Bitcoin To Reach $45,000 By End of May? Norwegian Analyst Team Thinks So

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Last Updated on 6 November 2023 by CryptoTips.eu

K33 Research is an analyst team from Norway that specializes in predictions for Bitcoin and other digital currencies. Given Bitcoin’s strength since the start of this year (Bitcoin went up some 70% in the first quarter of 2023) it’s no surprise that they’re very upbeat in their forecast for the biggest digital currency, but their latest forecast is simply very bullish.

According to the team at K33, Bitcoin would reach $45,000 by end of May, which would represent at 50% increase versus today’s price point.

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Global media

Forbes, Bloomberg, Reuters and the Financial Times are just a few of the global media giants that use K33 Research’s services to keep them abreast of what’s going on in the world of Bitcoin, Ethereum and the many other digital currencies.

Vetle Lunde, their senior analyst, is very bullish for the next month, predicting a possible growth of 50% in the next six weeks. In order to get to this conclusion, he compared the Bticoin charts of 2018 and 2022.

2018 versus 2022

Vetle sees a clear similar U-trend for Bitcoin both in 2018 and 2022, when Bitcoin fell some 80% since reaching its temporary top. Back in 2018 this meant a Bitcoin price of $3,100 in December, in 2022 this meant a Bitcoin price of $15,500 in November.

Bottoms in both cycles lasted for approximately 370 days. And the peak-to-trough return after 510 days of both cycles reached 60%. In 2018, the bear market rally topped 556 days after the 2017 peak, on June 29, 2019, with a 34% drawdown from the peak.

While history is far from likely to repeat in a similar fashion if the fractal were to continue – BTC would peak around May 20 at $45,000.

Lunde said.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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