Bitcoin Analyst Explains Why BTC Price Is Expected to Reach $85K by End of Year

The price of Bitcoin has been trading sideways in recent days, ranging between $34k and $37k. However, one analyst remains bullish on Bitcoin reaching new all-time highs by the end of 2023.

Current Bitcoin Price Action

Over the past 8 days, Bitcoin’s price has been fluctuating between $34,000 and $37,000. This follows four consecutive weeks of upward momentum for the cryptocurrency.

Last week saw a bearish turn, with Bitcoin failing to sustain pushes above $37k. This price action comes after Bitcoin rallied from below $30k earlier in October.

Analyst’s Bullish 2023 Prediction

Prominent crypto analyst Tony “The Bull” recently tweeted why he believes Bitcoin could reach $85,000 before 2023 ends.

Tony points to Bitcoin’s price action in December 2020 as a precedent. After a failed TD9 sell setup, Bitcoin surged 143% over four weeks, breaking above former all-time high resistance levels.

Rationale for $85K Bitcoin

If Bitcoin were to replicate that 143% monthly gain now, it could reach new highs around $85,000 based on current price levels.

Tony remains confident that Bitcoin will print new all-time highs next year despite ongoing skepticism and bearish sentiment. With Bitcoin’s history of volatility, massive parabolic upside moves cannot be ruled out.

Read also:

By referencing Bitcoin’s 2020 breakout, Tony provides an example of how quickly crypto sentiment and prices can shift. If institutional and retail interest amplifies, Bitcoin could stage a dramatic rally by the end of 2023.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo