We are in an industry where Bitcoin price predictions attract a lot of attention. That’s why we care about the predictions made by experts. Thus, we direct our investments. cryptocoin.comLet’s take a look at the experts’ predictions.
Bitcoin price prediction
After a turbulent 2022, Bitcoin price has risen more than 60% year-to-date. The total value of the cryptocurrency market is well over $1 trillion. So where will the Bitcoin price go? First, let’s look at the comments of Charmyn Ho, head of crypto analytics at digital asset exchange Bybit. Ho said that until the macroeconomic environment improves, BTC may not reach its all-time high. According to Messari, the crypto traded at a record $67,566 in November 2021.
Also, Ho points to a possible wind. He says this is the potential recession expected to hit the US, Europe and other major economies. Accordingly, a number of other bad macro factors such as inflation are also added to this recession. As a result, many investors prefer to stay on the sidelines. On the other hand, Ho adds, “This also contributes to the mostly sideways price movement we experience.” The halving, which is an important technical event for the Bitcoin network, can significantly push the price of Bitcoin up. The halving is expected to take place in April 2024. For this reason, he says that BTC will go through a troubled period until this event. Ho expects a 90% upward movement from the price of Bitcoin in Q3 of 2023. This means a price tag of about $ 60,000.
Emphasis on this development for BTC
Jagdeep Sidhu, President of the Syscoin Foundation, also emphasizes halving. “Although we have been through some storms lately, the resilience of the crypto ecosystem is evident. “The market reborn from the ashes of FTX has demonstrated its natural capacity to absorb shocks and evolve.” Another crypto executive says that the price of Bitcoin could reach as high as $38,000 by the end of the year if inflation in the US falls and there is regulatory clarity on digital assets. Accordingly, this figure represents a 41% increase from the current transaction level.
Tim Shan, COO of decentralized crypto exchange Dexalot, expects an intermittent level for Bitcoin. “Bitcoin will be trading in the $25,000 to $32,000 range for the remainder of 2023,” Shan said. says. David Uhryniak, who works on ecosystem development at blockchain infrastructure provider TRON, also has a guess. He is confident that Bitcoin will end the year at “significantly higher levels.” Bitcoin will close 2023 above $35,000.
Bitcoin prediction by other analysts
Crypto strategist PlanB tells his 1.8 million Twitter followers that he is patiently waiting for the Bitcoin price to surpass its two-year realized price, which is currently at $29,500. The realized price metric calculates the value of all tokens at the purchase price by dividing them by the number of tokens in circulation. In a video released three months ago, PlanB stated that during bull markets, the price of the crypto king tends to be above all his realized prices. He goes on to say that BTC has “always” formed a historical pattern that marks the beginning of a bull market. Let’s keep PlanB’s $100,000 goal in mind.
In a recent strategy session, DonAlt tells his 50,800 YouTube subscribers that the fact that BTC bears unfollowed after defending the $30,000 resistance shows that Bitcoin has not yet completed its uptrend. According to DonAlt, Bitcoin usually falls hard and fast after reaching a significant resistance level. Therefore, the fact that Bitcoin price continues to consolidate near the $30,000 level is a bullish signal.
Lark Davis’ Bitcoin prediction
According to Lark Davis, a popular crypto influencer, Bitcoin price is poised to post higher gains in the coming days. In his latest analysis, Davis stated that the Bitcoin price retraced the 50-day EMA after trading below it for 20 days. As a result, the analyst expects BTC to repeat a similar move as it did in early March. “The last time a large green candle rose above the 50-day EMA, Bitcoin price had surged 40% in the weeks that followed,” Davis said. says.
Bitcoin price at a critical point
On May 25, Checkmate, Chief Blockchain Analyst of Glassnode, made important statements. He stated that the Bitcoin price is at a critical point that could lead to a significant correction. Checkmate also has a recommendation for Twitter followers to consider the potential fix. He explained that it is important to analyze the behavior of Short Term Holders as they are mostly responsible for significant price movements in BTC. The Glassnode analyst highlights one of the most important metrics to consider. He pointed out that the $26,500 region is the Short Term Holder Actual Price being tested. This level provides strong psychological support as losing it could result in a higher drop. Similarly, Checkmate announced that the STH-SOPR indicator, which shows the Dominance of Short-Term Holders’ Losses, is below 1.0. This means that Short Term Holders’ losses are mostly generated by local top buyers. However, this is a rare occurrence. On the other hand, it often creates a bullish response driven by the fear of missing out on a price increase (FOMO).
Regarding the Current P/L Ratio, the metric has reached a state of equilibrium. Accordingly, this indicates a possible healthy short-term market clean-up. However, the analyst warned that the loss of current values may create a negative atmosphere in the short term. Finally, Checkmate highlighted that the STH P/L momentum tool, designed to detect rapid changes in market trends, is currently at a neutral level. However, if it starts to show deterioration, this could be a clear signal of a deeper correction, as in other cases. It should be noted that most of the charts presented by the analyst use daily timeframes, so it is normal to expect significant moves up to $10,000 in BTC.
