- This analysis uses the Ichimoku perspective to examine the Tenkan Cajun (TK) death cross seen in the Bitcoin price chart.
- As noted by the analyst, Bitcoin experienced an average 20% drop when the TK death cross appeared in both June 2021 and January 2022, which is not a good sign for the current price.
- Furthermore, the analyst believes that the cryptocurrency will end 2023 on a positive note. In the same analysis, they suggest that Bitcoin will surpass $30,000 by the end of the year.
What will the Bitcoin price be at the end of the year? A famous analyst provides insights into how the price will move, emphasizing the formation seen on the Bitcoin chart.
Bitcoin Price at the End of the Year?
A crypto analyst has offered predictions on where the Bitcoin price will be at the end of 2023. However, the year-end price forecast is not the only interesting thing the analyst discussed; short-term expectations are also included.
The unidentified crypto analyst, who goes by the alias “Titan of Crypto,” turned to the X (formerly known as Twitter) platform to share their latest Bitcoin price prediction. This analysis uses the Ichimoku perspective to examine the Tenkan Cajun (TK) death cross seen in the Bitcoin price chart.
The significance of this TK death cross is what happened to the price of the digital asset when it appeared before. According to Titan of Crypto, this full death cross has appeared twice in the past two years, and both times, it had a negative impact on the Bitcoin price.
As noted by the analyst, Bitcoin experienced an average 20% drop when the TK death cross appeared in both June 2021 and January 2022, which is not a good sign for the current price. Therefore, it is speculated that in another scenario, the Bitcoin price could drop by about 20% from its already low levels.
The analyst also highlights a week with heavy economic announcements like CPI and PPI, which could have a negative impact on the crypto market depending on their outcomes. The analyst suggests that a previous drop could lead to a price decline to the $20,300 level.
BTC to Finish the Year on a Positive Note
Despite the recent highly bearish trend in the short term, according to Titan of Crypto’s analysis, all is not gloomy. Firstly, the analyst does not expect the price of the digital asset to fall lower than the bottom level established in 2022, even though they anticipate BTC to drop below $20,000, it won’t set a new low.
Furthermore, the analyst believes that the cryptocurrency will end 2023 on a positive note. In the same analysis, they suggest that Bitcoin will surpass $30,000 by the end of the year. They write, “Overall, I expect Bitcoin to rise above $32,000 with EOY (end of year)!”
According to this prediction, even if Bitcoin drops to $20,000, the digital asset could see an increase of over 30% before the end of the year. “However, this scenario has yet to play out, and many supports must be broken before hoping for such a low price for BTC,” the analyst explains in their next post.
