Bitcoin Price Forecasts For 2023 Are In and Here’s What The Bulls and Bears Think

cryptonews.com:

The bitcoin price has remained flat in the past 24 hours, sticking to its $16,796 from yesterday while the wider market teeters downwards slightly. Its current price marks a 1% increase in a week, although the world's first cryptocurrency is down by 1.5% in a month and by 75% compared to its all-time high of $69,044, set back in November 2021.

Despite the ongoing stagnation, more than a few figures within the cryptocurrency industry have been predicitng that bitcoin will enjoy significant gains this year, with some going even so far as to set a target of $250,000. However, other experts believe that BTC will experience a few more falls before it sees light at the end of the tunnel, with analyst Clem Chambers forecasting a bottom of $13,000.

BTC's technical indicators suggest that it should be due a rally sooner or later, with its relative strength index (purple) languishing below 50 pretty much exclusively since early November. Similarly, its 30-day moving average (red) has remained well below its 200-day (blue) since the start of last year, again signalling that a rebound is overdue.

Numerous commentators and industry figures do indeed believe that bitcoin will enjoy significant rallies this year, with estimates ranging from the modest to the exceedingly bullish.

Long-term bull Tim Draper is continuing to hold to his $250,000 price target, for instance, with the entrepreneur suggesting that it could reach this milestone as early as the middle of this year. His argument for this optimism is that bitcoin hasn't yet really benefitted from an influx of retail investors, who will come to the cryptocurrency eventually as part of a "flight to quality."

Whle Draper's is probably the most optimistic voice among prominent investors,