Bitcoin price records a massive rally last week due to a technical breakout, as reported earlier by CoinGape. The BTC price trend was able to build momentum and surpassed the psychological level of $20K.
In the last 24 hours, the BTC price has been trading sideways after hitting a high of $21,345. However, on-chain data and analysts suggest more upside for Bitcoin. Can the BTC price rise above $65K by mid-2023?
Bitcoin (BTC) Price Turns Bullish
Bitcoin price is trading strongly above the psychological level of $20K. However, the BTC price may witness some pullback due to the possibility of profit booking by investors.
In the daily timeframe, a breakout of the Bollinger Bands Squeeze in the last few days caused a massive rally in the Bitcoin price. As the bands are still diverging amid a rise in volatility, the BTC price will continue to move higher. However, RSI indicates a high possibility of a pullback as it hit almost 90 in the overbought zone.
Moreover, a crossover of 20-EMA over 50-EMA shows a continuation of the bullish trend. Finally, bulls have taken over bears and brought a recovery across the crypto market.
Crypto analysts Michael van de Poppe and Credible Crypto remain bullish on Bitcoin price. Michael van de Poppe believes the BTC price will pullback below $21K amid the bounce in the U.S. dollar index (DXY), which is currently over 102.50.
“If you thought the run to 60k we had was aggressive wait till you see this 5th wave,” said Credible Crypto.
Meanwhile, veteran trader Peter Brandt shared two charts, a weekly and a monthly, predicting a Bitcoin price rally to $65K in mid-2023. As per Brandt, the BTC price will hit $25K and witness a correction to $18K. Thereafter, a rally to at least $65K can be witnessed. However, he also believes that it’s difficult to predict prices in the current market conditions.
On-Chain Analysis of Bitcoin
According to Glassnode data, Bitcoin price is following its historical pattern despite experts remaining uncertain whether historical chart patterns apply to the current cycle.
Bitcoin traded below the 200-daily moving average (DMA) for 386 days in the 2018-19 bear market. Considering the last week’s rally, the BTC price is back above 200-DMA after 381 days.
Thus, there is a high possibility that Bitcoin has bottomed out and the next cycle has started. However, investors need to consider other factors before deciding to invest in the current market conditions.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
