Analyst says Bitcoin (BTC) could reach $79,000 in 2023

• Veteran trader Tony Vays predicts Bitcoin could reach $100,000 in 2023, creating a new all-time high.
• Analysis from BTC backtesting indicates a possible repeat of historical behavior.

According to former Wall Street analyst Tone Vays, the price of Bitcoin could rise significantly in 2023. Despite the prolonged bearish market condition affecting the crypto market, recent speculations show that Bitcoin could skyrocket next year.

The tragic fall of FTX, the crypto exchange owned by Sam Bankman-Fried, triggered the intensity of the bearish market condition. For example, the world’s number one cryptocurrency has hit a two-year low following the crash of FTX. If FTX succeeds in raising funds, the crypto crises may subside.

Vays predicted a long bull run for Bitcoin in 2023 while addressing its millions of YouTubers subscribers. From his perspective, if Bitcoin falls to a low of $11k, the digital asset could still reach a new ATH of $100ki in 2023. He believes that his prediction will attract long-term holders to buy more BTC.

We can have a capitulation down to $11,000 and still reach $100,000 next year. Because a lot of Bitcoin is going into cold storage because people can buy it cheap.

Last week, BTC hit a low of 15,600, a few hundred dollars above the estimated production cost of $15,000. Currently, BTC is trading at $16,712.22, having gained about 1 percent in the last 24 hours. In Vays’ analysis, if BTC closes above the $18,500 support level, the expected low could enter. Unfortunately, BTC has yet to reach the support level of his prediction. All fingers are crossed at the projected mark when the digital asset goes up to the $18,500 mark.

More Reason Bitcoin Will Skyrocket in 2023 – Ex Wall Street Analyst

The veteran trader has added another confluence to his analysis – the funding rates on crypto trading platform BitMEX. He said that the current prices indicate an incoming bottom for BTC based on historical behavior.

In his analysis, he performed backtesting on BTC behavior in previous years. He centered his research on events that occurred before BTC’s all-time high. He said:

That’s how markets tend to bottom. Let’s look at the last time the BitMEX funding rate was this low. The last time the financing rate was this low was in May 2021. Let’s see what happened in May 2021. It was right here [$30,000]. Finally, off of that, we went to a new all-time high [of $69,000]. So I’ll take those odds. I’ll take the odds that the lowest one is in.

Analysis from the chart indicates that most traders are accumulating heavily short positions. This ongoing situation could lead to a brief squeeze in the crypto market. The listed analysis by Tony Vays may break the current ATH for Bitcoin in 2023.