2023 Bitcoin (BTC) Price Forecast - Will BTC soon reach $40000?

The bullish BTC price forecast for 2023 is $28474.72 to $34259

• The bullish BTC price forecast for 2023 is $28474.72 to $34259.82.
• The price of Bitcoin (BTC) may also reach $40000 soon.
• The bearish BTC price forecast for 2023 is $19526.15.

In the 2023 Bitcoin (BTC) price forecast, we use statistical data, price patterns, RSI, RVOL, and other information related to BTC to analyze the future trend of cryptocurrencies.

What is Bitcoin (BTC)?

Bitcoin (BTC) is a pioneering decentralized digital currency built on the peer-to-peer blockchain network Bitcoin. Anonymous founder Nakamoto introduced BTC and blockchain in 2009, laying the foundation for the emergence of numerous cryptocurrencies.

Bitcoin is the first generation blockchain technology based on proof-of-work consensus. Through PoW, validators protect every transaction on the blockchain through a complex and energy consuming mechanism called 'mining'. Since its establishment, the creators have fixed the supply limit of cryptocurrency at 21 million. As of March 2023, there are less than 1.7 million Bitcoins left for mining.

It is worth noting that Bitcoin (BTC) has transformed into the most popular virtual currencies in the global financial economy - TradeFi and DeFi. It is the largest cryptocurrency by market value and dominates the cryptocurrency market. It is worth noting that Bitcoin became the first cryptocurrency to receive legal recognition from some global countries. El Salvador declared BTC as one of the legal tender currencies of the country. Since 2020, the adoption of Bitcoin has accelerated - as a payment option in various fields from retail to education, as well as the launch of real-world Bitcoin ATMs. Several other countries are adopting encryption regulatory frameworks.

In addition to being popular among traders and investors, BTC has also been criticized and labeled as "the mother of all foam".

Bitcoin (BTC) Price Forecast 2023

The BTC price forecast for 2023 is explained in the daily time frame below.

The Bitcoin (BTC) chart above shows a horizontal channel pattern. Horizontal channels or horizontal trends have a rectangular pattern appearance. It consists of at least four contact points. This is because it needs to connect at least two low points and two high points. The buying and selling pressure is equal, and the main direction of price trend is sideways consolidation. Horizontal channels provide a clear and systematic trading method by providing buying and selling points. When the price reaches the top of the channel, sell your existing long position or short position. The difference between the other two lies in the fact that horizontal channels have the same high and low points.

Currently, Bitcoin (BTC) is within the range of $28.549.92. If this mode continues, the price of BTC may reach resistance levels of $28744.10 and $31079.34. If the trend reverses, the price of BTC may fall to $26625.04 and $24689.26.

Bitcoin (BTC) support and resistance levels

The following figure shows the support and resistance levels of Bitcoin (BTC).

From the daily time frame above, we can clearly explain the following as the resistance and support levels of Bitcoin (BTC).

• Resistance level 1 – $28474.72
• Resistance level 2- $34259.82
• Support level 1- $23476.57
• Support Level 2- $19526.15

The chart shows that since the beginning of this week, Bitcoin (BTC) has mainly shown a bullish trend. If this trend continues, BTC may operate alongside bulls, exceeding its resistance level of $34259.82.

Therefore, if investors oppose cryptocurrencies, the price of Bitcoin (BTC) may plummet to nearly $19526.15, which is a bearish signal.

Bitcoin (BTC) 2023 Price Forecast - RVOL, MA, and RSI

The relative transaction volume (RVOL) of Bitcoin (BTC) is shown in the following figure. It is an indicator of how the current trading volume has changed over a period of time compared to previous trading volumes. At present, the RVOL of BTC is located below the dividing line, indicating that the current trend participants are weak.

In addition, the moving average (MA) of Bitcoin (BTC) is shown in the above figure. It is worth noting that the price of Bitcoin (BTC) is higher than 50MA (short-term), so it is completely in an upward trend. At present, BTC has entered a bearish state. Therefore, there is a possibility of a reversal trend in BTC at any time.

At the same time, the Relative strength index (RSI) of BTC is 60.19. This means that Bitcoin (BTC) is almost in an overbought state. To confirm potential buying signals. However, this means that the price of BTC may undergo a significant reversal in the coming days. Therefore, traders need to trade with caution.

2023 Bitcoin (BTC) Price Forecast - ADX, RVI

Now let's take a look at the Average Direction Index (ADX) of Bitcoin (BTC). It helps to measure the overall strength of trends. This indicator is the average of the extended price range values. The system attempts to use DMI indicators with ADX to measure the intensity of price movement in both positive and negative directions.

The above figure represents the ADX of Bitcoin (BTC). Currently, BTC's ADX is in the 42.73 range, indicating a strong trend.

The above figure also represents the relative volatility index (RVI) of Bitcoin (BTC). RVI measures the constant deviation of price changes over a period of time. The RVI of BTC is above 50, indicating high volatility. In fact, the RSI of Bitcoin (BTC) is 60.19.

Comparison of BTC, BTC, ETH

The following figure shows the price comparison between Bitcoin (BTC) and Ethereum (ETH).

From the above figure, it can be seen that the price trends of ETH and BTC are similar. The prices of asset BTC and ETH have risen and fallen simultaneously.

Bitcoin Price Forecast 2024-2030

When predicting prices, many factors are considered, including quantity changes, price changes, market cycles, and similar coins. Let's take a look at the prices of Bitcoin (BTC) between 2024 and 2030.

Bitcoin Price Forecast 2024

If the declining price trend completely slows down and reverses, Bitcoin (BTC) may reach $57000 by 2024.

Bitcoin Price Forecast for 2025

If Bitcoin (BTC) maintains its main resistance level and continues to be seen as a better investment choice by investors over the next three years, BTC will rebound to $80000.

Bitcoin Price Forecast 2026

If Bitcoin (BTC) maintains its main resistance level and continues to be seen as a better investment choice by investors over the next four years, BTC will rebound to $100000.

Bitcoin Price Forecast 2027

If Bitcoin (BTC) maintains its main resistance level and continues to be seen as a better investment choice by investors over the next five years, BTC will rebound to $120000.

Bitcoin Price Forecast 2028

In the highly volatile cryptocurrency market trend, Bitcoin (BTC) holds a strong stance as a better investment choice over the next six years. By driving up prices significantly, BTC will reach $135000 by 2028.

Bitcoin Price Forecast 2029

If investors flock and continue to bet on Bitcoin (BTC), it will witness a significant surge. By 2029, BTC may reach $150000.

2030 Bitcoin Price Forecast

With greater progress in the ecosystem, crypto communities may continue to invest in BTC in the next 8 years and drive a significant increase in token prices. Therefore, by 2030, Bitcoin (BTC) may reach $180000.

conclusion

With the continuous improvement of the Bitcoin network, it can be said that 2023 is a good year for BTC. Therefore, the bullish price forecast for Bitcoin (BTC) in 2023 is $34259.82. On the other hand, the bearish price forecast for Bitcoin (BTC) in 2023 is $19526.

In addition, with the progress and upgrading of the Bitcoin ecosystem, BTC may reach $40000 by 2023. If Bitcoin turns to the main bullish trend, it may also exceed its historical high of $69044.77 (ATH).