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<p>The price of Bitcoin has been trading sideways in recent days, ranging between $34k and $37k. However, one analyst remains bullish on Bitcoin reaching new all-time highs by the end of 2023.</p>
<h2 class="wp-block-heading" id="current-bitcoin-price-action">Current Bitcoin Price Action</h2>
<p>Over the past 8 days, Bitcoin’s price has been fluctuating between $34,000 and $37,000. This follows four consecutive weeks of upward momentum for the cryptocurrency.</p>
<p>Last week saw a bearish turn, with Bitcoin failing to sustain pushes above $37k. This price action comes after Bitcoin rallied from below $30k earlier in October.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="602" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-1024x602.png" alt="" class="wp-image-379878" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-1024x602.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-300x176.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-767x451.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-1536x903.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-2048x1204.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-255x150.png 255w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-100x59.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-595x350.png 595w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467-788x463.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-467.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="analyst-s-bullish-2023-prediction">Analyst’s Bullish 2023 Prediction</h2>
<p>Prominent crypto analyst Tony “The Bull” <a href="https://twitter.com/tonythebullBTC/status/1725589752714260596?t=6aeoErM2GzsdDrgMf_7VIQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">recently tweeted</a> why he believes Bitcoin could reach $85,000 before 2023 ends.</p>
<p>Tony points to Bitcoin’s price action in December 2020 as a precedent. After a failed TD9 sell setup, Bitcoin surged 143% over four weeks, breaking above former all-time high resistance levels.</p>
<h2 class="wp-block-heading" id="rationale-for-85k-bitcoin">Rationale for $85K Bitcoin</h2>
<p>If Bitcoin were to replicate that 143% monthly gain now, it could reach new highs around $85,000 based on current price levels.</p>
<p>Tony remains confident that Bitcoin will print new all-time highs next year despite ongoing skepticism and bearish sentiment. With Bitcoin’s history of volatility, massive parabolic upside moves cannot be ruled out.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/essential-cryptocurrencies-to-acquire-before-2023-ends/" target="_blank" rel="noopener noreferrer nofollow">Essential Cryptocurrencies to Acquire Before 2023 Ends</a></li>
 <li><a href="https://captainaltcoin.com/why-this-analyst-says-avalanche-could-trounce-solana-soon/" target="_blank" rel="noopener noreferrer nofollow">Why This Analyst Says Avalanche Could ‘Trounce’ Solana Soon</a></li>
 <li><a href="https://captainaltcoin.com/mixed-reactions-in-solana-community-as-whale-unstakes-over-31m-in-sol-sends-to-these-exchanges/" target="_blank" rel="noopener noreferrer nofollow">Mixed Reactions in Solana Community as Whale Unstakes Over $31M in SOL, Sends to These Exchanges</a></li>
</ul>
<p>By referencing Bitcoin’s 2020 breakout, Tony provides an example of how quickly crypto sentiment and prices can shift. If institutional and retail interest amplifies, Bitcoin could stage a dramatic rally by the end of 2023.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-analyst-explains-why-btc-price-is-expected-to-reach-85k-by-end-of-year/" rel="noopener noreferrer nofollow">Bitcoin Analyst Explains Why BTC Price Is Expected to Reach $85K by End of Year</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Analyst Explains Why BTC Price Is Expected to Reach $85K by End of Year

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