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.
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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.
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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.
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