A closer look at the regression lines reveals that the bottom band is present at roughly $11,898, which coincides with the forecast seen from a technical perspective. To predict the targets for the next run-up in 2023, let’s assume this cycle reverses after forming a local bottom at $11,898. Using the Fibonacci Retracement tool from the all-time high to the aforementioned bottom reveals a few important targets: We used several tools and machine learning models to analyze the Bitcoin transaction data, including: Quite a few things happened in 2022, so let’s quickly recap three main events that caused Bitcoin (BTC) price to nosedive during the year. historical bitcoin charthttps://www.buybitcoinworldwide.com/price/ This theory explains in simple mathematical formulas the intrinsic value of Bitcoin. Bitcoin is viewed smallest unit of bitcoin here as a scarce commodity that is highly sought after similar to gold, follows the laws of the market, but serves little purpose other than a monetary investment.