Bitcoin Price to See ATH in 2023? Here’s what analysts are predicting

by James · March 7, 2023

Bitcoin price is still trading sideways as traders wait for the US Federal Reserve chairman Jerome Powell’s testimony before the US Senate Banking Committee today and the US House Financial Services Committee on Wednesday.

The BTC price is currently trading near $22,400, testing a high of $22,584 in the last 24 hours. While sentiment in the crypto market remains neutral, investors are likely to be cautious due to several major events this month.

In fact, the week itself is quite busy with several macro events such as China’s CPI inflation data, the Bank of Japan’s interest rate hike decision and US jobs data for February.

Also read: Major events that will affect the BTC price this week

Will Bitcoin Price Reach ATH in 2023?

Popular cryptoanalyst Credible Crypto tracks Bitcoin price could see another ATH in 2023, rather than after 2023. He believes Bitcoin will face some final hurdles in the next few weeks before a massive rally starts.

“People struggle to see such aggressive rallies, but it’s literally the norm in crypto. Has already happened twice in this cycle, but still most people see it happening again as an impossibility.”

The FTX crisis still haunts crypto investors, but 73% of all bitcoins are in the hands of expert holders and institutional investors. The market is slowly recovering from the crypto winter, with most of the damage already done. This will cause Bitcoin to rally faster than most expect as institutional investors and whales will buy massive amounts to push prices above today’s ATH of 68,789.

Bitcoin price. Source: CredibleCrypto

Felix Zulauf of the hedge fund Zulauf Consulting and BitMEX founder Arthur Hayes said the Bitcoin price to witness a massive bullish rally in mid-2023, possibly in April-May. Hayes also claims that Bitcoin will reach $100,000 by the end of 2023.

CoinGape previously reported that Bitcoin is already in the early bull market cycle. Several on-chain metrics such as MVRV ratio, Supply in Loss (%), SOPR ratio, Net Unrealized Profit and Loss (NUPL), and Puell Multiple confirm a Bitcoin bottom.

Also Read: Why Binance Listed $MASK Token Price Is Rising Today?

Varinder Singh

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.