Bitcoin price is expected to dip to $24,000, according to crypto asset manager Capriole Investments. The firm believes that the BTC price will find support at $23,000, which is the average miner’s electricity bill per BTC worldwide. This price level has acted as strong support in the past, with the dip to two-year lows in November 2022 being no exception.
Capriole also points to the EP as a “historically hard price floor and level with a 100% long hit rate.” The firm believes that these two price points provide strong confluence for a buying opportunity at $23-24K.
Miner Pain on the Horizon?
Meanwhile, Bitcoin miner revenue is currently sitting at $25.5M, just above the 365SMA of $22.5M. This suggests that miners are starting to feel the pain, and could be forced to sell their BTC holdings in order to cover costs. If this happens, it could put further downward pressure on the price of Bitcoin.
Overall, the outlook for Bitcoin price is bearish in the short term. However, investors who are willing to wait for a few weeks could be rewarded with a buying opportunity at $23-24K.