As 2023 draws to a close, predictions for Bitcoin‘s price continue to emerge, with increasing expectations for a Bitcoin Spot ETF and rumors of the Federal Reserve (FED) cutting interest rates next year gaining strength.
Bitcoin started the year with a significant rise from $16,000 to over $44,000, only to fall back to $42,000 recently. Despite this, the cryptocurrency managed to stay above this level, indicating a potential for further growth.
Trader Tardigrade suggests that Bitcoin’s recent 5% decline is not a cause for concern, as the cryptocurrency has a positive chart formation. A critical level has been retested perfectly, which bodes well for Bitcoin’s future price trajectory.
An analysis by TraderTardigrade on December 20 highlighted a successful upward breakout in a DeFi leader’s chart, following a perfect retest within a rising flag formation. This technical pattern suggests a potential for Bitcoin’s price to clear the way for a rally if it successfully retests the $42,500 level.
Currently, Bitcoin is trading at $42,770, with a slight increase of 1.16% over the last 24 hours. This uptick is part of a larger trend, with a significant 15.13% rise in the past month and a 4.31% increase over the last week. Analysts, including Michaël van de Poppe, anticipate a test of the $47,000 to $50,000 range before the approval of the first spot Bitcoin ETF, which could signal the end of the correction phase and potentially trigger an unstoppable rally.