At which price level can 2023 leave Bitcoin?

After it finally crossed the $30,000 psychological threshold, Bitcoin is currently looking at a strong resistance zone around $31,000, and if it manages to break it, a significant bull run could follow, and historical chart patterns suggest it might even reach $80,000 by the end of 2023.

If Bitcoin fails to take out the resistance area at $31,000 this week, it could “draw down to $28,000 for a reload option from the bears. On the other hand, the more frequently a resistance line is tested, the weaker it becomes.

Meanwhile, traders closely observe optimist expectations that the most famous cryptocurrency could hit $80,000 at the end of 2023. Bitcoin’s bullish megaphone pattern was “still intact” and that its upper-trendline target stood at $85,000 toward the year’s end.

Bitcoin was trading at the price of $30,661, indicating a recovery of 0.42% on the day and of 0.88% across the previous week, adding up to the more significant monthly gain of 12.87%.

It is also worth noting that the above prognosis is a lot more bullish than those of the self-learning machine algorithm deployed by the crypto tracking platform CoinCodex, which currently projects that the price of Bitcoin by the end of 2023 will move below the area of $38,000.