The recent surge in the price of Bitcoin has revived hopes in the crypto asset. Until now, crypto analysts are pseudonymous Ched stating that a massive rally may not be too far away for BTC.
Crypto market struggle with rising inflation and other negative factors in 2022. However, in 2023, BTC has taken positive price momentum, with some investors believing that the worst days have passed. Ched’s bullish predictions about BTC’s future performance.
$BTC visuals of this potential bull thesis every day https://t.co/eUfkmAOx5N pic.twitter.com/UVOCTjctZl
– Cheds (Trading Quotes) (@BigCheds) January 14, 2023
Cheds in Twitter provide predictions on BTC price based on technical analysis. He stated that Bitcoin could see a bullish reversal. In other words, above $18,200 opens the possibility of an inverted head and shoulders complex, multiple shoulders and head with a neck base at $25,500.
His optimistic forecast has Bitcoin soaring up to the level of $37,000, which will be a 76% increase from its current value. He proposed the fear of disappearing (FOMO) will drive more traders to chase the BTC rally.
Bitcoin also closed above its 200-day moving average. Ched labeled this move as a sign of BTC’s strength. He believes that altcoins will also survive when Bitcoin and Ethereum are slow to consolidate their positions.
BTC bull Tim Draper is more bullish on Bitcoin price movements. His analysis predicts that Bitcoin will be worth $250,000 by the end of 2023.
While the numbers seem staggering, he says Bitcoin will enjoy adoption in retail spending. Draper emphasized that only one in seven BTC wallets is owned by a woman. They expect more women to use BTC wallets.
Standard Chartered Bank has a more pessimistic view. In the forecast, Bitcoin may sink around $5,000. He also stated that the more exchanges fight financial problems and bankruptcies, the lower the price will be. According to his forecast, this financial problem will undermine the confidence of investors in digital assets.
What’s Behind the Crypto Resurgence?
The crypto market has improved its outlook, with BTC leading the market. Although experts differ in their forecasts and forecasts, several factors have led to this positive event in 2023.
In general, financial markets are closely related to the American economy. For example, in 2022, the inflation rate will increase as well as the unemployment rate. The forex and stock markets are feeling the impact of these rate adjustments, with cryptocurrencies in line. But the new inflation data for December shows a possible decline in crypto prices.
Also, cryptocurrencies are now enjoying more adoption and acceptance despite regulations in certain areas. This is a faster means of processing payments, and the utility is broken. Technological advances like Web3 also play a role as most crypto projects seem to be joining this trend. These factors also increase the price of crypto assets.
Bitcoin (BTC) Short or Long?
BTC is above the $21k level and continues its positive price trend in 2023. However, traders may be skeptical about BTC wondering if it is a bull run or a bull trap.
The asset is currently trading above its 50-day and 200-day simple moving averages. These technical indicators show that the short-term and long-term outlook is favorable for Bitcoin.
Featured images from Pixabay and charts from Tradingview.com