Will Bitcoin price make a new all-time high in 2023?

Will Bitcoin price make a new all-time high in 2023?

Bitcoin (BTC) has demonstrated resilience by bouncing back above $37,000 levels after a brief dip to $35,000 on November 15. Despite facing a period of sliding prices influenced by factors like the absence of significant developments in the spot Bitcoin exchange-traded fund (ETF) and macroeconomic influences, BTC has maintained a bullish outlook.

The recent weeks have seen Bitcoin follow a pattern of higher lows and higher highs, characteristic of a bullish phase in the crypto market. Analysts, such as Greg Moritz of AltTab Capital, view the current pullback as a natural occurrence within the context of an overall positive trend.

Factors Influencing Bitcoin’s Position

  • Macro Landscape and Institutional Support: Bitcoin’s resilience is further supported by macroeconomic dynamics, including adjustments in Federal Reserve policies and endorsements from financial institutions like BlackRock. These factors contribute to a cautiously optimistic market sentiment.
  • Spot BTC ETF Approval Challenges: The US Securities and Exchange Commission (SEC) has maintained a cautious stance on approving spot Bitcoin ETFs. No applications, including a notable one from Global X, have been approved to date. The regulatory hesitance is pushing the potential approval of the first spot Bitcoin ETF into 2024.
  • Critical Date for ARK 21Shares application: Attention is focused on January 10, 2024, which serves as a significant deadline for the ARK 21Shares application. The SEC’s reluctance to approve spot BTC ETFs underscores enduring regulatory hurdles in the crypto market.
  • Bitcoin Price Action and Technical Analysis: As of November 21, Bitcoin’s price hovers around $37,000, facing challenges in reclaiming higher ground.The 50-day exponential moving average (EMA) indicates a bullish market state, while Bitcoin’s price movement is confined within a sideways channel between $36,000 and $38,000.

The $36,400 level acts as a critical midpoint, with Bitcoin experiencing consolidation after spiking to $38,000 on November 9. Market sentiment, as gauged by the crypto fear and greed index, is currently optimistic at 74 out of 100 points.

Bitcoin Price Predictions

DigitalCoinPrice offers an optimistic BTC forecast, predicting a rise to around $74,086 in 2023 and further climbing to approximately $90,228 in 2024. CoinCodex provides a more conservative short-term prediction, anticipating a value of about $54,343 by November 29.

Frequently Asked Questions (FAQs):

1. What pattern has Bitcoin exhibited in recent weeks?

Bitcoin has shown a pattern of higher lows and higher highs, characteristic of a bullish phase in the crypto market.

2. What factors contribute to Bitcoin’s resilience amid market fluctuations?

Bitcoin’s resilience is supported by macroeconomic dynamics, including Federal Reserve policy adjustments and endorsements from institutions like BlackRock.

3. What challenges does the approval of spot Bitcoin ETFs face from the SEC?

The SEC has maintained a cautious stance, and no applications for spot Bitcoin ETFs have been approved to date, pushing potential approval into 2024.

4. Why is January 10, 2024, a significant date for investors and analysts?

This date represents a deadline for the ARK 21Shares application, and its outcome is closely monitored in the context of spot BTC ETF approval.

5. What is the current sentiment, as indicated by the crypto fear and greed index?

The fear and greed index is at 74 out of 100 points, reflecting an elevated level of optimism in the cryptocurrency sector.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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