Gitcoin Price Prediction: Will GTC Price Hit $5 in 2023?

Key Takeaways:

• Gitcoin price is displaying some momentum in the past few days and has been able to sustain above the major support levels
• Alongside, the bulls are also trying to accumulate some strength that may allow the price to break the consolidation and soar high
• The token appears to be gaining strength as the price continues to remain volatile which may positively impact the price ahead

Gitcoin Price History

• The GTC price commenced trading just after the gigantic fall of May 2021 which slashed nearly 50% of the value
• The price continued to soar high amid the NFT boom which occurred during Q4 2021 that marked an ATH
• Since then, the price is trading within a deep bearish trend that compelled the price to mark new bottoms in 2022
• Presently, it is trying hard to revive an upswing that may trigger a decent rally, lifting the price above the bearish trap

Gitcoin Technical Analysis

Source: Tradingview

• The GTC price is currently trading with a very narrow range as the reduced volume has slashed the volatility to a large extent
• Meanwhile, the Bollinger Bands are squeezing and hence a massive price action appears to be underway 
• Besides, the RSI continues to be incremental which suggests a bullish breakout could be more likely 
• With a breakout, the price may initially hit $2 and may further continue to maintain a significant upswing to reach the monthly highs

Additional read: Aave Price Prediction

Overview of Gitcoin On- Chain Analysis:

Gitcoin Sharpe Ratio

Source: Messari.io

Sharpe ratio is used to evaluate the risks over the returns and also determines whether the investment is in profit or loss. A good Sharpe ratio is always considered above 1 which indicates the investment could be in profit instead of loss. The higher the ratio, the more profitable investment is considered with attractive returns.

Gitcoin has maintained high Sharpe ratio levels ever since the beginning of 2023. Although the levels have dropped below 1, the levels appear to be within bullish ranges. Hence, indicating the investments may certainly not be in loss, nor profit. 

Gitcoin Volatility

Source: Messari.io

The volatility of the asset is nothing but the price variation over time. This also indicates the sentiments of the market participants who tend to buy or sell the token and keep up the volatility high. Lower volatility usually means that the traders have lost their interest in the token which may result in a prolonged narrow consolidation for long.

The volatility has surged notably high since February 2023 and has maintained an ascending trend. This indicates the market participants are actively carrying out GTC trade regardless of buying or selling. The raised activity, however, may keep up the platform dynamic which may further impact the price. 

Gitcoin Price Prediction for 2023

The price displayed immense volatility in the first few months of inception but later maintained a consolidated trend. After remaining largely bearish throughout 2022, the price is slowly rising since the beginning of the year. Currently, the price is hovering along the lower support which appears pretty pivotal at the moment. A drop below these levels may trigger a notable pullback below $1.5.

However, the technicals suggest the rally is accumulating strength and hence may trigger a decent upswing very soon. The price may soon rise and close the Q2 trade around $2.8 to $3 followed by a minor consolidation. During the second half, the prices may intensify their upswing which may raise the levels beyond $5.5 by the end of 2023.

Gitcoin Price Prediction for 2024

The beginning of the year may witness a slight pullback in the prices which may further attract liquidity. The price is believed to maintain a notable upswing later and reach the crucial levels around $8 during the first half of 2024. However, the price may face a minor bearish action but the bulls who appear to be more powerful may hold the price high. 

The second half of 2024 is expected to be largely bullish as the prices are believed to remain elevated until the end of the year. The possibility of reaching beyond $10 appears pretty high during the Q3 which may be followed by a minor pullback. However, by the end of the year, the price may settle around $11.5 to $12.3.

Gitcoin PRICE PREDICTION 2025-2030

The Gitcoin price is believed to maintain a steep upswing until it reaches beyond $15 in the first few days of 2025. However, this may be followed by a massive descending trend enabling the bears to drag the price into a bear market. The price may maintain a steep descending trend ahead and reduce to almost half by the end of 2026. One can expect a sight recovery in 2027 but it may be largely restricted to certain levels. 

By the end of 2027, a notable upswing may kick in that may maintain a fine upswing since the beginning of 2028. With the mounted bullish pressure, the price may further spark a fine upswing later. The bull run may prevail in the first few months of 2029 and reach beyond $25 post to which the bear market may kick in. By the end of 2030, the price coil up notably and close the trade somewhere around $20 to $22. 

Read more: Uniswap Price Prediction

Should you invest in Gitcoin in 2023? 

Gitcoin has been displaying significant price action in recent times, regardless of the market sentiments which usually means a flip from bullish to bearish or vice versa. The token appears to have withstood the bearish action finely and now may undergo a bullish breakout very soon. However, before investing in Gitcoin or any other token, proper research on the project, market sentiments, and price movement is very necessary.

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