2022 was a difficult year for digital currencies. The crypto crisis of 2022, the FTX scandal, rising inflation, and rising interest rates created a challenging environment for investors. Bitcoin’s value fell from a high of $67,000 to below $16,000.
Some experts predict that Bitcoin will reach $100,000 in 2023, while others think it will drop below $10,000. The future of Bitcoin is uncertain.
Here is a forecast from one of the analysts who believe the market will see significant growth in 2023.
One of the most prominent crypto analysts has predicted that a huge rally will put an end to the Bitcoin (BTC) bear market.
BTC Price to witness 176% Surge?
Bitcoin is expected to increase by more than 176% next year from its current value of $16,623, according to pseudonymous cryptocurrency dealer Rekt Capital, which has 330,600 followers on Twitter.
Cycling Theory: The expert makes their forecast by looking over the past four years of Bitcoin’s price and applying the concepts of a cyclical market. Each candle in the pattern represents a four-year segment of the market cycle.
The first candle represents the high point of the bull market, the second the low point of the subsequent bear market, the third the bottom from which a rebound is possible, and the fourth the beginning of the new trend.
What BTC Candle Suggests: In 2023 if candle three goes up in value, the king asset might reach $46,000, as predicted by Rekt.
Technically speaking, 2019 had the biggest BTC Candle 3 rally. In 2019, BTC surged to the resistance of Candles 1 and 2 at $13,900. (black). The 2023 Candle 3 might therefore rise by plus 180% to reach the Candle 1 and 2 resistance at most $46,000.
Will this mark the end of the bear market for BTC?
Rekt argues it seems unlikely that there will be more gains.
Unless BTC executes downward wicking in the 2023 Candle 3. It is technically impossible that BTC would repeat a +234% gain because such a move would see a price rally to $55,000, beyond $46,000, which is the new 4-Year Cycle resistance, exactly like $13,900 once was.
Even more improbable, according to the trader, is Bitcoin attaining its all-time high price because. According to the pattern, however, that would typically happen in the fourth or first candle.
“However, a BTC rally of +316% would be even less likely. In contrast to how old ATHs [all-time highs] typically reappear at the earliest in Candle 4 and the latest in Candle 1, BTC would rise to almost $68,000 with a plus-316% advance from current pricing, nearly matching old ATHs.”
According to the candle hypothesis, it appears like BTC will experience a bull rise sometime in the middle of 2023.