Bitcoin

After it finally crossed the $30,000 psychological threshold, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is currently looking at a strong <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> zone around $31,000, and if it manages to break it, a significant <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull</a> run could follow, and historical <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart patterns</a> suggest it might even reach $80,000 by the end of 2023.As it happens, a <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> analyst known as Crypto Tony has pointed out that if <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> fails to take out the resistance area at $31,000 this week, it could “draw down to $28,000 for a reload option from the <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bears</a>,” according to his <a href="https://twitter.com/CryptoTony__/status/1675759527797608449" rel="noopener noreferrer nofollow">tweet</a> on July 3.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/312067a0150d4dd396f6cf346aefc46e.jpg" />Bitcoin price action analysis. Source: <a href="https://twitter.com/CryptoTony__/status/1675759527797608449" rel="noopener noreferrer nofollow">Crypto Tony</a><h2 id="header-0">Bullish future</h2>On the other hand, as another pseudonymous <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> analyst, Stockmoney Lizards, <a href="https://twitter.com/StockmoneyL/status/1675596968872095744" rel="noopener noreferrer nofollow">noted</a>, “the more frequently a resistance line is tested, the weaker it becomes,” demonstrating with an example of the $470 resistance Bitcoin tested multiple times in 2016 until it broke.Indeed, as <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> expert Altcoin Sherpa earlier observed based on the one-month levels, the decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset is “still targeting $40k in the mid-term,” as it closes above $29.3k for the first time in one year, according to the analysis and chart <a href="https://twitter.com/AltcoinSherpa/status/1674849826242953220" rel="noopener noreferrer nofollow">shared</a> on June 30.Meanwhile, Trader Tardigrade has <a href="https://twitter.com/TATrader_Alan/status/1675512162016690176" rel="noopener noreferrer nofollow">stated</a> that Bitcoin’s Renko chart, which relies on price movement rather than both price and standardized time intervals like most charts, is following the same moves as in 2019-2021, indicating that the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> could hit $80,000 at the end of 2023.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/616f5a74049e493ea172f2ba271ecd66.jpg" />Bitcoin Renko chart analysis. Source: <a href="https://twitter.com/TATrader_Alan/status/1675512162016690176" rel="noopener noreferrer nofollow">Trader Tardigrade</a>On top of that, the above analysis echoes that of another crypto specialist, known on Twitter as Moustache and el_crypto_prof, who <a href="https://twitter.com/el_crypto_prof/status/1675552307843407872" rel="noopener noreferrer nofollow">highlighted</a> that Bitcoin’s bullish megaphone pattern was “still intact” and that its upper-trendline target stood at $85,000 toward the year’s end.<h2 id="header-1">Bitcoin price analysis</h2>In the meantime, Bitcoin was trading at the price of $30,661, indicating a recovery of 0.42% on the day and of 0.88% across the previous week, adding up to the more significant monthly gain of 12.87%, according to the latest charts retrieved by Finbold on July 3.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e4a214fc21f74da78a90d644f0a1cf94.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>It is also worth noting that the above prognosis is a lot more bullish than <a href="https://finbold.com/bitcoin-price-predictions-for-2023-2024-and-2025/" rel="noopener noreferrer nofollow">those</a> of the self-learning machine algorithm deployed by the crypto tracking platform CoinCodex, which currently projects that the price of Bitcoin by the end of 2023 will move below the area of $38,000.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin indicators point at bullish rise by end of year; BTC could reach this price

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