Will Bitcoin reach $110,000 in 2023? 3 reasons to be bullish on BTC now

Bitcoin shows significant bullish divergences with BTC price online for a "massive bull run", according to new analysis.

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Bitcoin (BTC) may be following stocks on a “massive bull run” as the weekly chart provides a unique sign of strength.

The latest analysis from several well-known crypto names suggests it's time to let go of the bear market narrative.

Although everyone is talking about a new low BTC macro price, perhaps at $12,000, new prospects demand an overhaul.

Whether thanks to the macro or just good old bitcoin price cycles, there are three new reasons for a bullish rally on bitcoin in its current state near two-year lows.

Stock rally could produce BTC price of $110,000

The first line is a theory involving a macro market catalyst, courtesy of macro analyst, Henrik Zeberg.

In a November 24 tweet, Zeberg asserted that Bitcoin still acts like other risky assets, but notably "not like gold".

With the FTX scandal weakening the correlation between BTC and stocks, there is nevertheless no reason to give up on the idea that it will return.

For Zeberg, a rising tide lifts all boats, and a final rally in risk assets could take BTC/USD over $100,000.

"Bitcoin is moving like a risk asset (not like gold!). When SPX explodes higher in Blow-Off Top towards the 5700 - 6000 target area - Bitcoin should reach 90k - 110k", a- he wrote:

"Last rally before the deflationary crisis!"

An accompanying chart has appeared to set the rally in motion at the start of 2023.