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Bitcoin price can hit $20,000 EASILY if THIS happens!

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The year 2023 begins on a weak note for cryptocurrencies. Most tokens consolidate at the start of the new year as investors wait for confirmations of crypto trends. However, we have seen positive returns over the past 7 days. Bitcoin managed to gain more than 2% as prices consider breaking the resistance price of $17,000. One fundamental factor, in particular, may trigger further gains in the weeks ahead. Will Bitcoin hit $20,000 soon? Let’s evaluate in this article Bitcoin Prediction 2023.

Understanding Bitcoin in 2023: What is Bitcoin?

Bitcoin operates independently without the need for centralized authority through the technology that powers it. A history of all Bitcoin transactions is kept on the decentralized and distributed Bitcoin blockchain.

Each block in the Bitcoin blockchain contains information about a single transaction. A blockchain is created by each block being cryptographically connected to the one before it (hence the name “blockchain”). This link ensures that a block added to the chain cannot be modified or interfered with once it is there. The Bitcoin blockchain is maintained by a network of computers rather than a single organization due to its decentralized nature. As a result, it functions as a safe and open mechanism for documenting and confirming transactions.

What is the Telos Blockchain

Why is Bitcoin useful?

Bitcoin and other cryptocurrencies have the power to fundamentally disrupt the way we view and use money by providing a safe, decentralized, and readily available alternative to established banking institutions. There are several reasons why Bitcoin has grown in popularity and utility. Some of the main benefits include:

  • Decentralization: As a decentralized system, Bitcoin is not controlled by any government, bank or other central authority. This makes it resistant to censorship and interference, while allowing users to have more control over their own finances.
  • Security: The blockchain technology that underpins Bitcoin is highly secure, making it difficult for hackers to steal or alter transaction data.
  • Anonymity: Although Bitcoin transactions are recorded on the blockchain, they are not linked to the identity of the people or entities involved. This allows users to maintain their privacy and conduct transactions without revealing their personal information.
  • Reduced fees: Because there is no central authority controlling the Bitcoin network, transaction fees are usually much lower than those charged by banks and other financial institutions.
  • Fast and comprehensive: Bitcoin transactions can be processed and verified quickly, anywhere in the world. This makes it an attractive option for cross-border transactions and other international payments.
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Bitcoin Price Analysis 2023: How Does Bitcoin Work?

At the start of the year, Bitcoin started an upward trend from the low price of $16,500. In Figure 1 below, we can clearly see how Bitcoin prices initiated a parallel uptrend channel. At the current price of around $16,920, that makes it a 2.55% return in 7 days.

Fig. 1 BTC/USD 4 hour chart showing bullish Bitcoin trend – GoCharting

Bitcoin Prediction 2023: Can Bitcoin Hit $20,000 Soon?

It is clear that Bitcoin prices are on an uptrend. However, there are other fundamental factors that can help drive Bitcoin prices higher. Next week the CPI data will be released. If the data reveals lower inflation, Bitcoin may be poised for another rally. This would couple with the break of the resistance at $17,000, continuing the uptrend towards a range between $19,000 and $20,000.

BTC/USD 1-day chart showing Bitcoin's potential uptrend in 2023
Fig.2 BTC/USD 1-day chart showing Bitcoin’s potential uptrend in 2023 – GoCharting

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