The long-term analysis of the weekly trend of Bitcoin indicates that BTC/USD is likely to remain bullish in 2023. This is primarily due to the fact that the cryptocurrency has been trading in a strong uptrend since the end of 2020, with weekly closing prices setting all-time highs on a regular basis. This trend is likely to continue in the near future due to the increased demand for Bitcoin as more people become interested in investing in the digital asset. Additionally, the increasing institutional demand for Bitcoin is also driving the price higher.
The increasing demand for Bitcoin is being driven by several factors, including the increasing demand for safe-haven assets due to macroeconomic uncertainty, the increasing use of Bitcoin in payment transactions, and its increasing adoption as a store of value. Additionally, the increasing number of companies accepting Bitcoin as a form of payment is also contributing to its increasing popularity. All of these factors are likely to continue to drive demand for Bitcoin in the long run, which is likely to support its bullish trend in the near future.
Furthermore, the increasing availability of Bitcoin derivatives and futures products is likely to contribute to its long-term bullish trend. These products allow investors to gain exposure to Bitcoin without actually buying the cryptocurrency, which further increases its demand. Additionally, the increasing number of Bitcoin ATMs and digital wallets also make it easier for people to buy and sell Bitcoin, further increasing its demand.
Overall, the long-term analysis of Bitcoin's weekly trend suggests that the BTC/USD pair is likely to remain bullish in 2023. This is due to the increasing demand for Bitcoin driven by the increasing use of the cryptocurrency in payment transactions, its increasing use as a store of value, and the increasing availability of derivatives and futures products. All of these factors are likely to support the long-term bullish trend of the BTC/USD pair.