Bitcoin: 2nd Half 2023 Outlook

Plus, My Target Trading Range

Bitcoin: 2nd Half 2023 Outlook

• +78% year-to-date
• repeat Summer
• $20–30k trading range
• halving incoming

+78% YTD

Bitcoin is up 78% on the year. Closing July at $29,230.60, bitcoin fell 4% on the month but has traded within a tight range since the final week of June.

As August gets underway, it looks like more of the same with bitcoin trading just north of $29k in the first week of the month. Traditional markets stumbled out of the gates in August as Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA. Everyone from Warren Buffet to Janet Yellen and Jamie Dimon dismissed the rating or called it ridiculous.

Repeat Summer

It’s a bitcoin summer.

Summer 2022 looked a lot like Summer 2023. Yes, Summer 2022 marked the end to an epic drawdown from all-time highs that began more than a year prior BUT, once bitcoin hit lows in late June 2022, it…