Bitcoin (BTC) Could Climb To $50,000 By 2023, According To A Historical Price Fractal highlighted by popular market analyst Mags.
Bitcoin price trend in 2015 vs. 2023
The fractal chart highlights the similarities between Bitcoin’s ongoing price trends and those recorded after the end of the 2013-2015 bear market.
That includes Bitcoin consolidating in the $200-$300 range between January 2015 and August 2015, which looks similar to its consolidation in the $18,500-$25,000 range after the supposed completion of its 2021-2022 bear market. .
BTC price broke above the $16,000-$25,000 range in March 2023, leading Mags to highlight its resemblance to breaking above the $200-$300 range in October 2015.
Since this resulted in a rally towards $700 in June 2016, the analyst sees that the scenario could repeat itself in 2023, with the price of BTC doubling to $50,000.
“Being bearish here (when Bitcoin price is around $28,000) is like being bearish at $350,” Mags added.
Liquidity Crisis May Spoil Bitcoin Price Rally
The bullish case for Bitcoin comes amid anticipations that the US Federal Reserve would slow the pace of its interest rate hikes.
Due to lower rate expectations, the yield on the benchmark 10-year US Treasury note has fallen. That, in turn, has fueled investor appetite for zero-yield assets, such as Bitcoin and gold.
In addition, lower yields have also dampened demand for US dollars, with the dollar losing 1.33% in 2023 against a basket of major foreign currencies. Since Bitcoin’s value is largely denominated in dollars, it means higher prices for BTC/USD.
Related: Latest Bitcoin Price Data Suggests a Double Top Above $200K in 2025
However, Bloomberg analyst Mike McGlone warned of a potential bull trap in the Bitcoin market due to a growing shortage of liquidity.
He said:
“It may be illogical to expect the stock market, crude oil, copper, and Bloomberg Galaxy Crypto Index (BGCI) to sustain recent rebounds with year-over-year measures of money supply and commercial bank deposits falling around 2 %”.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
