Bitcoin Eyes Bullish Finish: Technical Analyst Foresees $42K By End Of 2023
The leading cryptocurrency, Bitcoin (CRYPTO: BTC), may see a surge in its bullish momentum by as much as 10% as we approach the end of 2023, according to Katie Stockton, the founder of Fairlead Strategies.
Bitcoin’s performance in 2023 has been exceptional. The digital asset has bounced back from a lackluster 2022, recording a 132% growth year to date. Stockton anticipates that Bitcoin could see additional gains, potentially touching the resistance level of $42,200, reported Business Insider.
Bitcoin’s recent state of consolidation is likely to end positively with a surge above $38,000, which could catalyze a test of the $42,200 resistance. This level, which has been elusive for some weeks, may soon be within reach.
On Tuesday, Bitcoin breached the $38,000 barrier, recording an intraday high of nearly $38,300. Such levels have not been witnessed since May 2022.
Medium-term bullish technical indicators for Bitcoin give Stockton confidence in the possibility of further gains in the weeks to come.
If Bitcoin manages to close above the $42,200 resistance level for two consecutive weeks, it would signal an even more bullish trend for future price appreciation.
Meanwhile, initial support for Bitcoin stands at its rising 50-day moving average of around $33,900. Predictions from Standard Chartered also back Bitcoin’s potential growth, suggesting that the cryptocurrency could double to $100,000 in 2024.
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