• Bitcoin is poised to rally to $42,000 by the end of 2023 based on technical analysis.
• Recent crypto rally failed to reach the short-term price target of $21,800.
• Veteran trader Peter Brandt believes the Bitcoin market will enter a multi-quarter consolidation before heading to ATH before the end of next year.
Bitcoin, the world’s leading cryptocurrency, has seen a dramatic rise in popularity over the past few years. With prices recently breaching the $20,000 mark and continuing to increase, many analysts have been predicting a bright future for the asset. One such analyst is Dave the Wave, a popular Twitter trader who believes Bitcoin is set to reach $42,000 by the end of 2023.
According to Dave, this technical target would take Bitcoin out of his set buy zone. Despite a recent crypto rally that did not achieve the short-term price target of $21,800, Dave is optimistic that the top digital asset will rebound and hit this target before climbing to $42,000. Additionally, the recent highest daily relative strength index (RSI) overbought in two years could signal an imminent correction, but this does not deter Dave’s bullish outlook for Bitcoin in 2023.
This prediction has been echoed by Peter Brandt, a veteran trader, who believes the Bitcoin market will enter a multi-quarter consolidation before heading to ATH before the end of next year. He believes that the current macroeconomic climate, combined with speculation, is driving the price of Bitcoin higher.
The bullish predictions have been met with some skepticism, as the current market conditions are not indicative of such a high price target. However, Dave and Peter’s predictions do seem to be based on solid technical analysis and have been backed up by recent data.
Ultimately, only time will tell if these predictions will come to fruition. For now, investors should be aware of the risks involved and take care to do their own research before investing in any cryptocurrency.