Bitcoin's price has dipped 0.87% over the past 24 hours to $29,692.29, down from $29,916.02 yesterday. With the crypto markets poised for a powerful bull run, now is the optimal time to sign up for Binance and start executing profitable trades.
The top cryptocurrency by market capitalization is currently trading with a market cap of $580.82 billion. Trading volume over the past 24 hours stands at $11.57 billion, indicating decent market activity.
Zooming out beyond the daily timeframe, Bitcoin's price has seen larger declines over the past week and past month. Over the last 7 days, BTC is down 5.54%. The 30-day timeframe paints a more positive picture, with Bitcoin up 3.13% over the past month.
The 6-month timeframe underscores Bitcoin's incredible bullish momentum, with BTC up a whopping 30.39% over the past 6 months. This shows that while short-term price fluctuations are common, the long-term trajectory is decidedly bullish.
Technical Analysis Predicts Continued Price Growth
Based on the technical indicators, Bitcoin appears primed for continued upwards momentum. The recent dips represent healthy corrections on the path to new all-time highs.
The 50-day moving average is poised to cross above the 200-day MA, which would signal the start of a new long-term bull market. Additionally, the relative strength index shows Bitcoin is not overbought at current levels.
There is strong support around the $28,000 - $29,000 level. As long as Bitcoin holds above this support, the uptrend should continue. Technical targets in the short-term point to Bitcoin testing resistance around $32,000.
How High Can Bitcoin's Price Go in 2023?
Bitcoin has demonstrated a pattern of parabolic advances in price, followed by steep corrections. This boom-and-bust cycle has repeated several times over Bitcoin's history.
Given Bitcoin's strong technicals and bullish sentiment, it is likely Bitcoin could reach a new all-time high above $69,000 in 2023. However, Bitcoin will need to break key resistance levels at $40,000, $50,000 and $60,000 on its way up.
In a highly bullish scenario, some analysts forecast Bitcoin exceeding $100,000 next year if the crypto bull run matches the exuberance of 2017. However, Bitcoin may need a longer consolidation period above $60,000 first before climbing to new records.
Is Now a Good Time to Invest in Bitcoin?
With Bitcoin appearing undervalued relative to past market cycles, now presents an optimal entry point for long-term investors. Cost dollar averaging into a Bitcoin position over time can help manage risks.
For short-term traders, Bitcoin offers lucrative trading opportunities during periods of high volatility. Selling into strength as Bitcoin approaches key resistance levels can produce excellent returns if timed properly.
As the world's first and largest cryptocurrency, Bitcoin remains the most proven choice for those looking to add crypto exposure to their portfolios. While risks certainly exist, Bitcoin's long-term investment thesis remains compelling.