Bitcoin (BTC) Price Prediction 2023 — Will BTC Hit $40K Soon?

• Bullish BTC price prediction for 2023 is $30655.20 to $36047.02.
• Bitcoin (BTC) price might reach $40k soon.
• Bearish BTC price prediction for 2023 is $22626.98.

In this Bitcoin (BTC) price prediction 2023, we will analyze the price patterns of BTC by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency. 

Bitcoin (BTC) Current Market Status

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

The overview of the Bitcoin Price prediction for 2023 is explained below with a daily time frame.

BTC/USDT Descending Channel Pattern (Source: TradingView)

In the above chart, Bitcoin (BTC)  descending channel Pattern. Descending channel patterns are short-term bearish in that a stock moves lower within a descending channel, but they often form within longer-term uptrends as continuation patterns. The descending channel pattern is often followed by higher prices. but only after an upside penetration of the upper trend line. A descending channel is drawn by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend.

Within a descending channel, a trader could make a selling bet when the security price reaches its resistance trendline. An ascending channel is the opposite of a descending channel. Both ascending and descending channels are primary channels followed by technical analysts

At the time of analysis, the price of Bitcoin (BTC) was recorded at $26,838.48. If the pattern trend continues, the price of BTC might reach the resistance levels of $27222.06 and $29814.20. If the trend reverses, then the price of BTC may fall to the support of $25800.45.

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 the resistance and support levels of Bitcoin (BTC) for 2023.

As per the above analysis, if Bitcoin’s (BTC) bulls take the lead, it might hit and break through its resistance level of $36047.02.

Conversely, if Bitcoin’s (BTC) bears dominate the trend, the price of BTC might plunge to $22626.98.

Bitcoin (BTC) Price Prediction 2023 — RVOL, MA, and RSI

and Relative Strength Index (RSI) of Bitcoin (BTC) are shown in the chart below.

BTC/USDT RVOL, MA, RSI (Source: TradingView)

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes.  It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. The resulting ratio is known as the “relative volume,” which can help traders identify unusual trading activity and changes in market sentiment. 

High relative volume readings suggest that there is increased interest in the asset, which may indicate a potential trend reversal or breakout. Conversely, low relative volume readings may indicate a lack of interest or a consolidation period. 

At the time of analysis, the RVOL of Bitcoin (BTC) was below the cutoff line, denoting weak participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days.  When the price of an asset is above its 50MA, it is considered to be in an uptrend (bullish), if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the BTC price lies below 50 MA (short-term), indicating its downward trend. Hence, it can be concluded that BTC is in a bearish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). This analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value is expressed as a number between 0 and 100, with readings above 70 indicating an overbought state and readings below 30 indicating an oversold state. 

Traders often use the RSI to crucially identify potential trend reversals or to confirm the direction of a trend. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI reaches an oversold reading of 30, it may suggest that the asset could potentially reverse direction.

Markedly, during analysis, the RSI of BTC is at 39.15. Therefore, this indicates BTC is nearly oversold.

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)

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of BTC lies in the range of 28.77, pointing out a strong trend. 

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This is used to measure the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of BTC lies below 50, indicating low volatility. 

Comparison of BTC with  ETH

Let us now compare the price movements of Bitcoin (BTC) with  Ethereum (ETH).

BTC Vs ETH Vs BTC Price Comparison (Source: TradingView)

From the above chart, we can interpret that, recently the price actions in BTC is a similar trend with respect to ETH. This indicates that when the price of ETH increases or decreases, the price of BTC also increases or decreases respectively.

Bitcoin (BTC) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, Let us predict the price of Bitcoin (BTC) between 2024 and 2030.

Bitcoin Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Bitcoin (BTC) might successfully test and surpass its resistance levels to hit $57k by 2024.

Bitcoin Price Prediction 2025

The significant upgrades in the Bitcoin ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Bitcoin (BTC) price to reach $80k by 2025.

Bitcoin Price Prediction 2026

If Bitcoin (BTC) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $100k.

Bitcoin Price Prediction 2027

Bitcoin (BTC) might sustain major resistance levels and continue to be recognized as a good investment option. If it stands so in the market, BTC would rally to hit $120k.

Bitcoin Price Prediction 2028

If Bitcoin (BTC) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, BTC would hit $135k by 2028.

Bitcoin Price Prediction 2029

If investors flock in and continue to place their bets on Bitcoin (BTC), then the crypto would witness major spikes. Hence, BTC might hit $150k by 2029.

Bitcoin Price Prediction 2030

If the trend momentum aligns in favor of Bitcoin, then the BTC price is expected to rally to $180k by 2030. Furthermore, BTC would hold a positive market sentiment and be recognized as a long-term investment with highly profitable ROI.

Conclusion

If Bitcoin (BTC) establishes itself as a profitable investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Bitcoin (BTC) price prediction for 2023 is $36047.02. Relatively, the bearish Bitcoin (BTC) price prediction for 2023 is $22626.98. 

If there is a positive elevation in the market momentum and investors’ sentiment, Bitcoin (BTC) might hit $40k. 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.

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, OKX, CoinW, Deepcoin, and Bitrue, 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 $68,789.63.

5. What is the lowest price of Bitcoin (BTC)?

According to CoinMarketCap, BTC hit its all-time low (ATL) of $0.04865 on July 15, 2010.

6. Will Bitcoin (BTC) reach $40k?

If the bullish trend continues and if Bitcoin (BTC) retests its resistance levels, it will hit $40k 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.