Bullish BTC price prediction for 2023 is $31016.23 to $37896.22.
Bitcoin (BTC) price might reach $40000 soon.
Bearish (BTC) price prediction for 2023 is $21602.48.
In this Bitcoin (BTC) price prediction 2023, 2024-2030, we will analyze the price patterns of BTC by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
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Bitcoin (BTC) Current Market Status
Current Price$29,171.3524 – Hour Price Change0.17% Up24 – Hour Trading Volume$10,449,666,296Market Cap$567,064,129,562Circulating Supply19,439,587 BTCAll – Time High$68,789.63 (On November 10, 2021) All – Time Low$0.04865 (On Jul 14, 2010)
What is Bitcoin (BTC)?
TICKERBTCBLOCKCHAINBitcoinCATEGORYBitcoinLAUNCHED ONJanuary 2009UTILITIESA store of value
Bitcoin (BTC) is the pioneer decentralized digital currency built on the peer-to-peer blockchain network Bitcoin. Pseudonymous founder(s) Satoshi Nakamoto introduced BTCand the blockchain in 2009, laying the foundation for the advent of numerous cryptocurrencies.
Bitcoin is the first generation of blockchain technology that is based on the proof-of-work (PoW) consensus. By PoW, validators secure every transaction on the blockchain through a complex, energy-consuming mechanism called “mining.” Since its inception, the creators fixed the cryptocurrency’s supply cap at 21 million. Less than 1.7 million BTC are only left to be mined, as of March 2023.
Notably, Bitcoin (BTC) transformed to become the most popular virtual currency in the global financial economy – TradeFi and DeFi. It dominates the crypto market by being the first largest cryptocurrency by market capitalization. Remarkably, Bitcoin became the first cryptocurrency to get legal recognition from some global nations. El Salvador declared BTC as one of the country’s legal tenders. Bitcoin adoption accelerated since 2020 – BTC as the payment option in every domain from retail to education and the launch of real-world Bitcoin ATMs. Several other countries are in the process of adopting a crypto regulatory framework. Alongside the popularity among traders and investors, BTC also received criticisms and labels such as “mother of all bubbles.”
Bitcoin 24H Technicals
Bitcoin (BTC) Price Prediction 2023
Bitcoin (BTC) ranks 1st on CoinMarketCap in terms of its market capitalization. The overview of the Bitcoin price prediction for 2023 is explained below with a daily time frame.
BTC/USDT Right Angle Descending Broadening Wedge Pattern (Source: TradingView)
In the above chart, Bitcoin (BTC) laid out the Right Angle Descending Broadening Wedge pattern. A right-angled descending broadening wedge is a bullish reversal pattern. The pattern is an inverted ascending triangle because it is made up of two converging lines with a horizontal line for the resistance and a bearish downward slant for the support.
At the time of analysis, the price of Bitcoin (BTC) was recorded at $0.6651. If the pattern trend continues, then the price of BTC might reach the resistance levels of $31060.25 and $38779.20 If the trend reverses, then the price of BTC may fall to the support of $28410.01, $27088.45 and $24947.57.
Bitcoin (BTC) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Bitcoin (BTC) in 2023.
BTC/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Bitcoin (BTC) for 2023.
Resistance Level 1$31016.23Resistance Level 2$37896.22Support Level 1$25174.35Support Level 2$21602.48
BTC Resistance & Support Levels
Bitcoin (BTC) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (BTC) are shown in the chart below.
BTC/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Bitcoin (BTC) market in 2023.
INDICATORPURPOSEREADINGINFERENCE50-Day Moving Average (50MA)Nature of the current trend by comparing the average price over 50 days50 MA = $29193.02 Price = $29138.20 (50MA > Price)Bearish(Downtrend)Relative Strength Index (RSI)Magnitude of price change;Analyzing oversold & overbought conditions42.45 <30 = Oversold 50-70 = Neutral >70 = OverboughtNearly OversoldRelative Volume (RVOL)Asset’s trading volume in relation to its recent average volumesBelow cutoff lineWeak Volume
Bitcoin (BTC) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Bitcoin (BTC) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
BTC/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Bitcoin (BTC).
INDICATORPURPOSEREADINGINFERENCEAverage Directional Index (ADX)Strength of the trend momentum22.96Weak TrendRelative Volatility Index (RVI)Volatility over a specific period38.57 <50 = Low >50 = HighLow Volatility
Comparison of BTC with BTC, ETH
Let us now compare the price movements of Bitcoin (BTC) with that of Ethereum (ETH).
BTC Vs ETH Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of BTC is similar to that of ETH. That is, when the price of ETH increases or decreases, the price of BTC also increases or decreases respectively.
Bitcoin (BTC) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Bitcoin (BTC) between 2024, 2025, 2026, 2027, 2028, 2029, and 2030.
Year Bullish Price Bearish PriceBitcoin (BTC) Price Prediction 2024$40050$21650Bitcoin (BTC) Price Prediction 2025$40100$21680Bitcoin (BTC) Price Prediction 2026$40150$21700Bitcoin (BTC) Price Prediction 2027$40200$21720Bitcoin (BTC) Price Prediction 2028$40250$21740Bitcoin (BTC) Price Prediction 2029$40300$21750Bitcoin (BTC) Price Prediction 2030$40350$21760
Conclusion
If Bitcoin (BTC) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Bitcoin (BTC) price prediction for 2023 is $37896.22. Comparatively, if unfavorable sentiment is triggered, the bearish Bitcoin (BTC) price prediction for 2023 is $21602.48.
If the market momentum and investors’ sentiment positively elevates, then Bitcoin (BTC) might hit $40000. Furthermore, with future upgrades and advancements in the Bitcoin ecosystem, BTC might surpass its current all-time high (ATH) of $68,789.63 and mark its new ATH.