Bitcoin may hit $120K in 2023, says trader as BTC price gains 25% in a week

cointelegraph.com:

Bitcoin (BTC) touched $24,000 at the July 20 Wall Street open as the good times kept rolling for crypto markets.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing its latest milestone after a brief consolidation.

Twenty-four-hour gains for the pair remained at nearly 8% and weekly returns near 25% as Bitcoin and altcoins benefitted from a declining U.S. dollar and rising stock markets.

Bitcoin's rise had seen bulls reclaim key trendlines lost in June, but the jury remained out on whether the newfound strength could endure beyond the current weekly candle.

"Bitcoin rally looking good? Yes. But BTC shall take no pride in this rally," analyst Venturefounder commented.

The U.S. dollar index (DXY) nonetheless showed no signs of staging its own successful recovery on the day, getting rejected at 107 after a local bottom.

Popular trader and analyst Josh Rager, meanwhile, demanded a "confident" tip to the $30,000 zone in order for Bitcoin to truly flip from bearish to bullish.

Two weeks ago mentioned $BTC looked good for $28k with a breakoutSlowly but surely, would love to see this push up anoher 20%+ in order to take profits https://t.co/Mzl7wF76y2

Zooming out, one Bitcoin price indicator led analyst TechDev to believe that BTC/USD would see a new all-time high before its next block subsidy halving in 2024.

Related: 100X Bitcoin energy use would mean ‘absurd’ $20M BTC price — developer

TechDev flagged the True Strength Index (TSI) for Bitcoin, a metric that uses several base calculations to determine how overbought or oversold the asset is at a particular price.

The price decline since the last all-time high in November 2021 remains on-trend, he argued, and thus the potential for historical patterns to repeat