Crypto traders have been building long positions on Bitcoin; at least open interest and price action stats suggest it. However, the case is different for Ethereum, where we can find evidence of profit booking around $1650. The Bitcoin open interests (OI) in future derivatives suggest a positive momentum for 2023. Moreover, the funding rates are positive so far, reflecting the long position of Bitcoin traders.
Recently, the demand for Bitcoin has increased as BTC has gained after investors ignored the seemingly US regulatory crackdown and CPI data along with ETH and many other cryptocurrencies. Many traders and investment community members are bullish on BTC.
New York-based Rekt Capital tweeted: “BTC is getting close to breaking the Macro Downtrend.” Rekt Capital suggests the bottoming out phase is over for Bitcoin; now it is time to go long-term bullish.
The CEO & Founder of Eight, Michael van de Poppe, is also bullish on Bitcoin. He said corrections in the crypto market are relatively short-lived, especially in a bullish market. Generally, the market shoots up after testing higher time frame levels. Michael Poppe said, “Breaking $25K, and we’ll continue towards $30-35K for BTC.”
Another leading US-based market data analyst group, Material Indicators, believes Bitcoin will correct around $25K, but if it breaks the level, it will move quickly up to $28K. The data analyst firm tweeted:
“Expecting rejection at $25k and a dump to clear the way for volatility around the 8:30 am ET #Jobless Report, but they just laddered asks up to $28k. If they clear $25k, they can exploit the upside illiquidity fast.
If you can identify the game, you can mitigate risk. #FireCharts”
The billionaire crypto investor Novogratz said in an interview with Bloomberg that the recent price action of BTC provides positivity among the crypto community. More people will invest out of FOMO, and the BTC price will touch $30K by the end of March. The CEO of Galaxy Digital said:
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30K by the end of the quarter.”
Bitcoin has a fixed market supply, and the price will be determined based on supply and demand. Experts believe the following factors will impact the Bitcoin price in the next ten years:
- BTC could be an official payment mode in various countries.
- BTC is treated as a financial asset by many corporations.
- Legalization of cryptocurrencies in many countries.
- Bitcoin offers faster transaction speed and lower cost than banks.
- The monetary policy of the U.S. Federal Reserve.
Based on the Bitcoin price prediction, the maximum value will be around $35K, with a minimum trading value of $18K in 2023.
The price will surge in the next two years. BTC will maintain an average price of $40,400 with a higher target of $51,438 in 2024. The BTC will maintain a higher value in 2025. Based on the price forecast, the BTC value will be between $34,692 and $64,780. Significant growth is expected even in the next five years (2025-2030). The BTC price will touch $86,915, with a lower side of $74,315 in 2030.