Could Bitcoin price rally to $34,000 and crash by 38% by the second half of 2023? Analyst says yes

Bitcoin price surprised investors across the market after initiating a surprise recovery at the beginning of the year. The rise since then has been indicating repetitions of different bullish setups from the past. However, as per some analysts, the future may not be looking so optimistic.

Bitcoin price to correct, again

Bitcoin price recently broke through the $25,000 mark before retracing its steps to trade at $24,758. However, analyst, Michael van de Poppe, is expecting the biggest cryptocurrency in the world to continue its recovery and chart gains to $35,000 to $40,000 over the next couple of weeks. 

Although Michael suggests that following the rise to a range high of $40,000, Bitcoin price is bound to crash to $20,000 to $25,000, registering an almost 38% decline considering a dip to the latter level. According to Michael, this is because corrections have remained relatively shallow and could occur somewhere in the second half of the year.

BTC/USD 1-day chart

This would be a perfect opportunity for traders to maximize their profits and begin accumulating. Crypto analyst, Willy Woo, also suggests a similar movement in Bitcoin price. Woo highlighted that BTC could be entering the re-accumulation phase of the Bitcoin cycle, which is a pattern that has been observed in the past as well.

Bitcoin in the re-accumulation zone

The Cumulative Value-days Destroyed (CVDD) line can be seen accurately marking the Bitcoin price bottoms in the past. This was followed by a period of accumulation and price rise. The same is expected soon now that the CVDD line hit the BTC price bottom back in November 2022.

What’s next for Bitcoin price

While the aforementioned setups suggest changes over the next few months, the question remains what can be expected from BTC in the next few days. Trolling Twitter with an inverted chart, crypto analyst, Tom Crown, is suggesting a potential retest of the $24,900 mark and a subsequent breakthrough toward $26,000 and beyond.

This movement would establish an ascending triangle pattern for Bitcoin price, making the $25,000 mark an eventual support floor for BTC. If this floor is maintained, the forecasts mentioned earlier might become true.