Bitcoin’s impressive 70% surge so far in 2023 has analysts betting the top cryptocurrency still has room to run this year. Some price predictions point to Bitcoin hitting $50,000 or even beyond fueled by bullish patterns playing out and mounting hype around a spot BTC exchange-traded fund (ETF) approval.
Keypoints
- Bitcoin’s price has surged over 70% so far in 2023, helped by a banking crisis and hopes for a spot BTC exchange-traded fund (ETF) approval in the US.
- A historic price fractal from 2020 suggests Bitcoin could see a breakout soon that leads to a price of $45,000-$50,000 by end of 2023.
- Standard Chartered also predicts Bitcoin reaching $50,000 by year’s end, arguing increased miner profitability will reduce selling pressure.
- One technical analysis pattern hints Bitcoin’s price could hit $32,000, up 12.75% from current levels, if the pattern plays out fully.
- Approval of spot Bitcoin ETFs could bring in $155 billion in new investments to Bitcoin, potentially sending its price to $50,000-$73,000.
According to leading crypto strategist Stockmoney Lizards, Bitcoin’s current price action mirrors the fractal from 2020 that preceded a momentous breakout and rise to $69,000. If history repeats, BTC could be on track to reach $45,000-$50,000 by end of 2023 after a similar breakout.
this breakout will soon be confirmed.
Year end target: 45 – 50k pic.twitter.com/EMivNGxSai
— Stockmoney Lizards (@StockmoneyL) October 18, 2023
Major global bank Standard Chartered also forecasts Bitcoin at $50,000 by year’s end. The firm cites improving miner economics reducing sell pressure as a key catalyst. As profitability per BTC mined increases, miners require less coins sold to maintain operations. This shrinks net BTC supply amid steady demand.
Some analysts are even more bullish thanks to building expectations around a spot Bitcoin ETF approval. Research firm CryptoQuant estimates over $155 billion could flow into Bitcoin if SEC greenlights a spot ETF. This capital influx could propel Bitcoin’s market cap between $450-$900 billion higher, implying a potential price range of $50,000-$73,000.
Other technical indicators like the bump-and-run reversal bottom pattern point to shorter term upside as well. One prominent BTC chartist sees this setup resolving toward $32,000, which would still mean appreciable 12.75% returns by end of 2023.
However, the ETF approval process faces complications after fake news around BlackRock’s application briefly sent prices spiking this week. While generating short term hype, such misinformation may hurt long term approval chances by fueling volatility.
Still, between bullish technicals, past fractals, miner dynamics, and ETF fever, analysts remain optimistic on Bitcoin’s trajectory into 2024. The mounting evidence suggests the flagship cryptocurrency still has ample room to trend higher in the months ahead if key drivers align.
