- Bullish BTC price prediction for 2023 is $26910.69 to $17748.48.
- Bitcoin (BTC) price might also reach $35K soon.
- Bearish BTC price prediction for 2023 is $17748.49.
In Bitcoin (BTC) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about BTC to analyze the future movement of the cryptocurrency.
Bitcoin (BTC) Current Market Status
| Current Price | $24,927.38 |
| 24 – Hour Trading Volume | $71,443,429,737 |
| 24 – Hour Price Change | 1% down |
| Circulating Supply | 19,319,118 |
| All – Time High | $69,044.77 (On November 10, 2021) |
(Source: CoinGecko)
What is Bitcoin (BTC)?
Bitcoin (BTC) is the pioneer decentralized digital currency built on the peer-to-peer blockchain network Bitcoin. Pseudonymous founder(s) Satoshi Nakamoto introduced BTC and 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 (BTC) Price Prediction 2023
BTC price prediction 2023 is explained below with a daily time frame.
The above chart of Bitcoin (BTC) laid out the horizontal channel pattern, also known as the sideways trend. In general, the horizontal channel is formed during price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, the line which connects the lows, run horizontally parallel and the price action is contained within it.
Currently, Bitcoin (BTC) is in the range of $24668.36. If the pattern continues, the price of BTC might reach the resistance levels of $26682.26 and $46361.07. If the trend reverses, then the price of BTC may fall to $20364.99 and $15700.88.
Bitcoin (BTC) Support and Resistance Levels
The chart below shows the support and resistance levels of Bitcoin (BTC).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Bitcoin (BTC).
| Resistance Level 1 | $26910.69 |
| Resistance Level 2 | $34259.82 |
| Support Level 1 | $21601.40 |
| Support Level 2 | $17748 |
The charts show that Bitcoin (BTC) has majorly exhibited bullish trends since the start of this week. If this trend continues, BTC might run along with the bulls overtaking its resistance level at $34259.82.
Accordingly, if the investors turn against the crypto, the price of Bitcoin (BTC) might plummet to almost $17748.49, a bearish signal.
Bitcoin (BTC) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Bitcoin (BTC) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of BTC lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Bitcoin (BTC) is shown in the chart above. Notably, Bitcoin (BTC) price lies above 50 MA (short-term), so it is completely in an uptrend. Currently, BTC has entered a bullish state. Therefore, there is a possibility of a reversal trend of BTC at any time.
Meanwhile, the relative strength index (RSI) of the BTC is 61.78. This means that Bitcoin (BTC) is neither an overbought nor an oversold state. Thus confirming a potential sell signal. However, this means a major price reversal of BTC may occur in the upcoming days. So, traders need to trade carefully.
Bitcoin (BTC) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Bitcoin (BTC). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Bitcoin (BTC). Currently, the ADX of BTC lies in the range of 21.50 and thus, it indicates a weak trend.
The above chart also represents the Relative Volatility Index (RVI) of Bitcoin (BTC). RVI measures the constant deviation of price changes over a period of time. The RVI of BTC lies above 50, indicating high volatility. In fact, the RSI of Bitcoin (BTC) is at 61.78.
Comparison of BTC with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC) and Ethereum (ETH).
From the above chart, we can interpret that the price changes of ETH and BTC are moving in a similar trend. Prices of both the assets BTC and ETH increase and decrease in tandem.
Bitcoin Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s check what Bitcoin (BTC) will price between 2024 and 2030.
Bitcoin Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, Bitcoin (BTC) might probably attain $57K by 2024.
Bitcoin Price Prediction 2025
If Bitcoin (BTC) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, BTC would rally to hit $80K.
Bitcoin Price Prediction 2026
If Bitcoin (BTC) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, BTC would rally to hit $100K.
Bitcoin Price Prediction 2027
If Bitcoin (BTC) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, BTC would rally to hit $120K.
Bitcoin Price Prediction 2028
Bitcoin (BTC) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, BTC would hit $135K in 2028.
Bitcoin Price Prediction 2029
If investors flock in and continue to place their bets on Bitcoin (BTC), it would witness major spikes. BTC might hit $150K by 2029.
Bitcoin Price Prediction 2030
With greater advancements in the ecosystem, the crypto community might continue to invest in BTC for the next 8 years and drive significant price rallies for the token. Hence, Bitcoin (BTC) might hit $180K by 2030.
Conclusion
With continuous improvements in the Bitcoin network, we can say that 2023 is a good year for BTC. For this reason, the bullish price prediction of Bitcoin (BTC) in 2023 is $34259.82. On the other hand, the bearish price prediction of Bitcoin (BTC) price prediction for 2023 is $17748.49.
Furthermore, with the advancements and upgrades to the Bitcoin ecosystem, BTC might reach $35K in 2023. If Bitcoin transitions to major bullish trends, it might also surpass its all-time high (ATH) of $69,044.77.
FAQ
1. What is Bitcoin (BTC)?
Bitcoin (BTC) is the pioneer decentralized digital currency built on the peer-to-peer blockchain network Bitcoin. It was launched by pseudonymous founder(s) Satoshi Nakamoto in 2009.
2. Where can you purchase Bitcoin (BTC)?
Bitcoin (BTC) has been listed mostly on all crypto exchanges – from Binance, Coinbase, KuCoin, Crypto.com, and so on.
3. Will Bitcoin (BTC) reach a new ATH soon?
With the ongoing developments and upgrades within the Bitcoin platform, BTC has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Bitcoin (BTC)?
On November 10, 2021 Bitcoin (BTC) reached its new all-time high (ATH) of $69,044.77.
5. Is Bitcoin a safe and secure investment?
Bitcoin (BTC) is characterized as a highly volatile asset with its own risks. Every investor is advised to do their own research before investing.
6. Can Bitcoin (BTC) reach $35k?
If the bullish trend continues and if Bitcoin (BTC) retests its resistance levels, it will hit $35k soon.
7. What will be Bitcoin (BTC) price by 2024?
Bitcoin (BTC) price is expected to reach $57K by 2024.
8. What will be Bitcoin (BTC) price by 2025?
Bitcoin (BTC) price is expected to reach $80K by 2025.
9. What will be Bitcoin (BTC) price by 2026?
Bitcoin (BTC) price is expected to reach $100K by 2026.
10. What will be Bitcoin (BTC) price by 2027?
Bitcoin (BTC) price is expected to reach $120K by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Source: https://thenewscrypto.com/bitcoin-price-prediction/