BTC ends 2022 at the $16,500 price range. On-chain data points to a further depreciation in BTC’s value in the coming year. Despite closing the 2022 trading year within the $16,500 price range, on-chain data suggested that Bitcoin’s [BTC] price would experience a further decline in 2023. A 0.45x cutback if BTC hits Ethereum’s market cap?
![With Bitcoin [BTC] mirroring 2019 price plummet, will 2023 see panic-driven investors](https://images.cryptocompare.com/news/default/ambcrypto.png "With Bitcoin [BTC] mirroring 2019 price plummet, will 2023 see panic-driven investors")
