Blockware Solutions’ 2023 Prediction Estimates Bitcoin Low

In its 2023 Market Forecast, Blockware Solutions highlighted bullish metrics, slowing ASIC advances and the global energy crisis.Author:BtcCaseyPublish date:Dec 9, 2022In its 2023 Market Forecast, Blockware Solutions highlighted bullish metrics, slowing ASIC advances and the global energy crisis.Blockware Intelligence, the research arm of Blockware Solutions, has released its 2023 forecast, which indicated, among other things, that the bitcoin price bottom could be in soon. The report also included a macroeconomic overview and forecast. It also included bitcoin’s response and on-chain indicators that could indicate future movements. The report indicates that short-term holder realized prices (STHRP) are volatile and quick-to-move metric. Long-term holders realized price (LTHRP) is more stable and more stickier metric. It is determined by the value of coins that have remained unmoved for longer periods. It is common for bear market lows to occur when the price drops below LTHRP. According to the report, bitcoin’s price is likely to flip LTH RP as well as STH RP. This could signal the end of the bear market. Source: Blockware Solutions. The report also highlighted the recent collapses of several exchanges, including Celsius, BlockFi, and FTX. This has led to an increase in self-custody. Source: Blockware Solutions. The self-custody of bitcoin tends to increase prices when the price suppression potential of exchanges is eliminated. The bull run began in 2018 when the number of users on-chain grew at an increasing rate. As manufacturers strive to make the most of thermodynamically feasible ASICs, we see a positive shift in the number on-chain entities. This suggests that they could retain their value longer than previous generations. This could have an impact on the ASIC’s price and future cash flows for miners. This is also taken into consideration in the theory that Bitcoin’s hash rate growth will slow down in 2023. It includes three factors: ASIC Commoditization2. In 20223, there is a shortage of mining investment. Global Energy Crisis (lackof cheap energy). Source: Blockware Solutions. The global energy crisis is further described. As regulators place more pressure on oil prices and other sources of energy, driving up the price, miners who have fixed power purchasing agreements will be protected from this volatility. The report concludes with the prediction that the United States will be the most popular destination for bitcoin mining in 2023. This is due to the strength and stability of US energy prices, as well as the lower impact of inflation in the country. Tagsterms:Reportbitcoin priceblockware miningMining

 

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