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Bitcoin Price Prediction: BTC Surges, Outshining Gold in 2023 Rally

Arslan Butt
Last updated: | 4 min read


Bitcoin (BTC), the flagship cryptocurrency, is currently trading at $43,850, marking a slight decrease of nearly 0.50% on Sunday. Despite this minor dip, Bitcoin’s performance this year has been nothing short of stellar, outshining traditional safe-haven assets like gold.

In 2023, Bitcoin has seen an impressive rally, soaring by 166%, significantly outpacing gold’s modest 9% gain. This surge underscores the growing investor confidence in digital assets as a legitimate component of diversified portfolios.

Amidst Bitcoin’s ascent, JPMorgan CEO Jamie Dimon’s recent remarks dismissing the intrinsic value of Bitcoin have sparked controversy. Labelled as ‘Supreme Arrogance’ by crypto advocates, Dimon’s stance contrasts sharply with the market’s bullish behavior, reflecting a divide in perceptions of Bitcoin’s role and potential in the current financial landscape.

Bitcoin’s 2023 Rally: A 166% Leap Over Gold’s 9%

The price of gold has experienced a decline of around 5.50% over the past week after reaching a peak of $2,117 per troy ounce on December 3, 2023. In contrast, Bitcoin has eclipsed gold’s performance in 2023, boasting an impressive gain of 166%. Gold enthusiasts, such as economist Peter Schiff, celebrated the metal’s peak, yet the stark contrast with Bitcoin’s monumental gains is evident.

Over the last six months, Bitcoin has surged by approximately 69%, compared to gold’s modest increase of 2.2%. This year to date, Bitcoin’s value has rocketed by 166%, while gold has seen a rise of 9.9%.

Over the past five years, Bitcoin’s value has skyrocketed by 1,145%, substantially outpacing gold’s increase of just over 60%. This significant edge in appreciation underscores Bitcoin’s commanding presence in the asset value appreciation arena, despite gold’s larger market capitalization.

VanEck’s ‘HODL’: New Amendment for a Bitcoin ETF

On December 8, VanEck submitted its fifth amendment to establish a spot Bitcoin exchange-traded fund (ETF), aiming to list it under the ticker “HODL.” This term, an acronym for “hang on for dear life,” is well-known within the crypto community, and its use in this context aims to resonate with those familiar with cryptocurrency.

It also represents a strategic departure from the typical ticker codes usually chosen by firms like Fidelity and BlackRock.

VanEck is competing with these companies for approval from the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. If approved, VanEck anticipates substantial inflows, estimated at around $2.4 billion in Q1 2024.

The ongoing speculation and heightened interest surrounding the potential approval of spot Bitcoin ETFs are closely linked to the current dynamics of Bitcoin’s price.

Dimon’s Dismissal of Bitcoin: Arrogance or Insight?

Mike Novogratz, CEO of Galaxy Digital, vehemently criticized Jamie Dimon, CEO of JPMorgan, for his recent criticism of bitcoin, saying that Dimon “keeps doubling down and keeps being wrong.”

Novogratz refuted Dimon’s assertion that criminals are the main users of Bitcoin by citing the backing of prominent individuals like Stanley Druckenmiller, a well-known investor, and Abigail Johnson, the CEO of Fidelity Investments.

Novogratz noted that a large number of Dimon’s own customers and important investors worldwide saw bitcoin as a store of value. He called Dimon’s position “supreme arrogance” and cited the numerous instances in which bitcoin has beaten JPMorgan’s shares.

Novogratz’s defense of Bitcoin against Dimon’s comments is indicative of the financial community’s increasing interest in and acceptance of the cryptocurrency which might help BTC recover its losses today.

Bitcoin Price Prediction

Bitcoin (BTC) is exhibiting a strong uptrend, as evidenced by its movement within an ascending channel on the 2-hour chart. This trend highlights BTC’s robustness in a fluctuating market environment.

Currently positioned at $43,953, BTC has experienced a slight rise of 0.27% in the last day, indicating a stable presence in the $44,000 range.

Examining Bitcoin’s pivotal price markers, the current pivot point is noted at $43,000. The cryptocurrency faces resistance at $44,693, followed by higher barriers at $46,000 and $47,077, which may limit upward movements.

Conversely, Bitcoin finds immediate support at $42,026, with additional supports at $41,000 and $40,026, offering potential fallback points during pullbacks.

Bitcoin Price Chart
Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI), standing at 58, suggests a balanced sentiment leaning toward bullishness, yet steering clear of overbought territory.

The bullish perspective is further reinforced by the 50-Day Exponential Moving Average (EMA), with Bitcoin’s price consistently above this crucial indicator. The chart’s patterns, particularly its adherence to the ascending channel, suggest an ongoing bullish trend.

In summary, Bitcoin’s current trend is predominantly bullish, staying above the crucial $43,000 level. The market is now focused on resistance levels in upcoming trading sessions. If Bitcoin maintains its bullish momentum, it could challenge the upper limits of the channel, potentially aiming for the $47,077 resistance in the short term.

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