The recent rise in the price of Bitcoin has revived hope in crypto assets. So far pseudonymous crypto analyst Cheds stated that a massive rally may not be far-fetched for BTC anytime soon.
The crypto market struggled with inflation rates rising and other negative factors in 2022. However, BTC has picked up positive price momentum in 2023, with some investors thinking its worst days are over. Ched’s forecast is optimistic about BTC’s performance going forward.
$BTC daily visualization of this potential bull https://t.co/eUfkmAOx5N pic.twitter.com/UVOCTjctZl
— Cheds (Trading Quotes) (@BigCheds) January 14, 2023
Ched on Twitter gave his prediction on BTC price based on his technical analysis. He stated that Bitcoin could experience a bullish reversal. In his words, more than $18,200 opens up the possibility of an inverse head and shoulders complexmultiple shoulders and head with neck base for $25,500.
His optimistic forecast sees Bitcoin rise to the USD 37,000 level, which will be a 76% increase from its current value. He suggested that fear of missing out (FOMO) will drive more traders to chase BTC rallies.
Bitcoin also closed above its 200-day moving average. Ched labeled this move as a sign of BTC’s strength. He believes that the altcoins will also come to life once Bitcoin and Ethereum slow down to consolidate their positions.
Tim Draper, a BTC bull, was more optimistic about Bitcoin’s price movement. His analysis predicted that Bitcoin would be worth $250,000 by the end of 2023.
While the numbers seem outrageous, he stated that Bitcoin would enjoy greater adoption in retail spending. Draper stressed that only one in seven BTC wallets belongs to a woman. He expects more women to adopt BTC wallets.
Standard Chartered Bank was more pessimistic. In their prediction, Bitcoin could fall to around $5,000. They also stated that as more exchanges fight financial problems and bankruptcies, prices will fall. According to their forecast, these financial problems will erode investor confidence in digital assets.
What’s behind the crypto resurgence?
The crypto market has improved its outlook with BTC leading the market. While experts differ in their predictions and predictions, several factors led to this positive turn in 2023.
In general, the financial markets correlate with the US economy. In 2022, for example, inflation increased, as did unemployment. The forex and stock markets felt the impact of these rate adjustments, with cryptocurrencies following suit. But recent inflation data for December showed a decline that may have pushed crypto prices higher.
Also, cryptocurrencies are now enjoying wider adoption and adoption despite wider adoption regulations in certain regions. They serve as a faster means of processing payments and their usefulness has skyrocketed recently. Technological developments such as Web3 have also played a role as most crypto projects want to join this trend. These factors have also increased crypto asset prices.
Bitcoin (BTC) short or long?

BTC is above the $21k level and has continued its positive price trend into 2023. However, traders may be skeptical about BTC and wonder if it is a running of the bulls or a bull trap.
The asset is currently trading above the 50-day and 200-day simple moving averages. This technical indicator shows that both the short and long term look encouraging for Bitcoin.
Featured image from Pixabay and chart from Tradingview.com