Bitcoin Hits 2023 High, Analysts Predict Next All-Time High
Bitcoin Price Reaches Highest Level in 2023
In a surprising turn of events, the Bitcoin price reached its highest level in 2023 during the Wednesday morning Asian trading session. Prices tapped $38,350, reaching their highest level since early May 2022. This significant surge comes more than 18 months after the last peak, marking an impressive milestone for the cryptocurrency.
Bitcoin November Cycle Pivot Point – A Key Factor?
Bitcoin analyst CryptoCon declared November 28 as “the most important day of the year for Bitcoin.” According to his theory, all cycles are centered around the date of the first BTC halving, which occurred on November 28, 2012. The four years of each Bitcoin market cycle have been divided into different phases, including accumulation, fair value and preparation establishment, bull market and new peak, and bear market. Using these cycle phases, each one so far has pivoted around 21 days before or after November 28. The analyst predicts that the green accumulation period is over, and the blue phase has begun. He anticipates that in this ‘blue year,’ the price will spend most of its time around the median $34,500.
BTC Price Outlook
At the time of writing, Bitcoin prices are up 2.8% on the day, trading at $37,961, after hitting a 2023 high of $38,350. Momentum is currently with the king of crypto, which is up 11% over the past month and 130% since the beginning of this year. In addition, the gains have pushed the total crypto market cap back to its 2023 high of just below $1.5 trillion.
Analysts Predict Next All-Time High
Other analysts have also weighed in on the current state of Bitcoin. Fellow analyst “Mr. Anderson” observed that Bitcoin has crossed above 75 on the weekly RSI fourteen times, with the 15th just occurring. He emphasizes that overlooking momentum could lead to missing out on significant gains. In addition, analyst “Captain Faibik” predicted a breakout, stating that “BTC $38K resistance is weakening” and that an ascending triangle upside breakout is imminent. He anticipates that if successful, Bitcoin could potentially touch $41K in December.
Overall Market Impact
As a result of Bitcoin’s gains, the total crypto market cap has also seen a significant uptick, reaching its 2023 high of just below $1.5 trillion. This has led to the majority of altcoins also experiencing gains, with Ethereum, Solana, Dogecoin, Chainlink, and Avalanche all making notable increases in the day. Ethereum gained 2.5%, Solana surged 7.7%, Dogecoin made 4.6%, and both Chainlink and Avalanche are up more than 5% on the day.
In conclusion, the recent surge in Bitcoin’s price has not only marked a significant milestone for the cryptocurrency but has also sparked optimism among analysts who predict a potential new all-time high in the near future. With momentum on its side, Bitcoin’s impact continues to ripple throughout the broader cryptocurrency market, bringing gains to various altcoins as well.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
