Bitcoin Price and Ethereum Prediction; After 75% Drop From High, BTC Bears Exhausted
During the Asian session on December 23, Bitcoin price prediction remains neutral below $17,000, as the market appears to have low volatility and trading volume ahead of the Christmas holidays. Benjamin Cowen, a well-known cryptocurrency expert, recently stated that the bears are growing tired as Bitcoin's (BTC) price has plunged more than 75% from its all-time high above $69,000 observed last year.
On December 23, major cryptocurrencies traded mixed after the global crypto market cap remained practically steady at $810.53 billion over the previous day. Over the last 24 hours, the entire crypto market volume increased 12.46% to $28.94 billion.
The overall volume in DeFi was $1.63 billion, accounting for 5.64% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $26.33 billion, accounting for 90.97% of the total 24-hour volume of the crypto market.
Similarly, Ethereum has also remained mostly unchanged at $1,220.
Benjamin Cowen, a well-known expert on cryptocurrencies, recently said that the bears are tired of Bitcoin's price falling over 75% from its all-time high of over $69,000 last year. Cowen's latest video, just released on a video-sharing site owned by Google, shows that the BTC bears have been losing ground as the price goes down. It looks at Bitcoin's supply and profit and loss ratio.
To paraphrase Cowen, "as we sink deeper and deeper into the bear market," as reported by the Daily Hodl, BTC bears are losing steam with each new leg down. The analyst elaborated, saying, "Finally, the bulls sort of neutralized the bears."
He predicted that once Bitcoin bulls start to take control of the market, a "long accumulation period" will begin, with the price of Bitcoin gradually rising
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