6. February 2023

• Bitcoin’s price has remained flat in the past 24 hours, sticking to its $16,796 from yesterday.
• Bitcoin is currently down by 1.5% in a month and by 75% compared to its all-time high.
• Industry figures have been predicitng that bitcoin will enjoy significant gains this year, with some going even so far as to set a target of $250,000.

The cryptocurrency of the moment, Bitcoin, has seen its price remain relatively flat in the past 24 hours, sticking to its $16,796 from yesterday, which is a 1% increase in the week. Unfortunately, this isn’t too impressive when compared to its all-time high of $69,044, set back in November 2021, as it is currently down by 1.5% in a month and by 75% compared to that peak.

Despite the ongoing stagnation, more and more figures within the cryptocurrency industry have been predicting that Bitcoin will enjoy significant gains this year, with some even going so far as to set a target of $250,000. Tim Draper, a well-known long-term bull, is one such figure, suggesting that it could reach this milestone as early as the middle of this year. His argument for this optimism is that Bitcoin hasn’t yet really benefitted from the institutional investment that’s been seen in other cryptocurrencies.

Meanwhile, other experts believe that BTC will experience a few more falls before it sees light at the end of the tunnel, with analyst Clem Chambers forecasting a bottom of $13,000. This means that it is difficult to say how Bitcoin will proceed from here, but regardless, its technical indicators suggest that it should be due a rally sooner or later.

The relative strength index (purple) has been languishing below 50 pretty much exclusively since early November, while its 30-day moving average (red) has remained well below its 200-day (blue) since the start of last year, which again signals that a rebound is overdue. Despite the vast array of opinions, nobody can be completely sure of what the future holds for Bitcoin, but it is certain that many will be keeping an eye on its movements in the upcoming months.