Bitcoin Price Prediction 2023: Will BTC Bulls Rise the Price Beyond $35,000?

Key Takeaways:

• After a massive price action in the last fortnight, the Bitcoin price is heavily consolidating within narrow regions

• The extended consolidation signals that the bulls are preparing for giant price action, surpassing all the interim barriers

• The technicals are rebounding and flashing bullish signals which may further light a significant upswing 

Price 

$28.305.86

24H Price Change 

+0.91%

7D Price Change

+1.97%

MarketCap 

$546.29 billion

Circulating Supply

19.34 million

Trading Volume 

$12.47 billion

ATH

$68,789.63

ATL

$0.04865

Bitcoin Price History

• Bitcoin was invented in 2008 by an anonymous individual or a group of people called ‘Satoshi Nakamoto’ and the first block was mined in January 2009 called the Genesis block.

• In February 2011, the BTC price crossed $1 for the first time and reached $10 which later marked the high at around $30.

• The year 2012, Bitcoin underwent its very first halving which witnessed a gigantic correction of 80% to 90%

• Further, in 2013, the BTC price broke above $1000 and marked its first ATH at $1127 in November 2013 and plunged hard ahead to hit the lower range at around $172.15 in January 2015. 

• The price remained consolidated until February 2017 and surged beyond $1000 for the second time.

• By the end of the year, the price witnessed an unprecedented boom and crossed $10,000 to reach $17,249.92

• Further, the price underwent a massive correction and remained under the bearish influence until the end of 2021

• The price witnessed a massive bull run in 2022 and marked new highs around $68,789.63 during the Q4 2022

Read More: Ethereum Price Prediction 2023

Bitcoin Technical Analysis

Source: Tradingview

• The Bitcoin price is trading within a rising wedge which is considered as bearish as the prices tend to drop after reaching the edge of consolidation

• The price is trading close to the interim support at $27,721 and is expected to slice down the lower support of the wedge to test these levels

• The RSI is hovering around the average levels as the volume has dropped slashing the volatility of the token

• However, the pullback may trigger a significant rebound which may uplift the price toward the resistance zone between $28,416 and $28,596

• Once these levels are cleared, the BTC price may surge beyond $29,000 initially and head toward the crucial resistance at $30,000

Overview of Bitcoin On-Chain Analysis:

Bitcoin Hash Rate

Source: Coinmetrics.io

Bitcoin hash rate is nothing but the computation power required for the miners to validate a transaction on the proof-of-work consensus network. The metrics indicate the rate of miners’ participation over the network. A drop in the levels indicates that less number of miners participate which may make the network less decentralized and increase the possibility of a 51% attack. 

Besides, the hash rate of Bitcoin has surged massively and hovered around the ATH beyond 300 million. It indicates a huge number of miners are participating and hence the network is more decentralized and secure.

Bitcoin Supply in Top 100 Address

Source: Coinmetrics.io

The supply in the top 100 addresses can be considered as the whale addresses as they hold 1% of the circulating supply. The rise in the levels indicates the whales are quite bullish on the token’s impending rally. The surge in levels also induces huge confidence among the market participants who tend to follow these address activities and buy, impacting the price positively. 

Woefully, the levels have dropped in the past few days which indicates the top addresses have stopped accumulating and have liquidated to some extent. This may create FUD within the market participants who may further create significant selling pressure, dragging the price lower.

Bitcoin MVRV Ratio

Source: Coinmetrics.io

The MVRV ratio is nothing but a comparison between the current market capitalization with its realized market capitalization to get a fair value. The fair value indicates whether the current value is undervalued or overvalued. If the levels have dropped, then the price is considered as undervalued or if the levels have surged, then the price is overvalued. 

Presently, the levels have bounced after dropping from extreme highs, indicating the price is slowly gaining value. The rise in the levels may also compel the traders to extract profits which may drag the price slightly lower.

Additional Read: How to buy Bitcoin in India?

Bitcoin Price Prediction for 2023

After maintaining a steep bearish trend throughout 2022, Bitcoin price began 2023 trade on a bullish note and surged by more than 75%. Presently, the price is consolidating within a very narrow range, indicating the bulls accumulating strength to trigger a significant upswing soon. Therefore, the bullish streak may continue, and the BTC price may close the Q2 trade above $30,000, somewhere around $31,500 to $32,000. 

The second half of 2023 may be extremely bullish for Bitcoin as the bulls may begin to utilize their accumulated strength and rise high finely. By the end of Q3 2023, the BTC price may attain levels around $35,000 and face a minor pullback. However, during the Q4 trade, the rally may intensify and regain the value above $35,000 and close the yearly trade at around $38,000 to $40,000. 

Bitcoin Price Prediction for 2024

The upswing may continue since the beginning of 2024 and slowly may get intensified. By the end of Q1, the prices may surge high to clinch $50,000 levels but may be restricted at $43,000. However, the price may further continue to move toward the north and surge above $45,000 by the end of H1 2024. 

The rally may intensify its pace and begin to manifest giant price actions. The upswing may further transform into a bull run wherein the price may form new highs in the rest of 2024. The price is believed to close the Q3 trade beyond $50,000 and maintain a fine upswing ahead. By the end of 204, the price may trade just below the ATH at around $65,000.

Bitcoin PRICE PREDICTION 2025-2030

The upswing may continue in 2025, where the price may form a new ATH at around $75,000 and further fall into a deep bearish trend. The drop may drag the price by more than 50% and compel the trend to remain bearish for the rest of 2025 and 2026. However, after testing the bottoms, the price may begin to recover in the last few weeks of 2027. 

The upswing may further intensify and flip into a bull run in 2028 which may rise the levels beyond $75,000 to reach close to the milestone at $100K. The upswing may continue in 2029, but before reaching these levels, the price may face a massive rejection and drop levels heavily. The price may remain consolidated throughout 2029 and the first half of 2030. The price may hover above $70,000 by the end of 2030.

Year

BitcoinPrice Forecast

2023

$38,000 to $40,000

2024

$58,000 to $65,000

2025

$62,000 to $64,000

Should you invest in Bitcoin in 2023? 

Bitcoin is the first crypto in the market and hence has undergone multiple bearish markets but has rebounded strongly each time. However, after every bear market, the token bounced and formed a new ATH. Besides, before investing in Bitcoin or any other token, deep research on the fundamentals and close observation of the price movements is imperative. 

FAQs

What will Bitcoin be worth in 2023?

The Bitcoin price may trade around $38,000 to $40,000 by the end of 2023.

What will be the price of 1 Bitcoin in 2030?

The price of 1 Bitcoin in 2030 may be around $89,000 to $95,000.

Will Bitcoin ever hit $100K?

Bitcoin is believed to maintain a steep upswing in the coming years and form a new ATH very soon. Therefore, it may also continue to surge high to reach $100K in the future.

Is Bitcoin a safe investment?

Bitcoin is considered a safe investment as it has displayed its rigidity and strength. However, one has to carry out deep research on the market sentiments, fundamentals, and price movements before investing.