Bitcoin broke $45k a week ago but was unable to maintain that level, resulting in a nearly 10 percent decline. And while Bitcoin has moved back above $44,000, it has been unable to retest $45,000. The cost dropped from $44.8k to $43.7k. Bulls are attempting to drive the price higher, but it appears that the $43.5k-$45k zone will be difficult to breach.
The largest cryptocurrency by market cap is currently hovering around the 23.6 percent Fib level. If the coin continues to rise, it may run into resistance at $44.2k, which is the bottom of the broken rising channel. At the same time, if we break out of this channel and go over $44.5k, the next resistance level will be around $45.5k.
Bitcoin Price to hit 100k?
PlanB, the mind behind one of the most well-known Bitcoin indicators in the crypto sector, the Stock-to-Flow (S2F) model, believes that Bitcoin will hit $100,000 by 2023.
The model, on the other hand, has been underwhelming since March 2021, owing to the widening gap between the anticipated and actual pricing.
The main driver in this discrepancy was the May 2021 crash, when the king coin plunged by around 44%. By November, Bitcoin had recovered and had reached an all-time high of $67.5k, giving investors renewed confidence that it would reach $100k by the end of the year, but that, too, never happened.
PlanB recently said,
“It does not concern me yet, but it certainly leads to the question: do we need to refit the model to this new lower data, or do we have to be patient and finish this cycle first because prices can be higher in the 2nd half of the cycle (bringing the average back to $100K)”
In order for PlanB’s predictions to come true, Bitcoin must climb by 125.92 percent in the next ten months. BTC is still down 35% from it’s all-time high established last year. BTC is now trading at $44,155.85 at the time of writing.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-rise-by-125-in-2023/