a crypto analyst has presented their prediction for where they think the Bitcoin price will be at the end of 2023. However, the year-end price forecast (EOY) is not the only interesting thing the analyst is talking about, it also includes short-term expectations.
Hoops to jump through for Bitcoin price
Crypto’s pseudonymous crypto analyst Titan took to X (formerly Twitter) to share their information latest prediction for the Bitcoin price. This analysis uses the Ichimoku point of view to analyze a Tenkan Cajun (TK) death cross that appeared on the Bitcoin price chart.
The significance of this TK death cross is what happened to the price of the digital asset the previous times it appeared. According to Crypto’s Titan, this exact death cross has appeared twice in the past two years, and each time the outcome has been bearish for the Bitcoin price.
BTC falls 20% whenever the TK death cross appears | Source: Titan of Crypto on X
As the analyst notes, Bitcoin was down 20% on average when the TK death cross appeared in both June 2021 and January 2022, which doesn’t bode well for the price at this point. Another event could therefore cause the Bitcoin price to drop by around 20% from its already low level.
The analyst also points to the busy week in terms of economic announcements such as the CPI and PPI, among others, which could have a negative impact on the crypto market depending on their outcome. Such a decline as previously recorded could easily push the price down to $20,300, the analyst points out.
BTC price recovers above $26,000 | Source: BTCUSD on Tradingview.com
BTC will end the year on a good note
Despite the incredibly bearish outlook that has formed for the Bitcoin price, especially in the short term, it’s not all gloomy according to Titan of Crypto’s analysis. First, the analyst does not expect the price of the digital asset to fall lower than the already established low in 2022. This means that while the analyst sees BTC returning to the $20,000s, it will not reach a new bottom.
Moreover, the analyst also sees that the cryptocurrency will close 2023 on a high note. In the same analysis, he points out that he expects Bitcoin to cross the $30,000 mark by the end of the year. “Overall, I believe Bitcoin will rise and reach/pass the $32k level by EOY,” the tweet reads.
Going by this prediction, even if Bitcoin were to fall to $20,000, the digital asset could see a rise of more than 30% before the year is out. “But this scenario has not yet played out and a lot of support still needs to break before we can hope for such a low price for #BTC,” the analyst explains in a follow-up. tweet.
Featured image from iStock, chart from Tradingview.com