $69,044.67 on November 10, 2021


statistics provided by CoinGecko

Bitcoin Fun Fact of the Week

The legality of bitcoin depends on the country in which you reside. Nine countries have fully banned Bitcoin use, while a another fifteen have implicitly banned it through their policies.

Bitcoin Mining Statistics

Miners = 5,321,099
Hashrate = 235.74 EH/s
Difficulty = 35.36T
Emission (24hr) = 800 BTC
Circulating Supply = 19.24M (91.6%)

statistics provided by MiningPoolStats

Crypto Fear & Greed Index

index provided by Alternative

What is Bitcoin?

Bitcoin (BTC) is a decentralized digital cryptocurrency. Bitcoin was invented by the person or persons under the pseudonym Satoshi Nakamoto as described in the Bitcoin Whitepaper released on October 31, 2008. The original cryptocurrency began trading in January of 2009 and could be transferred in a peer-to-peer fashion implemented using open-source software. The transactions are recorded and stored on a public ledger called a blockchain. Only 21 million Bitcoins will ever be minted with one million being owned by its creator(s).

For more on Bitcoin, please read What is Bitcoin? [A comprehensive Guide to Understanding Bitcoin] on Publish0x written by Mr.CryptoWiki

For information on the Bitcoin white paper, please read I Finally Read the Bitcoin Whitepaper on Publish0x written by CryptoMasterMiner

Find Bitcoin on Bitcoin.org, Reddit, Twitter, Instagram, Facebook

* Where to Buy and HODL Bitcoin (Referral Links) *