The cryptocurrency market has begun to recover after the brutal crypto winter of 2022. The main driving force behind the industry remains Bitcoin, the cryptocurrency with the highest market cap. And market participants are giving their BTC price forecasts for 2023.
BeInCrypto has investigated Bitcoin’s 2023 price prospects. To do this, it asked experienced experts to give a Bitcoin price prediction for the end of this year and for the period before 2024’s halving. Investor predictions were varied.
Bitcoin Price Forecast: Moderate Optimism
ALTA Strategic Director Yaroslav Ivanov believes that investors still have time to buy cryptocurrencies at a discount. Ivanov is not sure that the bears have finally withdrawn from the market.
According to Ivanov, growth achieved in early 2023 could give investors false hope of a greater positive movement during the rest of the year.
He believes there is a small chance of BTC rising to $40,000 by the end of 2023. At the same time, he opines that a possible decline should be seen as an opportunity to buy Bitcoin at a discount.
Don’t Expect Big Changes
Trader-analyst at Vekus Mining Development Denis Trapezenko shared his prediction for the Bitcoin price, which he says will start 2024 at levels close to current prices ($28,000-$30,000).
Trapezenko highlights several key elements:
- In the BTC weekly chart, you can see that the BTC price moves within the institutional dynamic channel of the horizontal volume (blue line). In this channel, you can see that the beginning of the fall is the peak of March 28, 2022, ($48,192), and the culmination is the low on November 21, 2022 ($15,487). In this range, you can stretch the Fibonacci retracement levels, which will show the OTE zone, which serves as a potential distribution range for the asset. The RSI is testing 70, indicating a likely growth correction.
- Above current values, there is an inefficient price area FVG 1W ($34,277-$37,406), which may cause further markup. The price range of $37,400-$48,700 serves as a notable resistance area. Below, a weekly bullish imbalance FVG 1W ($22,591-$26,591) is formed, acting as a magnet for the price. After an aggressive rise on March 30 and the exit from the sideways range, an area of support was formed ($19,592-$25,234). In this area, there is a price gap on the CME exchange.
- Currently, there are 36 weekly bars left until the end of 2023. Based on the current price, in this time range, the price is expected to move within the support and resistance zones ($19,592-$48,700). Therefore, by the end of 2023, price values may be close to current levels.
BTC Could Rise on New Banking Sector Bankruptcies
StormGain crypto exchange expert Dmitry Noskov gave the most positive Bitcoin price forecast for the end of 2023. He believes the growth of the largest cryptocurrency by market capitalization to $45,000 is not impossible.
Noskov noted that BTC is once again fighting gold for the title of the best “store of value.” According to estimates by on-chain analytics firm Glassnode, BTC and gold share a correlation coefficient of over 0.85.
Bitcoin, like gold, is opposed to fiat money, which governments limitlessly print to close financial gaps. Noskov points out:
“The dilemma of the Fed’s monetary policy – to bring inflation to its 2% goal or prevent a recession – is worsening. Since the Ministry of Finance does not fully insure bank deposits, a further rise in the interest rate increases the risk of new bankruptcies in the banking sector and the loss of customer funds.”
In this scenario, the StormGain analyst highlighted its impact on Bitcoin’s price:
“ This causes a higher demand for BTC. In the case of new bankruptcies, the inflow of funds into the cryptocurrency will increase and Bitcoin can reach $45,000 by the end of the year.”
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