• Bitcoin analyst George Tung predicts a 150% price pump before July.
• Technical indicators suggest that the route of least resistance is upwards, and the price of Bitcoin may reach $25,000 if it moves higher from where it is now trading.
• A break and closure below the 20-day exponential moving average might cause the token to fall to $21,480.
Bitcoin Bulls On Fire: Analyst Predicts Massive Price Pump Before July
Prediction by Expert
George Tung, an expert in cryptocurrencies and a popular YouTuber, has forecast that the price of Bitcoin would skyrocket by 150% in the next three to four months, taking it to a total of $50,000. A similar trend was seen in 2019 when Bitcoin’s price skyrocketed from $3,600 to $14,000 in just a few short months. Tung believes that 2023 is showing tendencies that are almost identical to those seen in 2019 and is convinced that the king cryptocurrency will experience a large increase before July as it did two years ago.
The fact that the king coin was able to recover after hitting its support level at $22,800 on February 1 suggests that bulls are buying declines at this level. On February 2nd, bulls drove up prices above $24,000 but were unable to maintain these levels. Moving averages climbing higher and an RSI in overbought territory both point towards an upward trajectory for Bitcoin price. If successful in rising higher from its current position at around $23400, it could reach as high as $25000 but may find resistance at this point.
If there is any sign of weakness in the market such as a break and closure below its 20-day EMA (which currently stands at around $22279), it could trigger stops amongst short term traders resulting in prices falling back down to around 21480 USD.
Crypto Enthusiast’s Perspective
As crypto enthusiasts we can only speculate about how far Bitcoin prices might go this year – whether they will reach 25K or face roadblocks along the way – no one really knows for sure yet! All we can do is continue monitoring technical indicators as well as other developments within the industry for more clues on what direction BTC prices might take going forward.
It appears that BTC bulls have been steadily gaining control of market conditions recently with technical indicators pointing towards further rises ahead although there still remain potential roadblocks which could potentially cause some losses along the way before further gains are made again. Only time will tell what direction things will take but all we can do until then is stay informed and keep our eyes peeled!