Is another BTC crash coming in 2023

Many experts are speculating that 2023 could see another crash in the Bitcoin market. As the cryptocurrency continues to gain popularity, concerns about its volatility and sustainability are on the rise. While no one can predict the future with certainty, it’s important for investors to stay informed and make informed decisions about their investment strategies. Whether you’re a seasoned pro or new to the game, it’s always a good idea to have a plan in place to protect your assets during periods of market turbulence. Stay up to date on the latest news and trends in the Bitcoin market to be prepared for whatever the future holds.

Bitcoin Recovery in 2023: Strong Signs of Support and Performance

Bitcoin has been on a downtrend for quite some time, but 2023 has been a different story. The performance of the cryptocurrency has been extremely good, with several on-chain indicators reflecting strong signs of support. BTC/USD has broken the resistance of $30K, approaching the 52-week high after a bear market in the last two years. This strong performance suggests a robust recovery from the previous downtrend.

Experts have also noticed an increased correlation between gold and BTC prices. Based on the 30-day and 90-day performance, the two assets are strongly positive, especially after the US banking crisis a few weeks ago. It suggests that Bitcoin can be an alternative to gold in the long future.

The Contribution of Long-Term and Short-Term Holders of Bitcoin

The chart suggests an accumulation phase before the FTX liquidity crisis, and long-term holders were investing at that time, which will work as strong support. However, after the liquidity crisis, short-term holders have increased their stakes, expecting an upward movement so that Ethereum will book their profit. Even though Bitcoin may touch the nearest support level, that does not suggest another bearish phase because long-term holders are contributing well to the rising graph of Bitcoin price. Overall, the performance is surprisingly consistent even after rising more than 50% in the last few months.

Bitcoin’s Current Price

At the time of writing this post, the price of Bitcoin is trading around $29K, suggesting a strong momentum in the short term. After hitting resistance around $30K, it is consolidating in the next few days. The strong support will be around $27K, which will be an ideal time to invest in the long term as per BTC prediction. On the other hand, ETH is active and will provide support if Bitcoin touches that level. It is recommended to invest for the next few months, expecting a strong rise in the Bitcoin graph.

Bitcoin’s Future Predictions

The strong weekly performance in the first week of January and the second week of March suggests a strong long-term momentum for BTC/USD. There is indeed a possibility of touching the $27K level. Still, it will continue the long-term momentum as candlesticks are forming in the upper Bollinger Bands, and other technical indicators such as RSI and MACD are bullish. After rising more than 60%, Bitcoin may consolidate for a few months, but that does not suggest a bearish sentiment. Based on the Bitcoin price predictions, BTC price is expected to cross the level of $50K in 2025, with an upper range around $86K, but it will cross the level of $100K in 2029, and in 2030, it will cross $150K, suggesting a strong upside momentum in the next five years.

In conclusion, the strong performance of Bitcoin in 2023 suggests that the bear market may be behind us. The increased correlation between gold and BTC prices also highlights the potential of Bitcoin as an alternative to gold in the long future. With the contribution of both long-term and short-term holders, the rising graph of Bitcoin price suggests strong support. Investing for the next few months will likely result in a strong rise in the Bitcoin graph, with the long-term momentum remaining bullish as per technical indicators and BTC predictions.

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