Analysts expect Bitcoin to hit $120,000 by this date

Bitcoin's price has moved slightly upwards, springing forward analysts with bullish predictions on where the price will land.

Published Jul 22, 2022 6:35 AM CDT   |   Updated Sun, Aug 14 2022 10:12 PM CDT
0 minutes & 39 seconds read time

The price of Bitcoin has seen some growth, with the world's most valuable cryptocurrency moving up from the $20,000 price point to its current position of $23,000.

If you haven't been following the cryptocurrency market, the price of Bitcoin has been in decline since it reached its all-time high of $69,000 back in November 2021, and now traders are seeming a flicker of hope as it seems the price is climbing. One analyst named TechDev has put forward his prediction for Bitcoin's price over the coming months, and it's citing the price trend of the digital asset from 2011 to 2027.

TechDev points to the True Strength Index (TSI), which is a metric that is used to determine how much of the cryptocurrency is overbought or oversold. The analyst states that the downtrend traders are currently experiencing is on track with past years of Bitcoin bear markets (where the price goes down), and that by 2023 the top price of Bitcoin will fall between $80,000 and $120,000.

Analysts expect Bitcoin to hit $120,000 by this date 01
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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