Historic price fractal, strong technicals and Bitcoin ETF approval euphoria could keep BTC prices elevated for the rest of 2023.
Bitcoin (BTC) is up over 70% so far in 2023, helped by a banking crisis and hopes about a spot BTC exchange-traded fund (ETF) approval in the United States.
So, will Bitcoin price continue to climb for the rest of 2023? Cointelegraph takes a look at its chances and possible BTC price targets.
Related: BTC price models hint at $130K target after 2024 Bitcoin halving
2020 Bitcoin price fractal eyes $50K
Bitcoin’s ongoing market trend looks very similar to its price action during the 2017 to 2020 period. Therefore, it can repeat a key breakout moment (the greened area) for a decisive bull run, argues popular BTC analyst Stockmoney Lizards.
The 2020 breakout preceded a Bitcoin bull run to its record high of $69,000 in November 2021. If a similar breakout occurs, the analyst sees BTC’s price climbing to the $45,000-$50,000 range by year’s end.
Unlike Bitcoin’s 2020 price rally, however, Bitcoin is currently facing headwinds from the United States Federal Reserve's tightening, resulting in lower liquidity in the market.
Bitcoin's price is down 40% since April 2022 when the Federal Reserve's balance sheet reached its peak.
Standard Chartered also sees Bitcoin at $50K
Standard Chartered also predicts Bitcoin will reach $50,000 by the year's end.
Geoff Kendrick, the global head of research and chief strategist at Standard Chartered, argues that increased miners’ profitability will reduce their need to sell BTC, leading to a lower supply against potential rising demand.
“Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kendrick stated in a report.
Interestingly, the number of Bitcoin held by miners surged during the Ordinals hype in May 2023, stabilizing since.
Bitcoin price technical pattern hints at $32,000
Meanwhile, one Bitcoin technical setup puts its year-end target near $32,000, also a recent price peak.
Notably, BTC has entered the breakout stage of its prevailing bump-and-run reversal (BARR) Bottom pattern. The BARR Bottom pattern typically resolves after the price breaks above its descending trendline resistance and rises by as much as the pattern’s maximum height, as shown below.
The same BARR Bottom pattern played out accurately in Dogecoin’s case in June 2022. BTC price will be up another 12.75% by the end of 2023 if this pattern plays out as intended.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
