Bitcoin Price Prediction, 4 Altcoins to Buy Now: Crypto Chartmaster

• Cryptocurrencies have made a big comeback in 2023 during a broad market rally.
• Chartmaker Forrest Przybysz shared his 2023 price outlook for bitcoin and ether.
• Here are four altcoins that Przybysz is most optimistic about with bitcoin at risk of falling.

Bitcoin may continue its impressive rally but will eventually retest its lows and potentially lose half of its value, according to a self-described cryptocurrency evangelist.

The price of the world’s largest crypto has risen 48% so far this year to an eight-month high of $25,000 amid a broader rally for crypto and other risk assets. Ether, the second largest digital asset, has also roared back to life, up 44% in 2023 to its highest level since mid-September.

But while both tokens appear to have upside going forward, ether currently looks like a better bet from a risk-reward standpoint, Forrest Przybysz, founder and CEO of crypto-focused firm Sistine Research, said in a recent interview with Insider.

What’s next for bitcoin and ether?

Bitcoin is approaching a key technical resistance area at $28,000 to $32,000, according to Przybysz’s charts. While the token could climb another 28% if investors continue to embrace risk during a broader market rally, Przybysz told Insider that bitcoin is likely to give up its gains.

If bitcoin’s rally stalls, Przybysz’s charts show that it is likely to fall up to 24% to the nearest support level of $19,000, although a 50% drop to $12,700 is possible if the token cannot hold the crucial mark. And in the worst case scenario, bitcoin could slide to levels last seen in late 2020.

Meanwhile, ether has solid support in the mid-$1,300s and could reach $2,000 or even $2,700 by the end of the first quarter or early second quarter, Przybysz said. In other words, while Przybysz’s charts also indicate that ether could fall 20%, the token’s potential upside of 57% is double that of bitcoin.

Despite their strong performance so far this year, bitcoin and ether are still about 64% below their all-time highs. And while Przybysz doesn’t see bitcoin or ether breaking their price records until the end of 2024, he said what has broken is the structure of the bear market, which is a solid start.

“I think there’s potentially another leg up in crypto and then probably followed by a return to some of the lows we’ve seen,” Przybysz told Insider. “And then as we approach the end of 2023 — maybe it’s 2024 — we may start to see some buying behavior come in.”

4 tokens to target instead of bitcoin

While bitcoin looks like a risky bet at current levels, Przybysz said four smaller cryptos look attractive: ether (ETH), polygon (MATIC), quantity (QNT), and chain links (LINK). These altcoins have upside despite the brutal crypto winter of the past year, he said.

“There will be a lot of lower-cap cryptocurrencies — altcoins — that probably sit at all-time highs, only to occasionally decide to diverge and disconnect,” Przybysz said. “We’ve already had some decent performers, potentially setting new highs already. But they’re pretty sparse – far and few between.”

Below are the four cryptocurrencies that the chart master and research firm head is most bullish on right now, along with the symbol, market cap and thesis for each.