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Bitcoin Price Moving To $65K? Here’s What On-Chain Data And Analysts Suggest

On-chain analysis and crypto analysts suggest bullish momentum for Bitcoin price and possibilities of hitting $65K.
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Bitcoin Price Moving To $65K? Here’s What On-Chain Data And Analysts Suggest

Bitcoin price records a massive rally last week due to a technical breakout, as reported earlier by CoinGape. The BTC price trend was able to build momentum and surpassed the psychological level of $20K.

In the last 24 hours, the BTC price has been trading sideways after hitting a high of $21,345. However, on-chain data and analysts suggest more upside for Bitcoin. Can the BTC price rise above $65K by mid-2023?

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Bitcoin (BTC) Price Turns Bullish

Bitcoin price is trading strongly above the psychological level of $20K. However, the BTC price may witness some pullback due to the possibility of profit booking by investors.

In the daily timeframe, a breakout of the Bollinger Bands Squeeze in the last few days caused a massive rally in the Bitcoin price. As the bands are still diverging amid a rise in volatility, the BTC price will continue to move higher. However, RSI indicates a high possibility of a pullback as it hit almost 90 in the overbought zone.

Bitcoin Price in 1Hr Timeframe

Moreover, a crossover of 20-EMA over 50-EMA shows a continuation of the bullish trend. Finally, bulls have taken over bears and brought a recovery across the crypto market.

Crypto analysts

“If you thought the run to 60k we had was aggressive wait till you see this 5th wave,” said Credible Crypto.

Meanwhile, veteran trader Peter Brandt shared two charts, a weekly and a monthly, predicting a Bitcoin price rally to $65K in mid-2023. As per Brandt, the BTC price will hit $25K and witness a correction to $18K. Thereafter, a rally to at least $65K can be witnessed. However, he also believes that it’s difficult to predict prices in the current market conditions.

Bitcoin Price in Weekly and Monthly Timeframe. Source: Peter Brandt
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On-Chain Analysis of Bitcoin

According to Glassnode data, Bitcoin price is following its historical pattern despite experts remaining uncertain whether historical chart patterns apply to the current cycle.

Bitcoin traded below the 200-daily moving average (DMA) for 386 days in the 2018-19 bear market. Considering the last week’s rally, the BTC price is back above 200-DMA after 381 days.

Thus, there is a high possibility that Bitcoin has bottomed out and the next cycle has started. However, investors need to consider other factors before deciding to invest in the current market conditions.

Bitcoin Price Above 200-DMA. Source: Glassnode

Also Read: Shibarium Beta Is About To Be Launched, Confirms Shiba Inu Team

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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