Popular Crypto Analyst Predicts Bitcoin (BTC), Bull Run In 2023
2022 was the start of a new “crypto Winter”, which saw prominent businesses fail and digital currencies drop in value. Many investors were caught off guard by the events of the year, making it difficult to predict the price for Bitcoin (BTC) in the future. After studying Bitcoin’s historical data and technical metrics, leading crypto analysts have made some bullish assumptions.
Bitcoin (BTC), Bull Run in 2023
According to Aurelien Ohayon (CEO of XOR), research published on December 28th, it was found that Bitcoin’s previous bull run occurred after every four years. He pointed out that the bull market started in 2011, and then there was a decline in 2014. This was followed by a rebound of 2015 in 2015. Ohayon actually pointed out that 2019, following the crypto cold-season of 2018, would be the base for a new Bitcoin bull run.
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If past trends are any indication, 2023 could be a foundation for the Bitcoin bull market. Ohayon’s analysis of Bitcoin’s technical data shows that bear markets last for less than one year.
#BITCOIN BULL RUNS STARTS
Every 4 years, bull runs happen:
2011, 2015, 2019, 2023. pic.twitter.com/1LjO6rFLHG
— TAnalyst (@AurelienOhayon) December 28, 2022
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Other reports have also indicated a brighter future for the first decentralized cryptocurrency in the world. According to data, cryptocurrency researchers predict that the price of Bitcoin will reach $100,000 by March 2024. This is close to when the supply of Bitcoin will be halved.
The next halving in Bitcoin’s supply will occur at block number 840K. Following the event, the block rewards are expected to drop from 625 coins down to 3,125 coins. This is a decrease of about one-third.
Analysts have found that the price for the world’s first cryptocurrency rose by 1,263% between 2016 and 2020 Bitcoin halvings. If current trends continue, Bitcoin (BTC), will reach $120.263 on March 23rd 2024.
The current price of Bitcoin is $16,660. This is a decrease in value of 1.09% for the day and a further decrease of 1.10% for the week, according to CoinMarketCap, a crypto market tracker.
Also read: A popular crypto influencer picks his top 3 cryptos for the 2023 Bull Run
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.