The historic price fractal, strong technical aspects, and excitement of Bitcoin ETF approval may keep BTC prices high for the rest of 2023.Driven by the banking crisis, Bitcoin has grown by over 70% so far in 2023 and hopes to obtain approval for spot BTC exchange traded funds (ETFs) in the United States
The historic price fractal, strong technical aspects, and excitement of Bitcoin ETF approval may keep BTC prices high for the rest of 2023.
Driven by the banking crisis, Bitcoin has grown by over 70% so far in 2023 and hopes to obtain approval for spot BTC exchange traded funds (ETFs) in the United States.
So, will Bitcoin prices continue to rise for the rest of 2023? Explored its opportunities and potential BTC price targets.
2020 Bitcoin Price Fractal Eye $50000
The current market trend of Bitcoin looks very similar to the price trend from 2017 to 2020. Therefore, popular BTC analyst StockmoneyLizards believes that it can repeat the critical breakthrough moments (green areas) of a decisive bull market.
The breakthrough in 2020 preceded the Bitcoin bull market, which reached a historic high of $69000 in November 2021. If a similar breakthrough occurs, analysts expect the price of BTC to climb to the range of $45000 to $50000 by the end of the year.
However, unlike the price increase of Bitcoin in 2020, Bitcoin is currently facing resistance from the Federal Reserve's tightening policies, resulting in low market liquidity.
Since the peak of the Federal Reserve's balance sheet in April 2022, Bitcoin prices have fallen by 40%.
Standard Chartered Bank also believes that Bitcoin is priced at $50000
Standard Chartered Bank also predicts that Bitcoin will reach $50000 by the end of the year.
Geoff Kendrick, Global Research Director and Chief Strategist at Standard Chartered Bank, believes that improving miners' profitability will reduce their demand to sell Bitcoin, leading to a decrease in supply and a potential increase in demand.
Kendrick stated in a report: "The increase in profitability of BTC mining by miners means they can reduce sales while maintaining cash inflows, reducing net supply of BTC and driving up BTC prices
Interestingly, during the period of Ordinals hype, the number of Bitcoins held surged in May 2023 and has since stabilized.
Bitcoin Price Technical Form Implies $32000
At the same time, a technology setting for Bitcoin has set its year-end target of close to $32000, which is also the recent peak price.
It is worth noting that BTC has entered the breakthrough stage of its popular collision run reversal (BARR) bottom mode. The bottom pattern of BARR usually disappears after the price breaks through its downward trend line resistance and rises to the maximum height of the pattern, as shown below.
The same bottom pattern was accurately reflected in the example of Dogcoin in June 2022. If this model works as expected, BTC prices will increase by another 12.75% by the end of 2023.
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