The crypto markets are currently attempting to rise above their crucial resistance while the bears are trying hard to restrict them below the same levels. Bitcoin price is slowly yet steadily rising high along the trend line that it followed since the beginning of the year. Although the current trade setup is bearish, the BTC price continues to remain bullish in the longer time frame.
Therefore, the star crypto flashes bullish signals in the longer time frame and is believed to raise above $25,000 before the end of Q1 2023. The price is believed to maintain a notable upswing along the trend line and eventually reach levels close to $30,000 before the end of the first half of 2023.
After a bullish half-yearly close, will the BTC price spark another bullish move or begin with a larger consolidation?
A popular and well-known analyst, Micheal van de Poppe, in his recent tweet mentions the possible targets for the altcoins if the BTC price surges beyond $35,000.
Ethereum price is believed to surge beyond $2500 while Litecoin price is beyond $200. Apart from this, the analysts mention the targets for various other altcoins and signal the possibilities of a minor bull run in the second half of 2023. As long as the BTC price sustains above $35,000, the possibility of a continued bull run until the end of the year 2023.
Collectively, the Bitcoin price is primed to undergo a significant drop as the RSI levels are plunging toward the south. This may largely impact the entire crypto space which is stuck within a narrow trend. Hence, a minor retracement could be expected before a notable upswing.
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In recent years, the digital asset market has experienced an unprecedented boom, with Bitcoin prices rising significantly. The leading digital asset surged above $30,000 in early 2021, and naturally, many investors are asking if Bitcoin can reach beyond the $30,000 threshold again in the foreseeable future.
The possibility of Bitcoin reaching past the $30,000 price point in the years to come depends on several factors. It primarily relies on mainstream adoption, which is essential for the industry to reach mass adoption. Mainstream adoption can come from more institutional investors, corporate adoption, and more global regulations. With banks and governments taking a larger interest in the asset, it might indicate a more secure investment for institutional investors and more general public investment into the asset.
Furthermore, a higher Bitcoin price may bring capital flow to altcoins. Ethereum and other altcoins are the most traded crypto-assets, and they benefit from any bullish sentiment in the market. Increased investment helps these altcoins gain value, as traders may shift their holdings to coins that rise faster than Bitcoin. Therefore, Bitcoin surges beyond $30,000 may drive other projects’ growth and potentially their market cap.
Additionally, the Crypto sector will likely become more available to the public, which encourages more people to join the digital asset market. Hence, this might increase the demand for crypto assets and boost the total crypto market cap and Bitcoin price simultaneously.
In conclusion, Bitcoin can rise beyond $30,000 again in 2023 as long as the industry moves in the right direction. A higher Bitcoin price would eventually rub off and increase the prices of other altcoins. Investors may expect to see different altcoins rising in the next year, with some of them even outperforming Bitcoin.