Will Bitcoin hit $110,000 in 2023? 3 Reasons to Watch BTC Today


Bitcoin (BTC).

The latest analysis of several household names in the cryptocurrency space suggests that it is time to abandon the narrative of bear market.

Despite everyone talking about the new BTC macro price, maybe $12,000new perspectives require rethinking.

Whether it’s due to macroeconomic factors or just old Bitcoin price cycles, there are three new reasons why Bitcoin’s current state may be on the upswing in nearly two years.

A stock rally could push the price of BTC to $110,000

The first is a theory that refers to the macroeconomic catalyst of the market, according to analyst Henrik Zeberg.

November 24 Zeberg tweeted took place that Bitcoin continues to behave in the same way as other risky assets, but above all “not like gold”.

Although the FTX scandal weakens the correlation between BTC and stocks, there is no reason to give up on the idea that it will return.

For Zeberg, a rising tide is lifting all boats, and a recent rally across the risk-asset space could propel the BTC/USD pair above $100,000.

“Bitcoin moves like a risk asset (not like gold!). When SPX Blow-Off Top reaches 5700-6000 target area, Bitcoin should reach $90,000-110,000,” he wrote:

“The last rally before the deflationary implosion!”

It seems that in 2023 at the beginning the rally will determine the attached chart.

Annotated chart of BTC/USD and S&P 500. Source: Henrikas Zebergas Twitter

Bullish Divergence Indicator Echoes in 2020 March

Going back to crypto-centric triggers, On Balance Volume (OBV) is one of the indicators that allows us to envision possible future bull times.

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According to popular trader Alan Tardigrade, now is the time to pay attention as BTC/USD has marked a 20-week bullish divergence on the weekly chart.

“This indicates that the downtrend is weakening,” He said part of the comments attached to the post on Twitter:

“BTC could see a huge rally.

Annotated BTC/USD chart with OBV. Source: Alan Tardigrade on Twitter.

A move up would be consistent with Bitcoin’s post-2020 behavior. March. COVID-19 has shocked various markets.

OBV acts as a cumulative measure of buying and selling pressure by continuously calculating volume over a period of time. It is similar to cumulative volume delta, but includes more than just buy and sell transactions.

Trader: Bitcoin First RSI Up

OBV isn’t the only big difference making noise in Bitcoin research circles.

For Bitcoin trader and technical analyst Mags, the first-ever phenomenon in Bitcoin history is one to watch out for in the future.

Upon re-checking the weekly chart, Mags noticed that the BTC/USD RSI is now printing a massive weekly time frame gap that has never been seen, even at the previous bear market lows.

“Each bull market spike in BTC formed a RSI critical divergence followed by a bear market correction”, explained:

“This is the first time BTC has printed a bullish divergence in a WEEK. It’s probably nothing.”

Annotated BTC/USD pair chart with . Source: Mags on Twitter

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Source: news.google.com

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