Bitcoin’s Bull Market: Analysts See a Rally to $30K as BTC Hits 30-Day High
Bitcoin (BTC/USD) is off to a great start in 2023 having increased by 40% since the beginning of the year as investors have become more optimistic about macroeconomic issues. BTC has reached a 30-day high of $23,954 per unit, which has significantly raised the Crypto Fear and Greed Index (CFGI) hosted on alternative.me, moving it from the “extreme fear” zone to the “greed” range in the course of the month.
As of now, the cost of Bitcoin is around $23,269, having dropped 0.68% in the last 24 hours. The asset has increased by 1.63% over the course of the week, according to the Bitcoin is currently changing hands for $23,171, and is testing the major bullish trend line forming with support near $22,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The recent CoinShares survey showed that ether (ETH-USD) is expected to shine the most among cryptos, including bitcoin (BTC-USD). A recent analysis by @CryptoHornHairs, an account that focuses on cryptocurrency, made a remarkable discovery that Bitcoin is following a nearly four-year market cycle that it has been adhering to for the past eight years or more. Analysis suggests that after bottoming out in November of last year, Bitcoin may experience an uptrend for approximately 1000 days before entering its next bear market in 2025.
The Bitcoin Stock-to-Flow pricing model also indicates that the next big surge will come after the next halving in 2024.
Analysts have become more bullish about Bitcoin’s short-term prospects due to its impressive year-to-date rally. It is expected that Bitcoin will continue to rise and reach values of up to $25,000 and possibly even $30,000.
The increase in hashrate and difficulty is a positive sign for the stability and security of the Bitcoin network and reflects growing interest and investment in the cryptocurrency.
Should buyers push the cost beyond $23,816, the BTC/USDT pair may initiate its upwards journey toward $25,211. This level may provide a formidable opposition.
A major sign of technical analysis has just indicated that Bitcoin is in the initial stages of a new bull market. However, there are still some negative indicators for cryptocurrencies.
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