Bitcoin Hits Highest Price of 2023 in Asian Trading Session
The Bitcoin price reached a new high during the Wednesday morning Asian trading session, hitting its highest level since early May 2022. Analysts are now predicting the next all-time high for the cryptocurrency as a critical date in Bitcoin’s market cycle has just passed according to one theory.
Bitcoin November Cycle Pivot Point – A Key Factor?
On November 29, BTC prices tapped $38,350, their highest level in over 18 months. This surge has sparked discussions among analysts about the potential future of the cryptocurrency market.
On November 28, Bitcoin analyst CryptoCon declared that “Today is the most important day of the year for Bitcoin.” According to his theory, all cycles are centered around the date of the first BTC halving, November 28, 2012. Analyzing the market cycle, he divided it into accumulation (green), fair value and preparation establishment (blue), bull market and new peak (red), and bear market (orange) phases. Using these cycle phases, he predicted that the green accumulation period is now over and the blue phase has begun.
The analyst predicted that in this ‘blue year,’ “price will spend most of its time around the median $34,500.” Additionally, he predicted an early top around July 9, 2024, and a new all-time high around the end of November next year.
Fellow analyst “Mr. Anderson” observed that Bitcoin has crossed above 75 on the weekly RSI fourteen times, with the 15th just occurring. He predicted a potential gain of at least 34% before topping.
Meanwhile, analyst “Captain Faibik” predicted that a breakout would occur, stating, “BTC $38K resistance is weakening.” He anticipated an ascending triangle upside breakout soon, with a potential touch of $41K in December.
BTC Price Outlook
As of the time of writing, Bitcoin prices are trading at $37,961, up 2.8% on the day. The asset hit a 2023 high of $38,350 before slightly cooling. Bitcoin’s momentum has increased by 11% over the past month and by 130% since the beginning of this year, pushing the total cryptocurrency market cap back to just below $1.5 trillion. This uptrend has also benefited altcoins, with Ethereum gaining 2.5%, Solana surging 7.7%, and Dogecoin making 4.6% on the day. Chainlink and Avalanche are also up more than 5%.
As Bitcoin continues to show strong performance, the cryptocurrency market is experiencing a renewed bullish sentiment, with analysts closely watching for signs of the next potential all-time high.
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