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- 1 Bitcoin price prediction is giving signs of a comeback; the cryptocurrency giant could break out from the $30700 mark.
- 2 BTC crypto might reach near $45000 level through the comeback rally in 2023, according to the analysts.
- 3 Bitcoin, the traditional cryptocurrency, may break all the bars if accumulation rate exceeds its limit by mid 2023 analysts added.
Bitcoin price prediction showcases the comeback rally of BTC in 2023 to break out of $30000 resistance and near the $45000 mark. Bitcoin price must follow a strategy to recover through 2023 and reach the $45000 price level. However, in order to achieve the goal conditions must be favorable for BTC. BTC crypto prices need to follow through a plan to level near the mentioned recovery level.
Bitcoin price must break from the declining parallel channel over the daily time frame chart. If BTC fails to sustain at the upper trendline then it may get support from the primary support level at $25000 to initiate its recovery phase and again try for a breakout. Analysts also mentioned that if Bitcoin price reaches the primary resistance level near $28400 and manages to register its breakout then the cryptocurrency giant may be priced near $30000. Bitcoin might get the boost to register its break out this time from the $30700 distribution level.
If Bitcoin manages to register its breakout from the distribution phase then trading volume must be increased for BTC to maintain itself above the distribution phase following the sideways momentum.
Technical Analysis for Bitcoin Comeback Rally!
Bitcoin price was at $26721 and has lost 0.40% of its market capitalization during the day’s trading session. However, trading volume has increased by 66% during the intraday trading session. This demonstrates that buyers are present in the trade to push BTC price. Volume to market cap ratio was at 0.0301.
Bitcoin price has been caged between the horizontal price range of $25000 to $30500. Bitcoin must break out from the horizontal range-bound area to register its recovery phase over the charts. Bitcoin price is trying to remain above 20, 50, 100 and 200-days Daily Moving Average.
Bitcoin price surged around 3.15% in a week and 58.82% in the last six months. Moreover, BTC price has increased by 61.64% year to date suggesting the continuous recovery of BTC during 2023.
Bitcoin Price Prediction: Technical Indications
Technical indicators suggest the sustainability issues of BTC, the traditional cryptocurrency over the daily time frame chart. Relative strength index showcases the downtrend momentum of BTC. RSI was at 51 and is about to cross neutrality downwards.
However, MACD exhibits the upward momentum of BTC. The MACD line is above the signal line after a positive crossover. Investors in Bitcoin need to wait until the cryptocurrency giant sustains at the upper trendline of the descending parallel channel over the daily time frame chart.
Summary
Bitcoin price prediction showcases the comeback rally of BTC during 2023 to break out of $30000 resistance and level near $45000 mark. If BTC fails to sustain at the upper trendline, then it may get support from the primary support level at $25000 to initiate its recovery phase and reproduce a breakout. Bitcoin price has been caged between the horizontal price range of $25000 and $30500. BTC price has surged by around 3.15% in a week and 58.82% in the last six months. Technical indicators suggest the sustainability issues of BTC, the traditional cryptocurrency over the daily time frame chart.
Technical Levels
Resistance Levels: $28300 and $30700
Support Levels:$26500 and $26100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
