Markets

Expert predictions for the price of bitcoin for the year 2023 reach $45,000

The cryptocurrency market is starting to recover after the crypto winter of 2022. The main driving force behind this industry remains Bitcoin, the cryptocurrency with the highest market cap. Market participants present their BTC price predictions for 2023.

BeInCrypto investigated Bitcoin price prospects 2023. To do this, it asked experienced experts to provide bitcoin price predictions for the end of this year and for the period leading up to the 2024 halving. Investor expectations diversified.

Bitcoin Price Outlook: Moderate Optimism

ALTA Strategic Director Yaroslav Ivanov believes that investors still have time to buy cryptocurrencies at a discount. Ivanov isn’t sure the bears have finally pulled out of the market.

According to Ivanov, the growth seen in early 2023 could give investors false hope of a larger positive move through the rest of the year.

He believes that there is little chance of BTC rising to $40,000 by the end of 2023. At the same time, he believes that the potential decline should be seen as an opportunity to buy Bitcoin at a discount.

Don’t expect big changes

Trader Analyst at Vekus Mining Development Denis Trapezenko shared his Bitcoin price prediction, which he says will start 2024 at levels close to current prices ($28,000-$30,000).

Trapezenko highlights several key elements:

  • On the BTC weekly chart, you can see that BTC price is moving inside the institutional dynamic channel of horizontal volume (blue line). In this channel, you can see that the beginning of autumn is the peak of March 28, 2022 ($48,192), and the peak is the low of November 21, 2022 ($15,487). In this range, you can extend the Fibonacci retracement levels, which will show the OTE area, which acts as the potential distribution range of the asset. The RSI is testing the level of 70, which indicates a possible growth correction.
  • Above the current values, there is a price passive zone FVG 1W ($34,277 – $37,406), which may cause an increase in the price. The $37,400 to $48,700 price range acts as a noticeable resistance area. Below, the Weekly Bullish Imbalance FVG 1W ($22,591-$26,591) is forming, acting as a magnet for the price. After rising sharply on March 30 and breaking out of the sideways range, a support area (19,592 USD – 25,234 USD) was formed. In this area, there is a price gap on the CME exchange.
  • Currently, there are 36 weekly bars left until the end of 2023. Based on the current price, in this time range, the price is expected to move within the support and resistance areas ($19,592-$48,700). Therefore, by the end of 2023, price values ​​may be close to current levels.
Bitcoin price forecast by Denis Trapezenko

BTC could rise due to new bankruptcies in the banking sector

StormGain cryptocurrency exchange expert Dmitry Noskov gave the most positive bitcoin price forecast for the end of 2023. He believes that the growth of the largest cryptocurrency by market capitalization to $45,000 is not impossible.

Noskov noted that Bitcoin is once again battling gold for the title of the best “store of value.” On-chain analytics firm Glassnode estimates that BTC and gold share a correlation coefficient of over 0.85.

Bitcoin, like gold, is opposed to fiat money, which is endlessly printed by governments to fill financial gaps. Noskov points out:

The Fed’s monetary policy dilemma — to bring inflation to the 2% target or prevent a recession — is getting worse. Since the Ministry of Finance does not fully insure bank deposits, the high interest rate increases the risks of new bankruptcies in the banking sector and the loss of clients’ money.

In this scenario, StormGain analyst highlighted its impact on the Bitcoin price:

This leads to a high demand for Bitcoin. In the event of new bankruptcies, the flow of money into cryptocurrency will increase and bitcoin could reach $45,000 by the end of the year.”

For a recent Be (In) Crypto Bitcoin (BTC) analysis, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

Leave a Reply

Your email address will not be published. Required fields are marked *