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Bitcoin Price Prediction as BTC Experiences a Pullback – Time to Buy the Dip?

Arslan Butt
Last updated: | 4 min read

Bitcoin has seen a significant pullback in its price over the past few days, leaving investors wondering if now is the time to buy the dip. Bitcoin is trading within a narrow range of $22,700 to $23,850, and a breakout will determine the future price action in the market.

In this article, we will explore what might be causing this pullback and whether or not it is a good time to invest in Bitcoin. 

Tesla’s $140 Million Bitcoin Loss & What You Need to Know About It


Tesla revealed in their SEC filing this Monday that they experienced a financial loss due to the amount of Bitcoin they invested in – which totaled over $140 million. During 2022, the electric car company took a $204 million hit in terms of impairment charges. However, they also managed to gain $64 million due to converting Bitcoin.

In December 2022, Tesla reported an impairment loss of $204 million caused by changes to their Bitcoin carrying value. Additionally, they experienced a gain of $64 million on the conversion of Bitcoin into fiat currency. This was detailed in their filing document.

An impairment charge is when the value of a particular asset decreases or is completely lost. It can happen due to unexpected changes in the economy, such as what occurred with the crypto market when Terra Luna failed in May 2022.

Tesla’s latest SEC disclosure revealed that their Bitcoin holdings experienced a $43 million loss for the last four months of 2022. This follows the release of their quarterly earnings report, in which there was no evidence of any Bitcoin transactions.

Tesla recorded $101 million as impairment losses on digital assets in 2021, according to an SEC filing. In the same year, they also realized gains of $128 million after selling Bitcoin. This was nearly double the amount of loss reported in the previous year.

By October 2022, Tesla mentioned to its investors that it retained a sum of $218 million in Bitcoin even after selling 75% of it back in July which was roughly worth $936 million at that time.

The latest earnings report and SEC filing did not list any digital assets besides Bitcoin. However, rumors suggest that the company holds Dogecoin as they accept it as a form of payment and CEO Elon Musk has publicly shown his support for it.

Since Tesla is still holding Bitcoin, it is driving investor confidence and may keep the BTC price supported.

German Banking Giant To Offer Bitcoin and Crypto Services

DekaBank, a German financial institution with over a century of experience and $428 billion in assets under its management has made an agreement with Metaco to start providing digital assets for corporate customers.

According to a press statement released on January 31, DekaBank will be utilizing Metaco’s Harmonize platform for operations such as custody and orchestration. DekaBank will be able to manage its digital asset operations with the help of Metaco’s custody platform, which is a crucial portal for them.

After an extensive selection procedure and proof-of-concept, the bank moved forward with the partnership. The process was comprehensive to ensure they made a judicious decision.

DekaBank, a German banking and financial services provider, is partnering with Metaco, a Swiss-based firm focused on cryptocurrency solutions. This is an endorsement of the industry that will help DekaBank expand its range of products to include crypto-related services for its institutional customers. 

Institutional investors like pension funds have to follow strict regulatory guidelines that restrict their direct investments in cryptocurrencies like Bitcoin. This is unlike retail clients who have more flexibility when it comes to investment choices.

Bitcoin Price 

Currently, the price of Bitcoin is $23,158 and has gained over 1% over the last 24 hours. Its market volume is estimated to be at $22 billion while its market cap stands at an impressive $445 billion and holds the first position on CoinMarketCap’s rankings.

The BTC/USD exchange rate is facing difficulty in surpassing the $24,000 barrier on the 4-hour chart, and has since dropped to evaluate the support level of $23,000.

Bitcoin Price Chart – Source: Tradingview

If Bitcoin’s price drops below its current level, it could plunge to $22,600 or even $22,350. A $23,000 support has been formed based on the 4-hour timeframe’s 50-day moving average. Breaking this price level could see a bullish reversal in the BTC/USD pair.

It’s beneficial to invest in buying positions over $23,000 with a target price of $23,550 or $24,000. On the other hand, if the support zone at $23,000 is broken through then sell positions may be the better option.

Buy BTC Now

Bitcoin Alternatives

CryptoNews recently put out a list of the most likely cryptocurrencies to succeed in 2023. If you’re interested in investing, there are many other great investments that could potentially give you a good return if researched properly.

Crypto investors and traders keep close tabs on the altcoins and upcoming ICOs in the digital asset space to ensure they don’t miss any promising trends or potential investment opportunities.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews