The well-known crypto analyst predicted a massive Bitcoin ($BTC) price rally for 2023, as the technical indicator denoting a trend reversal that might suggest the sell-off of Bitcoin ($BTC) is about to reach an end.
BTC Outlook in 2023
A pseudonymous analyst, Inmortal, shared a tweet in which it noted that the most-traded cryptocurrency, Bitcoin, is flashing a “monster divergence” on its three-day chart, with its Relative Strength Index (RSI) making higher lows.
In the next tweet, Inmortal shared a BTC price chart that indicates the cryptocurrency surge from nearly $3,000 to $30,000 just after the bearish market phase in 2019. As per its expectation, cryptocurrency may repeat such a rally next year.
Furthermore, many crypto analysts are bullish on BTC. As a fund manager at investment giant VanEck recently predicted that “the price of Bitcoin could rally to $30,000 in the second half of 2023 after falling to a low near the $10,000 to $12,000 mark.”
In this month, Tim Draper, the founder of Draper Associates, doubled down on his $250,000 Bitcoin price prediction, adding that “BTC will hit that mark by June of next year.”
One more billionaire investor, Mike Novogratz, has revealed that he still believes “BTC will trade at $500,000 per coin in the future.” He then dropped his prediction as the Federal Reserve and other central banks raising interest rates to rein in inflation.
However, an analysis of past data by Delphi Digital shows that the leading cryptocurrency by market value tends to lead major stock market bottoms by at least six weeks.
On Dec. 21, 2022 Delphi’s strategists, led by Kevin Kelly, wrote in a 2023 preview that “History shows that, on average, BTC has topped ~48 days and bottomed ~10 days before the SPX [S&P 500]. Over the past five years, all major price reversals in BTC have preceded those in major equity indices.”
Bitcoin Price
The current Bitcoin price is $16,843.93 USD with a 24-hour trading volume of $14.09 Billion USD. Bitcoin is up 0.18% in the last 24 hours, with a live market cap of $324.08 Billion USD.
The price of most-traded cryptocurrency started an upside correction from the $16,250 zone. It managed to recover a few points and was able to settle above the $16,600 level. The above graphic represents the last 7-days performance of BTC.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/22/the-2023-price-rally-outlook-of-bitcoin-btc-by-popular-crypto-analyst/