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Bitcoin (BTC) has risen by more than 70% in 2023, bolstered by a banking crisis and optimism regarding the potential approval of a spot BTC exchange-traded fund (ETF) in the United States.
BTC/USD daily price chart. Source: TradingView
So, is it likely that Bitcoin’s price will continue to rise throughout the remainder of 2023? Cointelegraph examines its prospects and potential BTC price targets.
Related: BTC price models suggest a $130K target following the 2024 Bitcoin halving
2020 Bitcoin price fractal targets $50K
The current market trend for Bitcoin closely resembles its price movements from 2017 to 2020. As a result, it may replicate a significant breakout moment (the highlighted area) that could lead to a substantial bull run, according to well-known BTC analyst Stockmoney Lizards.
BTC/USD price performance comparison between 2020 and 2023. Source: TradingView/Stockmoney Lizards
The breakout in 2020 preceded a Bitcoin bull run that culminated in its all-time high of $69,000 in November 2021. Should a similar breakout take place, the analyst anticipates BTC’s price could reach the $45,000-$50,000 range by the end of the year.
In contrast to Bitcoin’s rally in 2020, the cryptocurrency is currently encountering challenges due to the tightening measures from the United States Federal Reserve, which have led to decreased liquidity in the market.
Bitcoin’s price has declined by 40% since April 2022, when the Federal Reserve’s balance sheet peaked.
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Standard Chartered also forecasts Bitcoin at $50K
Standard Chartered similarly predicts that Bitcoin will reach $50,000 by the end of the year.
Geoff Kendrick, the global head of research and chief strategist at Standard Chartered, contends that improved profitability for miners will lessen their necessity to sell BTC, resulting in a reduced supply against potentially increasing demand.
“Enhanced miner profitability per BTC (Bitcoin) mined allows them to sell less while sustaining cash inflows, thereby decreasing net BTC supply and driving BTC prices higher,” Kendrick noted in a report.
Interestingly, the quantity of Bitcoin held by miners surged during the Ordinals hype in May 2023, although it has stabilized since then.
Bitcoin miner reserves in 2023. Source: CryptoQuant
Bitcoin price technical pattern suggests $32,000
Meanwhile, a specific Bitcoin technical setup indicates a year-end target near $32,000, which is also a recent price peak.
Notably, BTC has entered the breakout phase of its current bump-and-run reversal (BARR) Bottom pattern. The BARR Bottom pattern typically resolves after the price surpasses its descending trendline resistance and can rise by as much as the maximum height of the pattern, as illustrated below.
BTC/USD daily price chart featuring BARR breakout setup. Source: TradingView
This same BARR Bottom pattern was accurately observed in Dogecoin’s case in June 2022. If this pattern unfolds as expected, BTC price could increase by another 12.75% by the end of 2023.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making any decisions.
