At the end of 2023, Bitcoin (BTC) is starting to consolidate the impressive gains it accumulated in recent weeks but is still trading around the massively important psychological level of $43,000, with its historical price action suggesting a specific period when it could go parabolic.
Specifically, the price action of Bitcoin following Christmas week in 2022 was “similar to that in 2014, in which the macro bottom is very near the date,” as the pseudonymous cryptocurrency expert Trader Tardigrade pointed out in a chart pattern analysis shared in an X post on December 27.
As the crypto market analyst added, in one year’s time, the flagship decentralized finance (DeFi) asset “consolidated and trended upside to 2023 and 2015,” after which it “went parabolic in the following 2 years,” suggesting the same could take place this time around as well, or in 2025 and beyond, pushing BTC toward $280,000.
Meanwhile, it is also worth noting that the latest purchase of $615 million worth of the asset by the Bitcoin-enthusiastic company MicroStrategy has triggered a wave of enthusiasm among crypto traders, leading to a “bullish market movement,” according to the observations by Santiment on December 28.
Bitcoin price analysis
As things stand, the largest asset in the crypto sector by market capitalization is presently changing hands at the price of $43,090, recording a 1.87% decline across the previous seven days but still holding onto an advance of 15.75% on its monthly chart while climbing 158.38% over the past year.
Overall, if history repeats itself, Bitcoin could, indeed, end up going parabolic in the predicted time period, especially considering the positive influences such as the approval of the first spot Bitcoin exchange-traded fund (ETF) and the halving that should take place in April 2024.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
