Bitcoin (BTC) is up more than 70% so far in 2023, fueled by banking crisis and market hopes Spot BTC exchange-traded fund (ETF) approved in the United States.
So, will Bitcoin price continue to climb during the rest of 2023? Cointelegraph explores its opportunities and possible BTC price targets.
Related: BTC Price Model Hints at Target of $130,000 After Bitcoin Halving in 2024
2020 Bitcoin Price Fractal Eyes $50,000
Bitcoin’s current market trends look very similar to the price trends between 2017 and 2020. Therefore, it can repeat the key breakout moment (green zone) to achieve a decisive bull run, debate Popular BTC analyst Stockmoney Lizards.
The 2020 breakout preceded a Bitcoin bull run that hit an all-time high of $69,000 in November 2021. If a similar breakout occurs, analysts expect the price of BTC to climb to the $45,000 to $50,000 range by the end of the year.
However, unlike Bitcoin’s 2020 price rise, Bitcoin currently faces headwinds from the Federal Reserve’s tightening policy, resulting in Market liquidity is low.
Since the peak of the Federal Reserve’s balance sheet in April 2022, the price of Bitcoin has fallen by 40%.
Standard Chartered also thinks Bitcoin price is $50,000
Standard Chartered Bank also predicts that Bitcoin will reach $50,000 by the end of the year.
Geoff Kendrick, global head of research and chief strategist at Standard Chartered Bank, believes that increased profitability of miners will reduce their need to sell Bitcoin, resulting in a reduction in supply while underlying demand rises.
“Improving miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing BTC net supply and pushing BTC prices higher,” Kendrick said in a report.
Interestingly, the number of Bitcoins held by miners surged during the Ordinals hype in May 2023 and has since stabilized.
Bitcoin Price Technical Pattern Hints at $32,000
Meanwhile, one technical set for Bitcoin puts its year-end target at close to $32,000, its recent price peak.
Notably, BTC has entered the breakout phase of its prevailing Collision Running Reversal (BARR) bottom pattern. The BARR bottom pattern usually disappears after price breaks through its downtrend line resistance and rises to the maximum height of the pattern, as shown below.
Same BARR bottom pattern Which works exactly in the case of Dogecoin June 2022. If this pattern plays out as expected, BTC price will rise another 12.75% by the end of 2023.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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