An analyst said that BTC may rise by 80% in the next two and a half months.CoinCodex predicts that Bitcoin prices may soon exceed $33000, while 'Trading Shot' is expected to rise to $50000 by the end of the year
An analyst said that BTC may rise by 80% in the next two and a half months.
- CoinCodex predicts that Bitcoin prices may soon exceed $33000, while 'Trading Shot' is expected to rise to $50000 by the end of the year.
- The historical pattern of 2014 supports bullish predictions.
- Geopolitical conflicts may cause Bitcoin to fall below the critical support level of $25000, posing risks to cryptocurrencies.
Will BTC erupt before the end of 2023?
Although Bitcoin has recently consolidated between $26000 and $28000, its performance this year has been much more successful than in the second half of 2022. As we enter the final quarter of 2023, it is worth observing the potential deviations that BTC may experience in the coming months.
CoinCodex, a cryptocurrency platform that tracks transaction volume, prices, and key data related to the digital asset market, estimates that Bitcoin may soar to over $33000 in the coming days. The team behind this entity conducted research based on multiple factors, such as relative intensity index (RSI14), 50 day simple moving average (SMA50), and 200 day simple moving average (SMA200):
After considering the above factors, we can conclude that the current forecast for the price of Bitcoin is bullish. BTC must rise by 20.69% in the next five days to meet our target of $32671
According to a chart released by "TradeShot" on TradeView earlier this year, the prices of leading digital assets have the opportunity to soar to $50000 by the end of the year. Analysts stated that the discussed patterns reflect a historical background that can be traced back to 2014.
What is the bearish scenario like?
Last but not least, it is worth discussing the numerous global conflicts and their potential impact on the cryptocurrency industry. Markus Levin, co founder of XYONetwork, believes that the latest turmoil in the Middle East (the war between Israel and Palestine) may lead to a significant drop in Bitcoin prices.
Phillip Shoemaker, Executive Director of Identity.com, supports this view and believes that the price may fall below $25000:
As the world continues to slide towards war, Bitcoin is almost certain to further decline. It has already fallen below $27000 and currently appears somewhat weak. I think the question is whether it will fall below $25000, which is an important support level.
If we can maintain this level during this crisis, then I think we may see a recovery and then a stronger momentum. But if it breaks through the $25000 level, then I think there should be further decline
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