In the first days of the new year, the price of Bitcoin managed to rise above $17,000 again, which improves the forecast for the coming weeks.
In the last few days, the price of Bitcoin has been able to rise above the $17,000 mark again, and a break above the resistance is “threatening”. This $17,000 resistance held the Bitcoin price back for a long time. The $20,000 mark could soon follow.
In recent weeks, the price of Bitcoin has experienced a sideways movement. This started after the FTX crash, which briefly pushed the price of Bitcoin below the $16,000 mark. After that, the price quickly rallied back above $16,000 and settled between that level and the overhead resistance at $17,000.
After stabilizing, Bitcoin has been stuck below $17,000 for the past few weeks. Only once in December was the price able to break out, and the cryptocurrency rose above $18,000 for a few hours. However, the latest interest rate hike in the US caused the rate to drop back below $17,000.
Why Bitcoin Price Could Rise More in 2023?
The year 2023 has started with prices going up again. Could this be a sign of a bullish 2023? In general, we are still in the bear market, and this should continue until the Bitcoin Halving in 2024. But that does not mean that stronger gains may not be seen throughout the year.
Already in 2019, in the second year of the bear market at that time, there was a stronger increase in the price of Bitcoin. In the first 6 months of the year, the Bitcoin price rose from $3,500 to $10,500. This tripling of the Bitcoin price could also be repeated in 2023.
In the early days of 2023, many positive signals were observed for the Bitcoin price. The price has risen above $17,000 and a strong breakout is imminent. The Bitcoin price could rise above the $20,000 mark in the coming days. If this happens, Bitcoin could rise to $25,000 as early as January.
Such a breakout could trigger a bullish momentum in the market. This would mean that the price could continue to rise in the coming weeks. But there should also be several dips and stabilizations in the next 3 months that stop the Bitcoin price from rising.
How High Can the Price of Bitcoin Go?
Bitcoin could even go as high as $25,000 in the coming weeks, significantly improving the forecast for the first quarter. This momentum could continue into February and March.
However, a continued rise in the price of Bitcoin over the 3 months is unlikely, as there were several resistances, for example at $21,000 or $25,000. A further increase in the key interest rate in the US could also cause the price of Bitcoin to fall again.
By Audy Castaneda
