Will Bitcoin Close Year at $50,000? Experts Discuss BTC Price Trends

2023-10-24 18:30

As Bitcoin (BTC) hovers around the $30,000 prize zone analysts give their price targets for the new year based on historical price analysis and forecasts,

Bitcoin has surged 70% so far this year. It was fueled by financial turmoil and expectations surrounding the approval of a spot Bitcoin ETF (Exchange-Traded Fund) in the United States. 

Historical Bitcoin Price Fractal: Towards $50,000?

The current Bitcoin market trend bears remarkable similarities to the price movement from 2017-2020. According to the analyst Stockmoney Lizards, this could lead to a key breakout moment, similar to the green area on the chart, and a decisive bull market.

A similar pattern in 2020 led to a record high of $69,000 in November 2021. If this trend repeats, Bitcoin could rise to the $45,000-$50,000 range by the end of the year.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

Stockmoney Lizards Bitcoin (BTC) analysis. Source: X (Twitter)

However, it is important to note that Bitcoin is currently facing challenges, mainly due to the policies of the US Federal Reserve. This led to reduced liquidity in the market. Bitcoin’s price is down by over 30% compared to April 2022, when the Federal Reserve’s balance sheet peaked.

Bitcoin Predictions from Standard Chartered

Standard Chartered, a renowned financial institution, also predicts that Bitcoin will reach $50,000 by the end of the year. Geoff Kendrick, global principal researcher and chief strategist at Standard Chartered, says rising miners’ profitability will reduce their need to sell BTC, which could lead to lower supply relative to potentially rising demand.

Bitcoin miner reserves. Source: CryptoQuant

Interestingly, the number of Bitcoins held by miners increased during the Ordinals hype in May 2023 and has remained stable since then.

Read more: Bitcoin NFTs: Everything You Need To Know About Ordinals

Analysts are, therefore, optimistic about the possibility of the price breaking the $50,000 barrier. Both historical price fractals and reduced supply due to miners’ profitability suggest a positive outlook. However, it is important to remember that the cryptocurrency market is dynamic and subject to many factors, so investors should exercise caution and stay up to date with the latest developments.

Do you have anything to say about Bitcoin analysis for the year-end or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).


For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Will Bitcoin Close Year at $50,000? Experts Discuss BTC Price Trends appeared first on BeInCrypto.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 63452.03 (-0.04%)
Объем 24H $12.239b
Изменеия 24h: 0.72 %, 7d: -2.54 %
Cегодня L: $62675.56 - H: $63493.28
Капитализация $1273.568b Rank 1
Цена в час новости $ 33024.61 (92.14%)

trends price year bitcoin btc close experts

Источник: beincrypto.com

trends price → Результатов: 126


Фото:

Here’s the “Do or Die” Price That Will Determine Ethereum’s Macro Trend

Ethereum has remained stuck beneath its crucial near-term resistance level at $230 The crypto has been ranging sideways alongside Bitcoin and many of its peers, but it has been unable to remain within its long-held trading range The break below this range appears to be a grim sign for the crypto Where it trends next could largely depend on how it reacts to a crucial level that it is trading 10% above Holding above this […]

2020-7-4 23:00


Фото:

Bitcoin’s Volume is at the “End of the Line” Signaling Volatility is Imminent

Bitcoin’s range-bound trading is showing no signs of letting up as the crypto continues trading sideways within the lower-$9,000 region It does appear to be laying the groundwork to make a massive movement Data suggests that this movement could be imminent in the days ahead, potentially setting the tone for which direction it trends next There are a few other factors that are likely to influence its near-term price action as well One analyst notes […]

2020-7-4 21:00


Фото:

This Bitcoin Indicator Forecasted the 2017 Bull Run. It Just Flashed Again

Bitcoin’s lackluster price action over the past few weeks has struck a serious blow to investor sentiment, leading many to anticipate weakness in the days and weeks ahead. That being said, this growing bearishness may be unwarranted, as some interesting trends seen while looking towards its on-chain fundamentals seem to suggest that further upside is […]

2020-6-20 00:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin price prediction: Is Strategy’s 1,550 BTC buy a bullish signal after the crash?

Strategy bought 1,550 BTC after a rare 32 BTC sale. Bitcoin is stabilising near $63K after a sharp 20% monthly drop. Analysts split on whether the $60K support will hold or break lower. Bitcoin has been moving through a volatile stretch marked by sharp liquidations, uneven recovery attempts, and conflicting signals from both technical indicators […] The post Bitcoin price prediction: Is Strategy’s 1,550 BTC buy a bullish signal after the crash? appeared first on CoinJournal.