Bitcoin’s price in 2023 has been marked by volatility and uncertainty. While recent setbacks have raised concerns, technical analysis, and market factors indicate the potential for a bullish trend. Popular analyst Michael Van De Poppe has shed light on Bitcoin’s recent trend and has also opened up about the potential levels.
Bitcoin started 2023 on a positive note, gaining an impressive 83% to reach a high of $31,035. However, it faced a setback in mid-August, witnessing a 7.2% drop in less than 24 hours, from $29,000 to $26,000.
Several factors are influencing Bitcoin’s price movements in 2023. The European Central Bank’s decision to raise the interest rate has contributed to the strengthening of the US dollar. Additionally, inflation data and labor market strength in the United States have impacted market sentiment.
Poppe said, “You can see that we’re building a beautiful range, which means this is very much comparable to the price action we witnessed in 2015. Let’s go there. Here [in 2015] we had been establishing a range of sideways action for a long time, and couldn’t break through it until the pre-halving run took place.”
Bitcoin’s price action has shown signs of consolidation and range-bound trading. It has rebounded from key support levels, indicating the potential for an upward move. One crucial level to watch is $26,800, which, if broken, could lead to consolidation before a potential breakout.
The trader believes that Bitcoin could potentially reach $45,000 before the next halving event, which seems likely. In simpler terms, the trader expects Bitcoin to go up to around $32,141 in the next month, then dip to approximately $28,700 before making a move to higher prices.
At the time of writing, Bitcoin is trading at $26,300 and is down by more than 2 percent in the last 24 hours.