Bitcoin year-end rally 2023: Crypto expert predicts price gains of up to $45,000

Bitcoin year-end rally 2023: Crypto expert predicts price gains of up to $45,000

According to a report by www.finanzen.net,
Bitcoin is making a strong comeback in 2023 and continues to climb higher. Experts predict a possible year-end rally for the cryptocurrency. Crypto expert Markus Thielen predicts that Bitcoin could reach a price target of $40,000 to $45,000 by the end of the year. He cited positioning on the options market and the increasingly dovish expectations of future interest rates from the US Federal Reserve (Fed) as potential catalysts for further price gains.

Thielen's forecast is based on increased demand for call derivatives and the impact on the options market. Demand for bullish bets could expose market participants to further upward pressure. In particular, a large options expiry on December 29th could increase Bitcoin buying interest and promote a year-end rally.

In addition, Thielen highlighted the predicted reduction in key interest rates in the US, which should also give a boost to crypto sentiment. The falling inflation rate and the setting for future interest rate cuts could be positive factors for Bitcoin.

The approval of Bitcoin spot ETFs could also lead to further price gains, said Thielen. According to calculations by a research associate at the crypto investment company Galaxy, the introduction of a spot ETF could cause Bitcoin to rise by a whopping 74 percent over a twelve-month period.

Based on this outlook, it is likely that the Bitcoin market could benefit from a bullish trend and see further gains. Demand for cryptocurrencies and the impact on the options market as well as macroeconomic conditions could push Bitcoin to Thielens' forecast price target of $45,000 by year-end.