• Bitcoin has surged in price since the beginning of 2023, reaching a peak of $21,000 before a slight pullback.
• Analysts like Michael van de Poppe and Credible are predicting a bullish trend for Bitcoin, with a potential for a pullback before a surge.
• Bitcoin’s current indicators, such as Fear & Greed Index, RSI, and 20-EMA suggest a positive price trend.
The star cryptocurrency, Bitcoin, has been on an impressive run since the start of the year 2023. After opening the year at around $29,000, the digital asset has seen a spectacular surge in its price, climbing to its all-time high of $21,000 before making a slight pullback. This has certainly been an impressive performance by the King of Cryptocurrency, and it appears that it is not done yet.
Analysts such as Michael van de Poppe and Credible are of the opinion that Bitcoin is likely to go even higher, with a potential pullback before the surge. The Fear & Greed Index (FGI) of Bitcoin has recently hit 52, indicating a relatively low level of fear in the market. Additionally, the Relative Strength Index (RSI) of the cryptocurrency is currently at an overbought area after hitting 90, suggesting that a slight pullback is possible before the surge.
On the other hand, the 20-EMA has recently overtaken the 50-EMA, indicating a positive price trend for Bitcoin. This is further evidence that a surge is likely to occur in the near future.
Overall, it appears that the King of Cryptocurrency is on the brink of another surge. With the current indicators pointing towards a positive price trend, it is likely that Bitcoin will reach new all-time highs in 2023.