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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin price

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A crypto analyst has presented their forecast for where they believe the Bitcoin price will be by the end of 2023. However, the end-of-year (EOY) price prediction is not the only interesting thing that the analyst talks about, with short-term expectations also included.

Hoops To Jump Through For Bitcoin Price

Pseudonymous crypto analyst Titan of Crypto took to X (formerly Twitter) to share their 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.

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The importance of this TK death cross is what happened to the digital asset’s price the previous times it has appeared. According to Titan of Crypto, this exact death cross has appeared twice in the past two years, and each time, the outcome has been bearish for the Bitcoin price.

Bitcoin price EOY

BTC falls 20% whenever the TK death cross appears | Source: Titan of Crypto on X

As the analyst points out, Bitcoin had dropped an average of 20% when the TK death cross appeared both in June 2021 and January 2022, which does not bode well for the price right now. So another occurrence could see the Bitcoin price fall around 20% from its already low levels.

The analyst also points to the packed week in terms of economic announcements such as the CPI and PPI, among others, which could have an adverse effect on the crypto market depending on their outcome. Such a drop as previously recorded could easily see the price drop to $20,300 the analyst points out.

Bitcoin price chart from Tradingview.com

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 is not all gloomy, according to Titan of Crypto’s analysis. For one, the analyst does not expect the price of the digital asset to fall any lower than its already established bottom back in 2022. This means that even though the analyst sees BTC returning toward $20,000, it won’t make a new bottom.

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Furthermore, the analyst also sees the cryptocurrency finishing out 2023 on a high note. In the same analysis, he points out that he expects Bitcoin to cross $30,000 by year’s end. “Overall I believe that Bitcoin is going to go up and gravitate/pass the $32k level by EOY,” the tweet reads.

Going by this forecast, even if Bitcoin does fall to $20,000, the digital asset could see a more than 30% rise before the year is out. “But this scenario hasn’t played out yet and a lot of support needs to break before hoping for such a low price for #BTC,” the analyst explains in a follow-up tweet.

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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