Bitcoin Analyst Explains Why BTC Price Is Expected to Reach $85K by End of Year

2023-11-18 12:30

The price of Bitcoin has been trading sideways in recent days, ranging between $34k and $37k. However, one analyst remains bullish on Bitcoin reaching new all-time highs by the end of 2023.

Current Bitcoin Price Action

Over the past 8 days, Bitcoin’s price has been fluctuating between $34,000 and $37,000. This follows four consecutive weeks of upward momentum for the cryptocurrency.

Last week saw a bearish turn, with Bitcoin failing to sustain pushes above $37k. This price action comes after Bitcoin rallied from below $30k earlier in October.

Analyst’s Bullish 2023 Prediction

Prominent crypto analyst Tony “The Bull” recently tweeted why he believes Bitcoin could reach $85,000 before 2023 ends.

Tony points to Bitcoin’s price action in December 2020 as a precedent. After a failed TD9 sell setup, Bitcoin surged 143% over four weeks, breaking above former all-time high resistance levels.

Rationale for $85K Bitcoin

If Bitcoin were to replicate that 143% monthly gain now, it could reach new highs around $85,000 based on current price levels.

Tony remains confident that Bitcoin will print new all-time highs next year despite ongoing skepticism and bearish sentiment. With Bitcoin’s history of volatility, massive parabolic upside moves cannot be ruled out.

Read also:

Essential Cryptocurrencies to Acquire Before 2023 Ends Why This Analyst Says Avalanche Could ‘Trounce’ Solana Soon Mixed Reactions in Solana Community as Whale Unstakes Over $31M in SOL, Sends to These Exchanges

By referencing Bitcoin’s 2020 breakout, Tony provides an example of how quickly crypto sentiment and prices can shift. If institutional and retail interest amplifies, Bitcoin could stage a dramatic rally by the end of 2023.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Bitcoin Analyst Explains Why BTC Price Is Expected to Reach $85K by End of Year appeared first on CaptainAltcoin.

origin »

Bitcoin (BTC) на Currencies.ru

$ 105355.88 (-0.12%)
Объем 24H $52.688b
Изменеия 24h: 2.99 %, 7d: 2.75 %
Cегодня L: $103456.85 - H: $105499.69
Капитализация $2087.843b Rank 1
Цена в час новости $ 36443.45 (189.09%)

bitcoin price days analyst between all-time highs

Источник: captainaltcoin.com

bitcoin price → Результатов: 126


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

SUI Price Gearing Up for a Rebound as Key Indicator Signals Buy Opportunity

Crypto analyst Ali has identified a development for SUI token holders, as technical analysis suggests a potential price reversal on the horizon. According to Ali’s analysis of the SUI/USDT, the TD Sequential indicator has flashed a buy signal on the 12-hour timeframe, hinting at a possible end to the recent downtrend.

Key Levels to Watch as Movement (MOVE) Price Gains Momentum

Movement Labs’ recent developments have drawn significant attention to the MOVE token. CryptoBull_360 shared on X that the price of MOVE is gaining momentum, fueled by a breakout from a falling wedge pattern in lower timeframes (LTFs) and supported by increasing volume.