2023 has led to several opposing thoughts when it comes to bitcoin, the world’s number one digital currency by market capitalization.
Bitcoin Could Have a Very Good Year
For some, the asset could go as high as $250,000. Tim Draper would attest to this, while others – such as Mike Novogratz – think the asset will be in good shape if it just ends the year at $30K. In any case, there are many resounding differences in what industry heads believe could come about over the next nine months.
However, tech analyst William Noble is stating that should present trends continue, bitcoin will have no problem reaching a price of about $56,000 per unit in the coming months. He stated in an interview:
Bitcoin is breaking out from a long basing formation. There is a saying [that] the bigger the base, the higher into space. Bitcoin may move from consolidation to another parabolic move back to $56,000.
Analysts come and go, but Noble deserves special recognition given that he predicted the 2020 bull run that would ultimately see bitcoin spiking from the low $20,000 to about $40,000. This is exactly what occurred, and now he thinks the asset is going to move beyond a healing point in 2023 and achieve a price that could probably put a lot of investors and traders in a happy place.
To be fair, $56,000 is not the highest pinnacle bitcoin has ever reached. That was witnessed in November of 2021. During that time, the asset hit a new high of about $68,000 per unit. From there, 2022 came, and it began a series of dips that saw it lose more than 70 percent of its value.
$56,000 would still be about $12K short of this high, but it’s certainly far better than where the asset is now. Noble says:
In Nasdaq, there is a bull flag. There is a saying, ‘flags fly at half-mast,’ meaning there could be another major run higher in equities to a new all-time high… Said differently, there could be a new bull market in stocks that looks like the last bull market. 2023 could be a surprisingly good year for both crypto and equities.
Noble also thinks the bull run won’t pertain just to bitcoin. He believes some of the trends will extend to Ethereum, BTC’s primary competitor and the second largest digital currency in the world. He continued his statement with:
The expanding triangle in ETH is potentially very bullish. I saw formations like this in 2009 and 2010 when stocks rallied post-global financial crisis.
Investors Getting Hopeful Again?
Not long ago, bitcoin hit a six-month high of $25,000.
While this is small compared with where BTC has been, the move gave a lot of investors hope that 2023 will indeed bring some level of turnaround from the previous 12 months.