A few on-chain data suggest further price downsides in 2023investment trends of 2022, investors could have to think before going deeper into the BTC pool. According toStarting off the 2023 trading year at its December 2020 price range, BTC traded at a two-year low at press time. According to data from2023-24
Wenry found that BTC closed 2022 with a Realized Price of $19,809. He, thus, noted that BTC was a far cry from the Realized Price of $21,107 in early November, right before FTX’s collapse. At $19,809 at the end of the year, Wenry concluded that this was “clear evidence that the bear market continued.”Wenry looked at BTC’s MVRV ratio and found that since Terra-Luna collapsed, BTC had not ”been able to get out of the undervalued section significantly.” According to Wenry, this meant that,