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Expectations around bitcoin price In 2023, the much-anticipated pre-sale event BTC20 surged past the notable milestone of $450,000 and continues to grow.
Speculation is growing among investors and enthusiasts that this momentum could push Bitcoin to the coveted $50,000 level.
Traders and analysts are closely monitoring the evolving landscape to determine Bitcoin’s likelihood of achieving this important milestone in the year ahead.
Bitcoin price prediction
From a Bitcoin technical standpoint, the cryptocurrency is trading just above the critical support level of $29,500. This support level is reinforced by the triple bottom pattern observed on the 4-hour timeframe.
The pattern first formed on June 22nd, supported Bitcoin again on June 30th, and most recently on July 18th. Relative Strength Index (RSI) The Moving Average Convergence Divergence (MACD) is hovering around 39 for the RSI and -5 for the MACD, suggesting bearish sentiment.
Additionally, the 50-day exponential moving average acts as a resistance level near $29,995, a key psychological level just below $30,000.
Considering these factors, Bitcoin is likely to remain bearish below $30,000. Bitcoin could face further downward pressure if there is a breakout below $29,500, with the next potential support level at $28,900.
Conversely, a failure to break below $29,500 could trigger a bullish rally, pushing the price towards $30,000 initially and possibly a bullish crossover above $30,500.
It is important to note that an increase in Bitcoin demand and a breakout of $30,450 could push the price towards the next resistance level of $31,200.
Therefore, it is important to closely monitor the $29,500 level. A break above this level could indicate a buying opportunity, while a break below it could encourage a sell position.
Will Bitcoin Price Reach $50,000 in 2023?
Bitcoin is currently trading with a bullish bias, but it’s important to be cautious about its potential to reach $50,000 in 2023.
Bitcoin has shown resilience and positive price action recently, but it may not hit the $50,000 milestone any time soon.
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Disclaimer: The cryptocurrency projects recommended in this article are not the financial advice of the author or publication of the publisher. Please be sure to do your own research as cryptocurrency is a highly volatile and risky investment.