After falling below the $20,000 mark as a result of the US banking crisis, the price of BTC rose massively in the following days.
The Bitcoin price has risen tremendously in recent weeks. The price has been seen going from under $20,000 to over $28,000 in the last 2 weeks. This raises the question of whether the price of Bitcoin could increase twice as much again by the end of 2023.
In the last few weeks, the price of Bitcoin has increased tremendously. After falling below the $20,000 mark as a result of the US banking crisis, the price of BTC rose massively in the following days. The price was able to climb back above the $22,000 mark relatively quickly.
After rising to $24,000, Bitcoin was able to break the $25,000 mark again for the first time and trigger resistance at this mark. After falling to $24,500, Bitcoin rallied back to $26,000 a bit later, and sustainably broke the resistance.
In the past few days, it has broken through the $28,000 mark, and the price of Bitcoin has recently held in this area. The Bitcoin forecast is therefore very positive for the next few weeks.
What is the Bitcoin Forecast for the End of 2023?
Due to the banking crisis, Bitcoin experienced a massive increase in value, as more and more investors view BTC as a store of value, and no longer trust banks to take care of their money. Bitcoin has a fixed number, and cannot be censored. Investors remain in full control of their money.
The year 2023 could be a year in which more and more people know about the problems of the FIAT system, and thus trust Bitcoin. Therefore, the Bitcoin forecast for the next few months looks very positive. The Bitcoin price should be able to go even higher by the end of the year.
How High Could the Price of Bitcoin Rise by the End of the Year?
The price of Bitcoin increased from $15,500 to $28,000 in the first quarter of 2023. This means that in the first 3 months of 2023, the price has already seen an increase of almost 90%.
2019 demonstrated that the second year after the start of the bear market may see stronger bullish phases. With the banking collapse in 2023, an event could have occurred that will improve Bitcoin’s forecast again this year.
In 2019, Bitcoin tripled from the beginning of the year to the third quarter. However, the price of Bitcoin fell more sharply in the second half of the year. This may not be the case this time, and the price of Bitcoin could also rise massively in the second half of 2023. A quadrupling from early 2023 seems possible.
Therefore, a Bitcoin forecast of $45,000 to $62,000 is assumed, at the end of 2023.
By Audy Castaneda
