The cryptocurrency market has seen Bitcoin and Ethereum prices fluctuate wildly over the past few weeks. While the market remains unpredictable, analysts’ Bitcoin predictions are drawing attention. In this article, we share 5 Bitcoin predictions that have come to the fore recently…
Is $40,000 next for Bitcoin?
Following the release of US unemployment statistics, Bitcoin (BTC) price started to recover from its previous decline. The asset’s value remained above the key psychological barrier of $23,000 for the entire period as on-chain analysis shows that the recent price increase will continue in the long run. The actual Bitcoin price and the realized price for both short-term and long-term Bitcoin holders are prominent metrics. The realized value to market value (MVRV) indicator is currently at 1.18, which is pretty close to 1. MVRV Ratio below 1 traditionally indicates bear market bottoms and smart money accumulation.
Given that MVRV is at 1.18, this lends credence to the idea that market players are currently accumulating and could potentially see a new local all-time high soon. This has led many to believe that the price of the flagship cryptocurrency has crossed the $30,000 price mark with a $40,000 ceiling.
Meanwhile, prominent crypto trader and analyst Rekt Capital has focused on monthly timeframes, spotting a possible sign for Bitcoin to fall before continuing to rise further. The same sentiment was expressed by another crypto expert, Michael van de Poppe. According to him, it is much more plausible and “very logical” for Bitcoin to drop into the $20,000 region. But then we can see levels above $30,000.
Analyst: Bitcoin will rocket in the next four months
On the other hand, George Tung, a crypto expert and YouTuber, predicted that the Bitcoin price will skyrocket 150% in the next three to four months, reaching a total of $50,000. A similar trend was seen in 2019 when the price of Bitcoin skyrocketed from $3,600 to $14,000 in just a few short months. Tung believes 2023 shows almost the same trends as those seen in 2019. Therefore, he expects BTC to show a big increase before July, just like it did in 2019.
Mark Yusko pointed to the halving cycle
According to Mark Yusko, founder and CEO of Morgan Creek Capital Management, Bitcoin’s bull market will likely start sooner than expected due to the prospect of Bitcoin halving and favorable macroeconomic conditions. Yusko believes that the next crypto bull run or “crypto summer” could start as early as the second quarter of this year due to a combination of soft central bank policies and anticipation of Bitcoin halving.
While the US Fed is unlikely to cut interest rates anytime soon, markets tend to anticipate the Fed’s decisions, according to Yusko. This means that even a slowdown or halt in interest rate increases can be interpreted as a sign of an approaching pivot. This will create a positive dynamic for all risk assets, including cryptocurrency.
TechDev: BTC is on the verge of a major breakout
Bitcoin (BTC) may be on the verge of a major “impulse move,” according to an analysis shared by anonymous researcher and analyst TechDev with its 400,000 followers. According to the analyst, it is necessary to monitor the dynamics of the ratio between the Chinese Government Ten-Year Bond (CN10Y) and the US Dollar Index (DXY). This indicator broke above the 1-year moving average line. Also, following the momentum, the MACD indicator has returned to the “green zone” traditionally associated with the “bullish” sentiment. Five times in Bitcoin (BTC) history (2010, 2012, 2013, 2017 and 2020), the combination of these factors was a valid optimistic signal for the largest cryptocurrency. Its latest appearance caused the price of Bitcoin (BTC) to increase 8x between the 4th quarter of 2020 and the 1st quarter of 2021.
Rotate CN10Y/DXY 30 degrees and you basically have $BTC ‘s entire chart.
So far has called our latest move.
Let’s see where it goes. https://t.co/tBSK90U3nL
— TechDev (@TechDev_52) February 3, 2023
4,000 Americans also made price predictions
The 4,000 US adults surveyed in January 2023 predict a bleak future for Bitcoin and predict the asset will likely trade at $15,252 in the next six months, according to research published Jan. 24 by Morning Consult. This price prediction represents a drop of about 34 percent from the current price of Bitcoin. From the feedback it is clear that despite the asset starting the year on a positive note, their confidence in Bitcoin has waned among respondents.
