- CoinCodex forecasts Bitcoin could surpass $33,000 soon, while “TradingShot” anticipates a potential rise to $50,000 by year-end.
- Historical patterns from 2014 support the bullish prediction.
- Geopolitical conflicts might push Bitcoin below the critical $25,000 support level, posing risks for the cryptocurrency.
Can BTC Explode Before the End of 2023?
Despite bitcoin’s recent consolidation between $26,000 and $28,000, the ongoing year has been much more successful for the asset than the second half of 2022. As we enter the last quarter of 2023, it is worth observing BTC’s possible deviation in the following months.
The cryptocurrency platform that follows trading volumes, prices, and key data related to the digital asset market – CoinCodex – estimated that bitcoin could spike above $33,000 in the next few days. The team behind the entity based its research on several factors, such as the Relative Strength Index (RSI 14), the 50-day Simple Moving Average (SMA 50), and the 200-day Simple Moving Average (SMA 200):
“After considering the above factors, we can conclude that the current forecast for Bitcoin price prediction is Bullish. BTC would have to increase by 20.69% to hit our $ 32,671 target within the next five days.”
According to a chart posted on TradingView by “TradingShot” earlier this year, the price of the leading digital asset has a chance to skyrocket to $50,000 before the year’s end. The analyst suggested that the pattern in question mirrors a historical context dating back to 2014.
How About a Bearish Scenario?
Last but not least, it is worth touching upon the numerous global conflicts and their potential impact on the cryptocurrency sector. Markus Levin – co-founder of XYO Network – believes that the latest disruption in the Middle East (the war between Israel and Palestine) could cause Bitcoin’s price to plunge significantly.
Phillip Shoemaker – Executive Director of Identity.com – supported that thesis, suggesting a drop below $25,000 could be on the cards:
“As the world continues to slip in the direction of war, Bitcoin will almost certainly fall further. It’s already gone below $27,000, and it looks somewhat weak at the moment. I think the question is whether it will fall below $25,000, which is a serious level of support.
If that level can be held during this time of crisis, then I think we’ll likely see a recovery and then a return to stronger momentum. But if the $25,000 level is breached, then I think further downside should be expected.”