Bitcoin to hit $50,000 in December: analyst
In his latest YouTube video on Nov. 29th, popular crypto analyst Ivan On Tech laid out his bullish case for why he believes Bitcoin could reach $50,000 in 2023.
Ivan pointed to the approval of a Bitcoin (BTC) ETF as a potential catalyst. He believes there is a 90% chance that all pending Bitcoin ETF applications in the U.S. could get approved by regulators in the first week of January. This would open the floodgates of institutional investment into Bitcoin through regulated investment vehicles.
Another factor is the Bitcoin halving event expected in 2024. Ivan believes the halving will build further momentum for Bitcoin’s price. Historically, Bitcoin’s price has risen significantly in the 12-18 months following each halving event due to declining Bitcoin issuance rates.
Ivan also noted that central banks appear to be nearing the end of their interest rate hiking cycles aimed at fighting inflation. This could provide drive growth among risky assets like cryptocurrencies in 2023.
In terms of price action, Ivan is closely watching Bitcoin’s breakout from an ascending triangle formation in recent days. He believes this momentum could carry Bitcoin to test upside resistance around the $50,000 level in the first half of next year. He pointed to on-chain data indicating increased institutional purchases of crypto exchange Coinbase’s stock as a sign that professional investors are positioning early for a crypto rally.
However, Ivan expects Bitcoin may consolidate for an extended period after initially testing $50,000, given that such a rapid rise would likely be unsustainable long-term without consolidating gains. Still, he remains staunchly bullish on the crypto markets over a multi-year time horizon.
