As the crypto market grapples with uncertainty, investors and traders are wondering where the leading crypto will bottom out. We have compiled the opinions of analysts and experts who shared their future predictions for Bitcoin (BTC) for our readers. Bitcoin (BTC) price and detailed market data from here you can see.
The crypto market is about to hit bottom
CryptoYouTuber Dan Gambardello warns that crypto is about to hit rock bottom. Accordingly, the analyst suggests that the crypto market will reach the bottom in 30 to 60 days. Gambardello backs up his claim with data on why he believes crypto is about to hit bottom. He also notes that risk-reward and tolerance are different for everyone. The analyst admits that the current bear market has made it difficult to make big decisions.
Meanwhile, Gambardello is also looking at the S&P 500 chart. The analyst states that this chart largely determines and reflects what users will experience in the market. Highlighting the chart’s history, he says it took 48 days to break below the 20-day moving average resistance from August to October. Gambardello mentions that if the 20-day moving average once again acts as resistance, the market is very likely to break lower in 50 days. He notes that this will likely happen in early February.
Gambardello compares data from previous recessions. He states that the year before the actual recession was the worst year for the markets. The analyst also highlights the possibility of the market bottoming out before the economy starts to come out of all this decline. Based on the previous trend, he suggests that the next decline will occur in the next 30 to 60 days. Gambardello notes that speculation is just one of the scenarios he has explored for himself as an investor.
Bitcoin reaches ‘breaking point’ before major capitulation
Crypto analyst Nicholas Merten warns that Bitcoin is a few inches away from a ‘breaking point’ that could cause a major capitulation event. The analyst says that the historical ‘buy bottom’ support level for Bitcoin is now falling apart. In this context, the analyst draws attention to the following technical levels:
The fact that we’ve been thoroughly suspended and haven’t even come to retest this 200-day (moving average) and 200-week (moving average) is a big worrying sign here. And when you just zoom out here, you know what I mean here. Because 200 weeks was often a ‘buy from the bottom’ opportunity for Bitcoin. Currently, it is acting as resistance next to the 200-day cross below the 200-week. So this is already a big problem here.
The analyst envisions a scenario where BTC briefly rises to around $18,000 and then plunges to new lows around $13,000. Accordingly, he expresses his views as follows:
I want to highlight our breaking point here with Bitcoin. This is going to be a big deal if we really break below the previous lows and this sloping resistance line if we fail to hold this descending line of the previous resistance. The warning sign is here. If we see the price move to the previous resistance range or the previous support range around $18,000 here and zigzag here and break below the previous lows (around $15,400), that would be your warning sign for major capitulation.
How does Bitcoin rise at the top of the next cycle?
The host of the crypto YouTube channel InvestAnswers suggests that Bitcoin will rise by about 380% from current levels on its way to press the ATH level at the peak of the next bull market. The analyst makes the following statement:
I’m going with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024. I believe we will reach about $61,000, $62,000 by April 2024. This coincides with the halving sequence in April/May 2024.
Citing the Metcalfe Law, the analyst says that when the number of wallets increases to 3.4 million, Bitcoin will reach a price of $ 1.5 million by 2030. Metcalfe’s Law states that the value of a network is directly related to the number of users it has. The analyst shares the following assessment:
If Metcalfe’s Law applies to all other industries, the conservative model would allow Bitcoin to reach 3.4 million wallets by 2030. But this assumes that the increase in usage follows the trend we have had since the beginning of time in the last 11, 12 years. Now this also assumes there are over a billion active users on the real Blockchain. Now halving that, from one billion users to 500 million, that gets us to the Bitcoin price of $1.5 million.
Why is the American billionaire investor still bullish on Bitcoin?
American Billionaire investor Bill Miller expresses his surprise at Bitcoin’s performance. Miller says he expects Bitcoin to drop further after the FTX debacle. Investors are pulling their cryptocurrencies out of the market as the dust of the failed cryptocurrency exchange hasn’t settled yet. The billionaire adds that he is optimistic about Bitcoin’s future performance. In this context, he makes the following statement:
Given the FTX boom, I’m surprised that Bitcoin isn’t at half its current price. Humans have escaped from space, so it’s pretty remarkable that it’s still hanging there at $17,000. But inflation is under attack and real rates are rising rapidly. If and when the Fed starts to spin, I would expect Bitcoin to perform quite well.
Miller is a Bitcoin holder who believes Bitcoin should be treated like gold. He believes in the long-term investment power of cryptocurrencies. Miller adds:
First, I want to distinguish between Bitcoin, which I see as a potential store of value like digital gold, and any other cryptocurrencies that can be combined in the category of venture speculation. Like most venture investments, most will fail. But I haven’t heard a good argument that you shouldn’t invest at least 1% of your net worth in Bitcoin. Anyone can afford to lose 1%.
Bitcoin bears are losing strength
Analyst Benjamin Cowen says Bitcoin (BTC) bears are exhausted. Cowen explains his views on this issue as follows:
It is possible to see the bears losing strength. I mean, with each new down leg like the first big drop, the bears had a ton of momentum. Second, it’s still good momentum. Third, some acceleration. Fourth, the momentum is really starting to slow down. Therefore, the bears are slowly losing momentum as we delve deeper into the bear market.
The analyst says that what comes after the bears lose momentum is the consolidation phase before a bullish cycle begins. He explains it like this:
Those first leg drops, big momentum. As they go down they lose momentum and eventually the bulls offset the bears. Here we go to that long accumulation phase. Then we get stronger for the next cycle.
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