Bitcoin price likely to witness explosive move to $50,000 on this condition


Share:
  • Bitcoin veteran trader who predicted the 2023 crypto bull run sees a massive BTC price rally to $50,000 on one condition. 
  • Bitcoin miners are still under pressure with rising hashrate, raising concerns of increased selling pressure on BTC.
  • Experts argue that Bitcoin’s run-up to $30,000 did not trigger the mania of bull markets in previous cycles.

A crypto analyst who predicted the bull market of 2023 has commented on Bitcoin’s uptrend. The expert believes BTC is primed for a run-up to the $50,000 level; however this a likelihood of a correction in the asset soon. 

Also read: Here’s what dYdX whales know about the token’s bullish potential

Expert predicts massive run in Bitcoin price 

The expert that predicted the bull run that started at the beginning of 2023 has commented on BTC’s price rally. DonAlt, a technical analyst, evaluated the Bitcoin price chart and predicted a BTC price rally to the $50,000 level. The analyst’s thesis marks four key phases, the bear market, “whatever”, indecision and the bull market.

According to DonAlt’s thesis, Bitcoin is currently in the phase of indecision. A bull run follows this phase in BTC price. 

BTC/USD 1W price chart

BTC/USD 1W price chart 

Therefore, DonAlt predicted a pullback in Bitcoin price after the asset crosses key resistance at $33,000. 

Bitcoin rally to $50,000 will not be a straight path

DonAlt has predicted a correction in Bitcoin price on its way to the $50,000 bullish target. The analyst explains the phase of the Bitcoin price cycle, “indecision.” 

BTC/USD 1D price chart

BTC/USD 1D price chart

The expert expects the asset to pull back and coil ahead of the explosive move to $50,000 within the next few months of 2023. The analyst marks the support at $19,500, $32,290 and resistance at $62,500 as the three key levels in the Bitcoin price chart. 

It’s important to note that miners are still under pressure with the Bitcoin price above $30,000. The metric “Difficulty Adjusted Puell Multiple” is used to ascertain the challenges weighing on miners. While the Puell Multiple measures the ratio between daily Bitcoin miner revenue (in USD) and 365-day moving average (MA), it does not consider the difficulty of mining the asset, measured by the hashrate

The difficulty-adjusted Puell multiple measures miners' profitability while considering the difficulty of mining Bitcoin. 

Bitcoin miners under pressure, what this means for BTC

Miners typically sell their Bitcoin rewards to cover their operating costs. This is one of the key reasons why miner profitability and the state of miners in the network impact the asset’s price. 

BTC difficulty adjusted Puell Multiple

Bitcoin difficulty-adjusted Puell Multiple

According to the difficulty-adjusted Puell, multiple miners are under pressure, with Bitcoin price above $30,000, since the hashrate has climbed considerably. The metric is at 0.88, a value below 1 signals that miners still need to be profitable. 

When comparing the current Bitcoin price rally to bull markets in previous cycles, experts note that the “mania” surrounding BTC price action is missing. 

Bitcoin price rally lacks the “crypto mania” of previous bull runs

In addition to the on-chain metrics and technical indicators, the sentiment among traders is critical to an asset’s price rally. Experts have identified a lack of “mania” or mass bullishness among market participants in BTC’s recent run-up to $30,000. 

Oliver Linch, the CEO of Bittrex Global, told attendees at a crypto conference in Paris:

The sentiment here doesn’t seem like the last few weeks mean that we can pretend that the previous ten months never happened.

Bitcoin’s price rally does not wipe out the events of the past ten months, the losses suffered by market participants and the loss of confidence among retail and institutional investors through the tumultuous events.

Simon Taylor, head of the strategy at Sardine, argues the mania or gusto previously seen when the asset climbed to a critical level between $30,000 and $40,000 is missing, while there is quiet behind-the-scenes progress in Bitcoin. This implies that BTC’s recent rally is inconsistent with previous bull markets, and there is scope for a likely correction in the asset. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

VeChain Price Prediction: VET bears eye 10% correction

VeChain Price Prediction: VET bears eye 10% correction

VeChain price is slowly undoing the gains witnessed in the second and third weeks of September. If this trend continues, VET could stand to trigger a steep correction in the near future.

More VeChain News

Bitcoin Cash Price Forecast: BCH traders can bank on short-term bounce to $228

Bitcoin Cash Price Forecast: BCH traders can bank on short-term bounce to $228

Bitcoin Cash (BCH) price presents an opportunity that could profit traders who are bullish on the short term. Additionally, investors might get a better chance to accumulate due to a pullback to a key support level. 

More Bitcoin Cash News

Shiba Inu inspired meme coin BONE notes first rise following the 55% crash in two months

Shiba Inu inspired meme coin BONE notes first rise following the 55% crash in two months

Bone ShibaSwap price, at the time of writing, was just above $0.82, marking the first green candle since the beginning of August. Selling pressure concerning BONE is rather intense in the market, however, no major dump has been observed.

More Cryptocurrencies News

Binance reopens Belgium operations after three months of suspension by FSMA

Binance reopens Belgium operations after three months of suspension by FSMA

Binance Exchange has reopened registrations for its Belgian community to access its products and services. The restoration comes with new “Terms of Use”, as the platform looks to steer clear of regulatory mishaps.

More Binance news

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

Read full analysis

BTC

ETH

XRP