It’s been just revealed that Bitcoin’s price target for this year has been addressed by an important analyst who called the 2021 Bitcoin crash. Check out the latest reports below.
Bitcoin price analysis
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $20,799.
A crypto analyst known for calling the 2021 Bitcoin (BTC) collapse is laying out his 2023 price target for BTC.
The pseudonymous trader Dave the Wave said recently that his target for the king crypto this year is above $40,000.
“A technical target of $42,000 this year to take BTC out of the ‘buy zone’…”
BTC is now still 70% down from its all-time high of more than $69,000, which it hit in November 2021.
Dave the Wave questions whether Bitcoin’s boom-and-bust cycles will become increasingly irregular. The BTC markets are maturing and this is important to mention as well.
“On the chart, the ‘cycle’ seems to be breaking up just as giant ice sheets would in warmer waters.”
He continued and explained the following:
“Nor should this surprise us in the face of a general principle, where a maturing market and increasing liquidity are understood to lead to reducing volatility — the single major volatile spike [and correction] may be broken up into a series of more minor volatile spikes [and corrections]. And so it is that the increased liquidity of a maturing [and very speculative] market suggests a re-visiting of what has to be the current ‘orthodoxy’ of cycles.”
A popular crypto analyst said that one closely followed indicator suggests that Bitcoin (BTC) still has much to prove even after we saw a strong rally that the king coin performed.
In a new strategy session, Benjamin Cowen said that Bitcoin’s Relative Strength Index (RSI) remains at historical lows.
The RSI is a momentum indicator that aims to determine if an asset is currently overbought or oversold.