James Atkins
Editor
Editor
With a combination of favorable macro and technical signals. Bitcoin’s continuing price resurgence could potentially reach an eye-catching peak of $25,000 by the end of March.
Bitcoin has been steadily setting new all-time highs and is currently trading just below its all-time high price of $21,440. Bitcoin’s market capitalization has also reached an all-time high of $384 billion on December 22nd as it continues to outperform other cryptocurrencies.
This bullish outlook could be attributed to Bitcoin’s ongoing rally since the beginning of 2023, driven by increasing institutional demand.
Bitcoin has also been getting more mainstream attention, with some of the world’s leading investors such as Paul Tudor Jones and Bill Miller investing in Bitcoin recently.
Available reports from CoinGecko reveal that Bitcoin has outperformed other Bitcoin-related assets so far this year. With Bitcoin’s market cap increasing by more than 154%.
This surge in Bitcoin price has also been accompanied by a major increase in Bitcoin transaction volume. Which is now close to the all-time high of 2017.
Bitcoin price exited its descending channel range on November 3rd. And has since been trading in a tight range above the $16K mark. Bitcoin is now seemingly heading towards its all-time high of $20K, which it hit back in December 2017.
Last week, Bitcoin’s price began to soar, signalling a break out of its range. Simultaneously, the cryptocurrency surged past its resistance confluence that was made up of $20k as well as the 20-week EMA near $19.5k (shown in green).
The remarkable increase in trading volumes bolstered BTC’s move further upwards and demonstrated bullish signals for the crypto market. (see diagram below)
BTC/USD 1-week candle chart (Coinbase). Source: TradingView.com
Traders have absolute certainty that Bitcoin’s price will continue to increase. As it has already broken through three resistance levels with strong volumes.
If the trend continues, this cryptocurrency could reach its 200-week EMA of $25,000 — an immense 20% surge from current prices.
Given Bitcoin’s current momentum, many analysts and investors are predicting that Bitcoin could reach the psychological resistance level of $25K by March 2023.
The Bitcoin price forecast: Bitcoin has already seen a significant increase in its market capitalization, with the total crypto market cap now standing at over $500 billion.
With Bitcoin’s current momentum, many analysts and investors are forecasting that Bitcoin could reach the psychological resistance level of $25K by March 2023.
Peter Brandt, a respected and experienced trader and markets analyst, expressed his opinion in a tweet. That Bitcoin’s upward trajectory will be further reinforced if it can close above $20,800 for the week.
According to the experienced trader/analyst. Bitcoin will reach a major resistance point of $25,000 by March and then test the level of $18,000; if bulls prevail at this stage.
There is potential for BTC to rally another sharp incline, which could trigger it up to safely breaching out around the; $35 000 mark come July 2023.
The Bitcoin price has been on a tear in recent weeks, nearly doubling its value since the beginning of December. Despite the impressive rally, Bitcoin remains well off its all-time high of $20,000 set in December 2017.
In light of Bitcoin’s ongoing bull run, Brandt expects that if Bitcoin is able to close above $20,000 by the end of March, it will have enough momentum to reach a new all-time high at $25,000.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
