Bitcoin Price Prediction 2023: BTC Bulls determined to rise the price Beyond $30,000 Soon!

Key Takeaways:

• Bitcoin price recorded an intraday high beyond $26,300 with the announcement of the fresh CPI rates while the bullish momentum was fueled by multiple reasons
• The bulls have gained huge dominance over the rally and hence believed to uplift the price beyond the crucial levels at $28,000 very soon

Price	$25,980.04
24H Price Change	7.63%
7D Price Change	-31.5%
MarketCap	$502.14 billion
Circulating Supply	19.31 million
Trading Volume	$50.23 billion
ATH	$68,789.63
ATL	$65.53

Read More: USDC Stablecoin Depeg

Bitcoin Price History

• Bitcoin was invested as a rage against the traditional banking system mainly after the 2008 crisis
• The inventor, a pseudonymous person or group, Satoshi Nakamoto published the Whitepaper and minted the genesis block on January 03, 2009
• The price surged beyond $1 for the first time in February 2011 and months later reached beyond $10 and reached $30 on the Mt.Gox exchange
• In 2013, EFF began accepting BTC and the price recorded the highest surge of the year of 6600% and peaking above $1100, and dropping heavily below $500 
• After withstanding bearish action, the price ignited a fresh bull run in 2017 and reached the record break levels beyond $19,000. However, the price remained under the bearish influence until Q1 2020
• The BTC price withstood the strangled situation and began surging in the last few weeks of 2020 and began a massive bull run that prevail until Q4, 2021 marking highs close to $69,000
• The price further remained under a massive bear market that prevailed throughout 2022 marking the lows below $16000. 
• However, the price has kick-started a significant uptrend since the beginning of 2023 and has risen close to 60% at the moment marking levels above $26,000

Bitcoin Technical Analysis

Source: Tradingview

• The Bitcoin price in the longer time frame appears to be extremely bullish as the price that had tanked down lower than the previous ATH, has bounced above the levels.
• The weekly RSI seems to be rising up after hovering within narrow regions for a while and the current bullish divergence in RSI may keep up the rally higher
• Besides, the volume has soared magnificently indicating the bulls may encounter a rough path to reach the desired target as the volatility remains extremely low. It happens when there is equal competition between the bulls and the bears
• However, with the bullish start, BTC price is believed to remain elevated throughout the week and clinch the immediate resistance at $27,260 

Overview of Bitcoin On-Chain Analysis:

Bitcoin Reserve on Exchanges

Source: Coinglass

The Bitcoin balance reserve indicates the number of tokens present on the exchanges. The supply on the exchanges indicates the availability of liquidity on the platform which is much required to carry out trade. However, the rise in the supply is due to a drop in demand as it signals the traders preparing to sell or swap the tokens for another. 

The balance reserve had dropped in the past few days after maintaining a stagnant trend for a while. However, the levels are slowly increasing which indicates the traders are getting ready to liquidate. Hence a notable impact on the price of the token may be witnesses that may drive it slightly lower.

Bitcoin Miner Revenue

Source: Coinmetrics

Bitcoin mining is a process to validate a transaction and the block to the network and miners are the ones who perform the action. The miners receive some rewards to confirm the transaction and also receive a part of the transaction fees. This metric considers both inflation rewards & transaction fees. With this, one can analyze whether the miners are in profit or loss as their action heavily impacts the price of the token.

Presently, the miner’s revenue is varying but is maintaining an ascending trend. Whenever the revenue dips it usually pressurizes the mining company who are required to carry out the process at loss. However, the trend is elevated.

Bitcoin Supply on Top 1% Address

Source: Coinmetrics

A drop in the BTC prices usually triggered the whales who hold a huge quantity of tokens in their wallets. The rise in the balance of the top 1% addresses signals the probable upcoming move for the token. For instance, if these addresses begin to shed out their balance, it implies that the whales are unsure of the markets which may further create a ripple of sellouts led by the retail traders

However, the supply held on the top 1% addresses have been rising significantly over the time and has reached the highs. The traders who usually follow the trend set by the whales, may also begin to accumulate the token, mounting enough buying pressure. This may positively impact the price which may witness a decent upswing ahead. 

Additional Read: Ethereum Price Prediction

Bitcoin Price Prediction for 2023

Bitcoin price has been bullish since the beginning of the year, withstanding the hindrance caused in between. Presently, the token has surged beyond the pivotal resistance levels indicating the revival of the bullish trend in the coming days. Presently, the BTC price is displaying enough strength and hence is believed to continue with an ascending trend in the coming days. 

The price, which is trading around $25,000 at the moment, is believed to correct slightly and further resume with a significant upswing. The price may end the Q1 trade around $27,000 and by the end of Q2 may try to reach $30,000. The beginning of H2 could be slightly bearish but by the end, the Bitcoin price may manage to secure levels above $32,000.

Bitcoin Price Prediction for 2024

The bullish kick-start for the year is believed to maintain a notable upswing throughout the year ahead. The price is believed to maintain a decent upswing in the first half of 2024 and reach levels above $35,000. The price may, however, face a minor bearish action by the end of H1 and restrict the price below the above-mentioned levels.

The second half of 2024 is believed to be notably bullish as the prices may elevate with the change in the market sentiments. The price may initially surpass the $35000 mark and further rise beyond $38,000 to reach $40,000. However, in extremely bullish cases, the price is believed to reach $50,000 or above by the end of 2024.

Bitcoin PRICE PREDICTION 2025-2030

The price is believed to mark new highs in the first few weeks of 2025 and achieve levels above $80,000. However, before reaching the historical target at $100K, the token is believed to fall under acute bearish well and shed more than 50% of gains in the rest of 2025 and throughout 2026. The price may halt the descending trend in 2027 and may try to trigger a notable recovery by forming higher highs and lows. 

In 2028, the bulls may have received the required boosts after an extended accumulation and hence a breakout would appear imminent. The upswing may further transform into a bull run in 2029 wherein the milestone of $100K may be achieved. However, the price may further undergo a notable correction and remain consolidated throughout 2030.

Year	Bitcoin Price Forecast
2023	$31,500 to $32,400
2024	$48,000 to $51,000
2025	$66000 to $68,000

Should you invest in Bitcoin in 2023? 

The idea of cryptos was bought into effect with the launch of Bitcoin. The token being the most primitive one has withstood multiple bearish impacts that almost halved the price from its interim high. However, the token has always rebounded after hitting the bottom of the cycle displaying acute strength and being self-assured of the impending rally. However, before investing in Bitcoin or any other token, deep research on the project, the team, and the market sentiments is very important. Additionally, a closer look at the chart patterns may help you to determine the entry-exit points, and manage risks properly.

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