The Bitcoin market officially entered the second phase of the 2023 new year macro rally following last week’s breakout. With respect to the Elliott Wave Chart pattern, more Bitcoin buyers entered the crypto market in February, when prices stagnated and increased risks of pullbacks. As such, the third wave could push Bitcoin price above $30k in the coming weeks.
According to our latest crypto market data, Bitcoin price is up over 4 percent to trade around $28.4k during the early London market. With over $181 million liquidated in the crypto market during the past 24 hours, more investors are bullish following the global banking crisis.
Moreover, the 2022 crypto bear market was officially invalidated after Bitcoin stayed above $25k for several days. As such, analysts expect Bitcoin to begin a new trend before next year’s halving event.
Bitcoin Analysis for 2023 by Tone Vays
According to famous crypto trader Tone Vays in a recent YouTube video, Bitcoin traders should be wary of a parabolic rally to $50k that could lead to a 50 percent market crash.
“If we rally all the way to, say, $50,000, we can easily crash back down to $25,000 or $30,000. But if we slowly go up to $50,000, I think the chances of going back to $30,000 are going to be super low. So in a perfect world, we slow our roll right now, go up a little bit [this] week, maybe touch $30,000, pull back down to $25,000, and then break $30,000, head to $35,000, go back from $35,000 down to $30,000, then break $35,000 [again],” Vays said.
He added that if Bitcoin breaks $35,000 sometime this summer, the asset can go up to $50,000 or $60,000 and then only pull back to about $30,000 or $40,000. As such, the Bitcoin market can avoid the pullback to $20k’s again.