Is This The Bottom For BTC Price Hitting $100K In 2023?

Bitcoin price has been moving sideways in the $16.5K-$17K range since November. Traders expect a minor upside move near Christmas to push the BTC price above $17K.

Conversely, analysts believe Bitcoin price could see an upside move near Christmas, but a Santa Claus rally for a move above $18K is difficult this time. However, several experts and analysts do believe in a massive bullish rally in 2023 and BTC price hitting $100K.

Bitcoin is currently trading at $16,845. The 24-hour low and high are $16,755 and $16,895, respectively. Thus, the BTC price is up just 1% in the last 24 hours. However, the price shows more volatility.

Also Read: Crypto Analysts Suggest Best Level To Buy Ethereum (ETH)

Bitcoin Price Can Rally Above $17K

Crypto analyst CredibleCrypto in a tweet on December 22 predicts the Bitcoin price can move above $17K before the 2022 end. He asserts that the Bitcoin is holding the 16.3K-16.5K range and BTC dominance has begun moving up.

Bitcoin price will move above $17K and then a rejection or bullish continuation can be seen. However, Bitcoin needs to hold the level for an upside move. CredibleCrypto earlier shared two scenarios for Bitcoin (BTC) price as it tagged the $16.5K support level again. He remains bullish on Bitcoin rising over $19K in the short term.

Moreover, he fully agrees with BitMEX co-founder Arthur Hayes that the Bitcoin price can hit $100K by the 2023 end or early 2024.

Why Bitcoin Price Can Hit 100K in 2023

Experts believe 2023 will be a better year for the stock market as well as the crypto market as the Federal Reserve shifts to buying treasuries. Felix Zulauf of hedge fund Zulauf Consulting and Arthur Hayes said massive bullish rallies in mid-2023, possibly in April-May, will bring a turnaround of events that could reverse the cycle.

Technology stocks will rebound first, which saw massive selloffs in this bear market. The liquidity will be added as the economy goes bad, said Zulauf. Hayes asserts Bitcoin will hit $100K in late 2023. However, it all depends on the Fed’s pivot.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.