Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC right now

bitcoin (BTC) may follow stocks in a “massive bull run” as the weekly chart offers a unique sign of strength.

The latest analysis of several well-known crypto names suggests it’s time to give up on the bear market narrative.

Despite everyone talking about a new low BTC macro price, possibly at $12,000new perspectives call for rethinking.

Whether thanks to the macro or just good Bitcoin price cycles, there are three new reasons to turn bullish on Bitcoin in its current state near two-year lows.

Stock Rally Could Produce a BTC Price of $110,000

First in Line is a theory that implies a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.

In a November 24 tweet, Zeberg kept that Bitcoin continues to act like other risky assets, but in particular, “not like gold.”

With the FTX scandal weakening the correlation between BTC and stocks, there is no reason to abandon the idea that it will return.

For Zeberg, a rising tide lifts all boats, and a final rally across the entire field of risk assets could take BTC/USD past $100,000.

“Bitcoin moves like a risky asset (not like gold!). When SPX breaks out higher on the Blow-Off Top towards the 5700 – 6000 target area, Bitcoin should hit 90k – 110k,” he wrote:

“Last rally before the deflationary collapse!”

An accompanying chart seemed to indicate that the rally would begin in early 2023.

Annotated chart of BTC/USD against the S&P 500. Source: Henrik Zeberg/Twitter

Bull Div Indicator Echoes March 2020

Returning to crypto-centric triggers and break-even volume (OBV) is one of the indicators that give an idea of ​​possible bullish times ahead.

According to popular trader Alan Tardigrade, now is the time to pay attention as the weekly chart for BTC/USD has shown 20 weeks of bullish divergence.

“This indicates weakening downtrend momentum,” part of the accompanying Twitter comments. read:

“$BTC may pick up a massive rally.”

Annotated BTC/USD chart with OBV. Source: Alan Tardigrade/Twitter

An upward move would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.

OBV acts as a cumulative measure of buying and selling pressure by keeping a running count of volume over a set period of time. It is similar to the cumulative volume delta, but encompasses more than just bid and ask trades.

Trader: RSI bull div is a first for Bitcoin

OBV is not the only bullish divergence making waves in Bitcoin analytical circles.

Related: Bitcoin Exchanges See 180K BTC Supply Dwindle Amid Mt. Gox BTC Selloffs

For Bitcoin trader and technical analyst Mags, a phenomenon unfolding for the first time in Bitcoin history is the event to watch for in the future.

Checking the weekly chart again, Mags noted that the BTC/USD RSI is now showing bullish divergence on weekly time frames, something never seen before, not even at previous bear market lows.

“Every Bull Market Peak $BTC formed a bearish divergence on the RSI followed by a bear market correction!” the explained:

“This is the first time that BTC is printing a bullish divergence on a WEEKLY. Probably nothing.”

BTC/USD annotated chart with . Source: Magazines/ Twitter

The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.