Historic price fractals, strong technicals, and excitement over a Bitcoin ETF approval could keep BTC prices high for the rest of 2023.
It has grown by more than 70% so far in 2023, driven by the banking crisis and hopes that a spot BTC exchange-traded fund (ETF) will be approved in the United States.
So, will the Bitcoin price continue to climb higher during the rest of 2023? Cointelegraph explores its chances and possible BTC price targets.
Bitcoin Price Fractal Eyes $50,000 in 2020
Bitcoin’s current market trend looks very similar to the price action seen between 2017 and 2020. Therefore, popular BTC analyst Stockmoney Lizards believes that it can repeat the key breakout moment (green area) that determined the bull run.
The 2020 breakout preceded a Bitcoin bull run to an all-time high of $69,000 in November 2021. If a similar breakout occurs, analysts expect BTC’s price to climb to the $45,000 to $50,000 range by the end of the year.
However, unlike Bitcoin’s 2020 price rally, Bitcoin is currently facing headwinds from the Federal Reserve’s tightening policy, resulting in low market liquidity.
Since the Federal Reserve’s balance sheet peaked in April 2022, the price of Bitcoin has fallen 40%.
Standard Chartered Bank also sees Bitcoin price at $50,000
Standard Chartered 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 for miners will reduce their need to sell Bitcoin, leading to lower supply and higher potential demand.
“Increased profitability for miners per mined BTC means they can sell less while keeping cash flowing in, reducing BTC net supply and pushing up BTC prices,” Kendrick said in a report.
Interestingly, the amount of Bitcoin held by miners surged in May 2023 during the Ordinals hype and has since stabilized.
Bitcoin Price Technical Pattern Suggests $32,000
Meanwhile, a technical setup for Bitcoin puts its year-end target near $32,000, a recent price peak.
Notably, BTC has entered the breakout phase of its prevailing Bump Run Reversal (BARR) bottom pattern. BARR bottom patterns typically fade after the price breaks above its descending trendline resistance and rises to the pattern’s maximum height, as shown below.
The same BARR bottom pattern was accurately reflected in the case of Dogecoin in June 2022. If this pattern plays out as expected, the BTC price will rise another 12.75% by the end of 2023.
C3 Tip: The views, thoughts and opinions expressed here are the author's own and do not constitute investment advice or recommendations. Every investment and transaction involves risk.
There are three levels of investment: seeing, understanding, and holding. There are also three levels of entrepreneurship: thinking, doing, and completing. Each level seems to be not much different in terms of words, but in fact, there is a huge difference. Each level can eliminate more than 90% of people.
