Bitcoin (
$110,171.00 ) (BTC) could rally toward $50,000 in 2023, according to a historical price fractal highlighted by popular market analyst Mags.
Bitcoin ( $110,171.00 ) price trend in 2015 vs. 2023
The chart fractal highlights the similarities between Bitcoin ( $110,171.00 ) ’s ongoing price trends and those recorded after the completion of the 2013–2015 bear market.
That includes Bitcoin ( $110,171.00 ) ’s consolidation inside the $200–$300 range between January 2015 and August 2015, which appears identical to its consolidation between the $18,500–$25,000 range after the supposed completion of its 2021–2022 bear market.
BTC/USD price performance comparison between 2015 and 2023. Source: TradingView/Mags
BTC’s price broke above the $16,000–$25,000 range in March 2023, prompting Mags to highlight its resemblance to the breakout above the $200–$300 range in October 2015.
Since this resulted in a rally toward $700 in June 2016, the analyst sees the scenario potentially repeating in 2023, with BTC’s price doubling to $50,000.
“Being bearish here [when Bitcoin ( $110,171.00 ) ’s price is around $28,000] is like being bearish at $350,” Mags added.
Liquidity crunch may spoil Bitcoin ( $110,171.00 ) price rally
The bullish argument for Bitcoin ( $110,171.00 ) comes amid anticipations that the United States Federal Reserve would slow the pace of its interest rate hikes.
Due to lower rate expectations, the yield on the benchmark U.S. 10-year Treasury note has declined. That, in turn, has boosted investors’ appetite for zero-yielding assets, such as Bitcoin ( $110,171.00 ) and gold.
U.S. 10-year weekly chart versus BTC/USD and XAU/USD. Source: TradingView
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 ( $110,171.00 ) ’s value is largely denominated in the dollar, it means higher prices for BTC/USD.
Related: Latest Bitcoin ( $110,171.00 ) price data suggests double top above $200K in 2025
However, Bloomberg analyst Mike McGlone has cautioned about a potential bull trap in the Bitcoin ( $110,171.00 ) market due to a mounting liquidity crunch.
He said:
“It 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%.”
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.
$0.00 ) 
