In line with the many bitcoin price predictions circulating in the crypto community from several pundits like Peter Brandt, a renowned technical analysis expert who called the 2021 BTC crash has also published his 2023 price target for the top-ranked crypto by market capitalization.
DavetheWave, the widely followed analyst noted that bitcoin is still in the buy zone. Reacting to bitcoin’s recent price actions he remarked saying, “lesser nominal corrections, and greater real corrections, just as it should be with BTC on the way to price discovery.”
According to DavetheWave, his target for BTC in 2023 is the $40,000 level. Notably, this predicted price target for BTC would be about 90.5% of the current price of the leading cryptocurrency. At the time of writing, Bitcoin is trading for $20,993 per coin, with an increase of over 11% in the last 7 days.
“A technical target of 42K this year to take BTC out of the buy zone,” he said alongside a well-analyzed chart.
A technical target of 42K this year to take #BTC out of the 'buy zone'… pic.twitter.com/nI6o0y55f9
— dave the wave🌊🐫 (@davthewave) January 17, 2023
In a follow-up tweet, the analyst addressed the question of similarity between the next bull run and previous cases like in 2021 which saw BTC hitting $69k. Referencing an article and a chart he published in January 2021, DavetheWave wrote:
“A lot of talk about whether this coming cycle will be similar to previous ones. The question to my mind is whether cycles [or booms and busts] will be increasingly *irregular* as the market becomes more mature.”
“On the chart, the ‘cycle’ seems to be breaking up just as giant ice-sheets would in warmer waters. Nor should this surprise us in the face of a general principle, where a maturing market and increasing liquidity is 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.”
Read Also: Top Analyst Pinpoints Two Catalysts that Could Send Bitcoin (BTC) Back to $30,000 Price Region
Bullish Sentiments for Bitcoin Rises
It bears mentioning that several other top crypto pundits expect bitcoin to surge massively in 2023. As reported, the veteran trader Peter Brandt unveiled his bullish outlook on bitcoin, predicting when BTC would retest its all-time high of $69,000.
In a similar manner PlanB, a known quantitative analyst noted that the bitcoin bottom is in, setting a timeline for a 4,689% BTC price eruption. Likewise, another top analyst, Ched, stated that bitcoin could be on the cusp of a big rally given that the digital asset is showcasing stability above the $20,000 support level.
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