Today, the global cryptocurrency market has opened on a bearish note as major cryptocurrencies signaled red.
The lead cryptocurrency, Bitcoin, had claimed the $24,000 price area in the early hours yesterday before declining and losing its $23,000 range, while Ethereum has lost the $15,000 level once again.
The recent gains were witnessed after a short consolidation period and after the US dollar dropped while stocks peaked.
One of the analysts, Venturefounder, claimed that the rally towards $24,000 was good, yet the currency might not withstand the rally. As per the analyst’s prediction, Bitcoin couldn’t hold on to that gain for long and would lose its $23,000 price level.
Another strategist and trader, Josh Rager, expect Bitcoin to jump more than 20% from its current price levels so that it can start its profit rally.
Bitcoin Price At 120k In 2023?
On the contrary, one of the Bitcoin price indicators, the True Strength Index (TSI), is flashing some positive signs. According to analyst TechDev, BTC/USD will climb to a new all-time high before its next halving in 2024.
The True Strength Index (TSI) is an indicator that provides data about an asset if it’s overbought or oversold at a particular price. The index gives the data with the help of various base calculations.
The analyst claimed that Bitcoin’s price crash since November 2021 is a major concern; hence, the historical price formations could repeat themselves.
Hence, he predicts the flagship currency to hit between 80k to 120k in 2023, 30k to 50k in 2024, and 200k in 2025.