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

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cointelegraph.com

Bitcoin (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength.The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative.Despite everyone talking about a new macro BTC price low, possibly at $12,000, new perspectives demand a rethink.Be it thanks to macro or just good old Bitcoin price cycles, there are three new reasons to flip bullish on Bitcoin in its current state near two-year lows.First in line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.In a tweet from Nov.

24, Zeberg maintained that Bitcoin is still acting just like other risk assets — but notably, “not like gold.” With the FTX scandal weakening the correlation between BTC and stocks, there is nonetheless no reason to abandon the idea that it will return.For Zeberg, a rising tide lifts all boats, and a final rally throughout the risk asset field could take BTC/USD over $100,000.“Bitcoin moves as a Risk Asset (not like Gold!).

When SPX explodes higher in Blow-Off Top towards 5700 - 6000 target area - Bitcoin should reach 90k - 110k,” he wrote:An accompanying chart appeared to put the rally beginning at the start of 2023.Back to crypto-centric triggers and on-balance volume (OBV) is one of the indicators giving a taste of possible bullish times to come.According to popular trader Alan Tardigrade, now is the time to pay attention as the BTC/USD weekly chart has printed 20 weeks of bullish divergence. “This indicates the weakening of downtrend momentum,” part of accompanying Twitter comments read:A move to the upside would correspond to Bitcoin’s behavior after the March 2020 COVID-19 cross-market crash.OBV acts as a

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