Experts’ 2023 Bitcoin Price Forecast Touches $45,000

The cryptocurrency market has begun to recover from the brutal crypto winter of 2022. The main driving force behind the industry remains Bitcoin, the cryptocurrency with the highest market capitalization. And market participants give their BTC price predictions for 2023.

BeInCrypto has researched Bitcoin’s 2023 price outlook. To do this, it asked experienced experts to provide a Bitcoin price prediction for the end of this year and for the period before 2024’s halving. Investors’ predictions were mixed.

Bitcoin Price Forecast: Moderate Optimism

ALTA’s strategic director Yaroslav Ivanov believes that investors still have time to buy cryptocurrencies at a discount. Ivanov is not sure that the bears have finally pulled out of the market.

According to Ivanov, growth achieved in early 2023 may give investors false hope of a larger positive movement for the rest of the year.

He believes there is a small chance that BTC will rise to $40,000 by the end of 2023. At the same time, he believes that any decline should be seen as an opportunity to buy Bitcoin at a discount.

Don’t expect big changes

Trader analyst at Vekus Mining Development Denis Trapezenko shared his prediction for the Bitcoin price, which he says will start 2024 at levels close to today’s prices ($28,000-$30,000).

Trapezenko highlights several key elements:

• In the weekly BTC chart, you can see that the BTC price is moving within the institutional dynamic channel of the horizontal volume (blue line). In this channel you can see that the beginning of fall is the peak on March 28, 2022 ($48,192), and the culmination is the low on November 21, 2022 ($15,487). In this area, you can stretch the Fibonacci retracement levels, which will show the OTE zone, which acts as a potential distribution area for the asset. The RSI is testing 70, indicating a likely bullish correction.
• Above current values, there is an inefficient price range FVG 1W ($34,277-$37,406), which may cause further markup. The $37,400-$48,700 price range serves as a notable resistance area. Below, a weekly bullish imbalance FVG 1W ($22,591-$26,591) forms, which acts as a magnet for the price. After an aggressive rally on March 30 and the exit from the sideways range, a support area was formed ($19,592-$25,234). In this area, there is a price gap on the CME exchange.
• Currently, there are 36 weekly bars left until the end of 2023. Based on the current price, during this time period, the price is expected to move within the support and resistance zones ($19,592-$48,700). By the end of 2023, the price values ​​may therefore be close to current levels.

BTC may rise on new bank failures

StormGain crypto exchange expert Dmitry Noskov gave the most positive Bitcoin price forecast for the end of 2023. He believes the growth of the largest cryptocurrency by market capitalization to $45,000 is not impossible.

Noskov noted that BTC is once again battling gold for the title of the best “store of value”. According to estimates from the chain analysis company Glassnode, BTC and gold share a correlation coefficient of over 0.85.

Bitcoin, like gold, is opposed to fiat money, which governments print without limit to close financial loopholes. Noskov points out:

“The Fed’s monetary policy dilemma—to bring inflation to its 2% target or prevent a recession—is worsening. Since the Ministry of Finance does not fully insure bank deposits, a further increase in interest rates increases the risk of new bankruptcies in the banking sector and loss of customer funds.”

In this scenario, the StormGain analyst highlighted its impact on Bitcoin’s price:

“ This causes a higher demand for BTC. In case of new bankruptcies, the supply of funds to the cryptocurrency will increase and Bitcoin may reach $45,000 by the end of the year.”

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.