Experts Predict Bitcoin Price After Early 2023 Rally

The upward price momentum was triggered by the CPI data, pinpointing inflation at 6.5% – a decrease from previous months. However, Bitcoin and other risk-on assets thrive when interest rates are lower, and the FED will continue to fight inflation.

According to Alex Krüger, inflation is “transitory,” and Bitcoin and other assets are expected to increase when financial markets are less volatile. Even in bear market conditions, brief bull runs can occur, which can build on new momentum for the price of BTC. 

The $20k price point also triggered a new shift in BTC miner mentality as they’ve stopped selling tokens since mining has become profitable once again.

When discussing predicting the market, Plan B‘s S2F model can predict the market with 99% certainty. According to his data which called the bottom of BTC at $15.5K, Plan B has set a price point pre-halving and post-event.

According to his analyses, the price of Bitcoin will start to rise as we near the 2024 halving event, which historically coincided with an upcoming bull run. What’s important to note is that BTC’s price before 2024 will be at $32K, while the 2025 bull run will see Bitcoin at over $100K.

While all data is prediction, on-chain data shows that more people are adding money back into the exchanges, while Glassnode notes that over 13% of supply has returned into profits. There’s enough data to show that Bitcoin is currently in a good state; however, Bitcoin is subjected to media input, and any negative news could impact its price.

According to Jelle, Bitcoin breaking the 200d EMA historically has placed the price of BTC to 200% returns throughout a couple of weeks. However, while the market is anticipating new moves by BTC, other analysts point to unfavorable macroeconomic conditions, which could stop Bitcoin’s momentum.

All in all, Bitcoin will continue its upward trend shortly, as many analysts have pointed out that the bottom was in.