Summary
TLDR: Bitcoin price surged 155% in 2023 after ending a bear market in late 2022, with indicators suggesting the start of a mature bull market. On-chain indicators show short-term holders buying BTC and long-term holders beginning to sell, pointing towards a new all-time high. High volatility still present in the market with potential for corrections, but dips in a mature bull market are seen as buying opportunities.
Key Points
1. The Bitcoin price surged 155% in 2023 after a long-term bear market ended in late 2022, reaching a macro bottom in the $15,500 area, followed by a period of accumulation and slow increase typical of an early bull market.
2. By the beginning of 2024, Bitcoin is expected to reach around $57,000, indicating the start of a mature bull market in the cryptocurrency sector as shown by on-chain indicators.
3. On-chain indicators such as Realized Cap HODL Waves and Hodler Net Position Change suggest the beginning of the mature phase of the bull market, with historical patterns indicating potential new all-time highs for Bitcoin.