{"id":11374,"date":"2023-04-08T08:23:10","date_gmt":"2023-04-08T08:23:10","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11374"},"modified":"2023-04-08T08:23:10","modified_gmt":"2023-04-08T08:23:10","slug":"historical-bitcoin-price-fractal-hints-at-rally-toward-50k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11374","title":{"rendered":"Historical Bitcoin price fractal hints at rally toward $50K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) could rally toward $50,000 in 2023, according to a historical price fractal highlighted by popular market analyst Mags.<\/p>\n<h2>Bitcoin price trend in 2015 vs. 2023<\/h2>\n<p>The chart fractal highlights the similarities between Bitcoin\u2019s ongoing price trends and those recorded after the completion of the 2013\u20132015 bear market. <\/p>\n<p>That includes Bitcoin\u2019s consolidation inside the $200\u2013$300 range between January 2015 and August 2015, which appears identical to its consolidation between the $18,500\u2013$25,000 range after the supposed completion of its 2021\u20132022 bear market.<\/p>\n<p><em>BTC\/USD price performance comparison between 2015 and 2023. Source: TradingView\/Mags<\/em><\/p>\n<p>BTC\u2019s price broke above the $16,000\u2013$25,000 range in March 2023, prompting Mags to highlight its resemblance to the breakout above the $200\u2013$300 range in October 2015. <\/p>\n<p>Since this resulted in a rally toward $700 in June 2016, the analyst sees the scenario potentially repeating in 2023, with BTC\u2019s price doubling to $50,000.<\/p>\n<p>\u201cBeing bearish here [when Bitcoin\u2019s price is around $28,000] is like being bearish at $350,\u201d Mags added.<\/p>\n<h2>Liquidity crunch may spoil Bitcoin price rally<\/h2>\n<p>The bullish argument for Bitcoin comes amid\u00a0anticipations that the United States Federal Reserve would slow the pace of its interest rate hikes.<\/p>\n<p>Due to lower rate expectations, the yield on the benchmark U.S. 10-year Treasury note has declined. That, in turn, has boosted investors\u2019 appetite for zero-yielding assets, such as Bitcoin and gold.<\/p>\n<p><em>U.S. 10-year weekly chart versus BTC\/USD and XAU\/USD. Source: TradingView<\/em><\/p>\n<p>In addition, lower yields have also sapped U.S. dollar demand, with the dollar losing 1.33% in 2023 versus a basket of top foreign currencies. Since Bitcoin\u2019s value is largely denominated in the dollar, it means higher prices for BTC\/USD.<\/p>\n<p><strong><em>Related:\u00a0Latest Bitcoin price data suggests double top above $200K in 2025<\/em><\/strong><\/p>\n<p>However, Bloomberg analyst Mike McGlone has cautioned about a potential bull trap in the Bitcoin market due to a mounting liquidity crunch.<\/p>\n<p>He said:<\/p>\n<p>\u201cIt may be illogical to expect the stock market, crude oil, copper, and the Bloomberg Galaxy Crypto Index (BGCI) sustain the recent bounces with year-over-year measures of money supply and commercial bank deposits falling around 2%.\u201d<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/historical-bitcoin-price-fractal-hints-at-rally-toward-50k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) could rally toward $50,000 in 2023, according to a historical price fractal highlighted by popular market analyst Mags. Bitcoin price trend in 2015 vs. 2023 The chart fractal highlights the similarities between Bitcoin\u2019s ongoing price trends and those recorded after the completion of the 2013\u20132015 bear market. That includes Bitcoin\u2019s consolidation inside the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11374"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11374\/revisions"}],"predecessor-version":[{"id":11376,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11374\/revisions\/11376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11375"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}