According to popular Twitter trader dave the wave (@davthewave), Bitcoin is poised to rally to $42,000 by the end of 2023 from a technical standpoint. The analyst believes that the technical target on Bitcoin price could eventually take the asset out of his set buy zone.
Despite a recent crypto rally that did not achieve the short-term price target of $21,800, dave the wave is optimistic that the top digital asset will rebound and hit this target before climbing to $42,000.
Additionally, the recent highest daily relative strength index (RSI) overbought in two years could signal an imminent correction, but this does not deter dave the wave’s bullish outlook for Bitcoin in 2023.
His rising narrative could, however, be invalidated should Bitcoin price continue dropping in the near future to $18k and below $15k. Moreover, the 2022 bear market was heavily inspired by macroeconomic factors in addition to speculation.
His price prediction has been backed by a similar outline by veteran trader Peter Brandt, who believes the Bitcoin market will enter a multi-quarter consolidation before heading to ATH before the end of next year.
Should Bitcoin whales continue buying at current levels, there is a high chance the price could close the next few weeks around $24k, where the 200D MA has averaged in the past few months. Moreover, Bitcoin price broke out of the multi-week bear market after falling above per-FTX levels.
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