- Bitcoin shows signs of forming a god candle in 2023.
- But what is god candle and its relationship with the crypto sector?
- Could BTC’s price supersonically rise to over $60,000 by year’s end?
YEREVAN (CoinChapter.com) — If you have been hanging out on Crypto Twitter (or X) recently, you may have heard about the term ‘god candle.’
What the Heaven is God Candle?
For the unversed: a god candle is a too-good-to-be-true candlestick pattern. Suppose you bought Bitcoin at its current price of $35,000. And days or weeks later, the Bitcoin price shoots upward by 100% to $70,000. Then, our dear reader, that daily or weekly candle is your god candle.
Did you know? Altcoin traders witness such god candles quite regularly on their risky bets. Don’t believe us? Let us show you this Messari index of top earners in the past 24 hours, with one even rising over 2,200%.
Unlike low-cap altcoins, Bitcoin does not rise by thousands and even hundreds of percentages in a day or week. Nonetheless, Crypto Twitter has started speculating on similar — if not bigger — price moves in the Bitcoin market.
That includes anticipations that BTC will magically rise by $30,000 by the end of 2023 — a quarterly-measured god candle. Let’s check what market analyst BitQuant says, for instance:
“We’ve reached a consensus that #Bitcoin is highly likely to reach $60K+ by the end of the year. When this occurs, do you know what it signifies? It’s a clear validation of the Green Channel, and that, in turn, points to $220K+ as the ultimate target.”
Is That God Candle Coming for Bitcoin?
Historically, major Bitcoin news updates have preceded the formation of god candles on BTC price charts.
For instance, in February 2021, when Elon Musk announced that he had purchased $1.5 billion worth of Bitcoin units for his company Tesla, the BTC price rallied nearly 25% in a day.
Or, look at these 2011 daily candles when Bitcoin used to be relatively more volatile.
So yes, Bitcoin traders have in them to collectively back a super-pump if they are super-positive about the cryptocurrency’s prospects. And, as of 2023, they have become overly optimistic about the possibility of a spot Bitcoin exchange-traded fund (ETF) launch in the US.
So can a god candle be coming for Bitcoin in 2023 or early 2024? Definitely, yes. Let’s discuss why.
Why BTC Price Could Hit $40,000, $50,000, and $60,000 Next?
So far, institutional investors have maintained a distance from Bitcoin due to a lack of regulated investment products. A Bitcoin ETF changes that by offering these investors to — literally — invest millions of dollars in cryptocurrencies (without needing to hold the underlying asset itself).
In turn, that theoretically boosts demand for Bitcoin, given ETF companies would need to back their share values with BTC units. Have a look at what EY’s global blockchain leader Paul Brody has to say about it:
“Trillions of dollars worth of institutional money are waiting to enter Bitcoin once a BTC ETF is approved. But any of these other institutional funds, they can’t touch this stuff unless it’s an ETF or some other kind of regulatory blessed activity.”
The next Bitcoin ETF decision will come on Jan. 10, 2024. Suppose the SEC approves the product. Then, it is highly probable for BTC traders to buy the news en masse, thus delivering massive gains on shorter-time frame candles — daily or weekly.
PS: For diversification purposes, we can call god candles, Allah Candle/Bhagwan Candle/whatnot.