It’s been reported by a new analysis that Bitcoin will be able to defy the traditional cycle theory during the next year. Check out the latest reports below.
Bitcoin to see a price rally in 2023
A popular crypto analyst says that Bitcoin (BTC) will defy all traditional theories of its market cycles next year.
The pseudonymous analyst known as TechDev said not too long ago that BTC will challenge the conventional wisdom that its price cycles are driven by the halving cycles.
As the online publication the Daily Hodl notes, halving cycles are the four-year intervals when Bitcoin miners’ block rewards are cut in half. A lot of investors believe that these have been playing a role in putting pressure on the price.
TechDev predicted that BTC largely ignores the next halving, likely to happen in mid-2024, and instead turn bullish early next year.
TechDev predicts that a bounce in Bitcoin next year will coincide with a weakening of the US dollar. He is linking this to Chinese ten-year bonds to depict a cycle of global liquidity.
“2023 to challenge halving theory.”
He also stated the following:
“BTC ‘topped’ April 2021 imo.
LTC‘s structure (orange) easier for most to digest.
Parabolic top vs. distributive, making Nov ‘21 a lower high.
Majority still doesn’t seem to understand corrective waves can make new highs.
Used to be part of majority.”
Bitcoin bull market returns – here’s when
Crypto veteran Bobby Lee addressed when the crypto and Bitcoin (BTC) bear market could end, warning traders it might take years.
In a new CNBC interview, Lee said that the crypto market would remain bearish for the foreseeable future before a turnaround in about 24 months.
“I think it’s going to be pretty bearish for the next year or two.” Check out our previous article in order to learn more details.