Bitcoin Price Prediction 2023: Will BTC Price Reach $35,000?

Key Takeaways:

• Bitcoin price surged magnificently in the past few hours and achieved levels beyond the crucial resistance flashing bullish signals in the coming days
• The bulls are currently utilizing their accumulated strength and hence the upswing may prevail for long-withstanding bearish pressure
• The miners continue to remain in profit-flashing bullish signals but the rise in the reserve balance of exchanges could be a matter of concern

Read More: Ethereum Price Prediction 2023

Bitcoin Price History

• Bitcoin was invented by anonymous Satoshi Nakamoto in 2008 and the first block or genesis block was minted on January 03, 2009, bringing 50 BTC into existence
• Bitcoin price traded within a 3-digit figure and broke above $1000 for the very first time in November 2013 and reached highs around $1127 in November 2013
• However, the price dropped hard and settled around $172.15 in January 2015 and maintained a stagnant trend until 2017
• The price further managed to rise high to regain levels above $1000 again in February 2017 and soared high to mark ATH at $17,249.92 in December 2017
• Woefully, the price dropped heavily in 2018 and remained consolidated until the end of Q3 2020
• The BTC price ignites a fine rally during the last few weeks of 2020 and prevailed throughout 2021 to form a new ATH above $68,000
• Woefully, the trend remained largely bearish in 2022, slashing the price hard to mark the bottom below $16,000 which paved way for the bulls to reclaim their dominance and grip over the rally

Bitcoin Technical Analysis

Source: Tradingview

• The BTC price in the past few days recorded magnificent growth, attracting huge liquidity which has kept the bullish momentum in times when the volume has slumped hard
• The RSI also reached the overbought levels and is patiently hovering along the levels, without breaking above nor breaking down, signaling the price to remain consolidated
• However, a bullish and bearish case appears as the price has formed a bull flag and may surge high to reach beyond $31,000 after a breakout
• Meanwhile, the Bollinger band flashes the possible bearish reversal as they have begun to compress, while the price is very close to the average levels, which may slash the price harder towards the lower bands
• Therefore, the upcoming quarterly close may be pretty important for Bitcoin that may determine the upcoming trend

Overview of Bitcoin On-Chain Analysis:

Bitcoin Daily Hash Rate

Source: Messari.io

The hash rate is nothing but the computational power required over a proof-of-work network to validate a transaction and complete it by adding the block to the blockchain. It is used to determine the overall health, security, and mining difficulty of the network. It is measured in the terms of hash per second on a blockchain network, the higher the hash rate, the more secure the network may be.

Presently, the hash rate of Bitcoin recently marked new highs beyond 400 million hashes per second. It indicates the huge participation of the miners in validating the transaction which has also increased the difficulty. A large number of participants also makes the network more decentralized while leaving no scope for any 51% attack. 

Bitcoin Daily Supply on Exchanges

Source: Messario.io

The supply on the exchanges or the balance reserve of all the aggregated exchanges does imply the mindset of the investors. Usually, to buy or sell a token, the trader needs to send his tokens to the exchanges and perform a trade. Else, in case of holding it for a long term, the trader usually holds it in his wallet. Therefore, these metrics indicate the overall mood of the market participants.

Presently, the supply on t exchanges has spiked high, indicating that traders are likely to sell or swap their BTC for other altcoins. Hence are constantly transferring their tokens onto their exchanges. The levels have risen ever since the BTC price managed to rise above $28,000 for the first time in 2023. The traders being under immense FUD since 2022, may extract profit with a slight price drop. Hence storing their tokens on the exchanges, indicating a short-term mindset. 

Bitcoin Daily Miner Revenue

Source: Messari.io

Bitcoin chain works in a Proof-of-network consensus mechanism and the miners are an integral part of the ecosystem. They are rewarded with 6.25 BTC for validating a single block and adding it to the chain. This reward is the revenue generated by the miners in due process. The revenue has a considerable impact on the prices as they tend to liquidate their reserves when mining is not profitable. 

This happens when the BTC price plummets hard which makes mining less sustainable. However, the revenue of the miners has surged massively since the beginning of 2023, mainly from March. Therefore, it indicates the miners may be in profit and hence may hold the earned BTC without creating selling pressure in the markets.

Additional Read: Ethereum Shanghai Upgrade

Bitcoin Price Prediction for 2023

Bitcoin price has been undergoing massive recovery since the beginning of 2023 and has intensified heavily as the Q1 close is approaching. The price has surged by more than 70% since the beginning of the year and flashes bullish signals to regain the lost levels in the coming days. The price after a bullish close of around $29,300, may maintain a decent upswing in Q2 which may include a couple of bearish pullbacks. 

The trend may remain elevated largely as the prices tend to hold above the newly formed support levels each time. Moreover, the second half of 2023 is believed to be more elevated as the price may have the aim to hit $50,000 but may reach beyond $32,000 to $35,000 by the end of Q3. Further, the final quarter could be more bullish as the prices may surge beyond $40,000 but may certainly fail to hit $50,000.

Bitcoin Price Prediction for 2024

The beginning of the year is expected to be largely bullish as the price could maintain an ascending trend largely. The price may quickly gain levels above $50,000 and withstand minor bearish pressure. However, the upswing may not be hindered, as the intensity may rise and transform into a bull run closing the half-yearly trade close to $55,000 to $56,000.

Being very close to its ATH, the BTC price may intensify its uptrend during the second half of 2024 and surge beyond $60,000. The bears may try to restrict the price, but may get exhausted very soon. Hence keeping the bullish momentum intact until the end of the year and probably forming a new ATH just above $70,000. 

Bitcoin PRICE PREDICTION 2025-2030

In case, BTC misses forming new highs, it may accomplish the task in Q1 2025 and surge high to reach close to $80,000.However, as the bulls get drained a little, the bears are believed to regain their dominance. This may kick-start a bearish market that may slowly extract most of the profits incurred in the recent past. The bearish trend may prevail for the rest of 2026 and 2027, while the beginning of 2028 may be slightly bullish. 

In 2028, the BTC price could begin a minor recovery phase which may be intensified by the end of the year. After a strong recovery, the price may again begin to undergo a massive bull run in 2029 with acute strength. The upswing may continue in the first few days of 2030 and mark new highs around $100K, post to which the bears may take back control.

Should you invest in Bitcoin in 2023? 

Bitcoin is the very first crypto and holds a decade-long history in trade, withstanding multiple bearish markets and manifesting magnificent recoveries. History says Bitcoin soars high to form new highs, each time it rebounds from its bottom. However, before jumping in, a trader requires to carry out extensive research about the core fundamentals, and other information of the project. Additionally, a deep analysis of the price movements may also help to determine good entry and exit points, which helps to manage risk accordingly.

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