A popular crypto analyst believes that Bitcoin (BTC) will challenge all traditional theories about market cycles next year.
The analyst known as TechDev believes his 402,000 Twitter followers will challenge the traditional belief that Bitcoin (BTC) price cycles are driven by halving cycles.
Halving cycles are four-year intervals during which Bitcoin miners’ block rewards are halved. Many investors believe that these ranges play a role in putting pressure on the price. Analysts who think this way also believe that the next rally for BTC will come in 2024. TechDev predicts that BTC has largely ignored the next halving event, which is likely to happen in mid-2024, and instead, the price will be bullish early next year.
TechDev predicts that a potential bounce in Bitcoin next year will coincide with the weakening of the dollar. doing.
“2023 will challenge the halving theory.”
He also believes that the bear market is deeper than many think and therefore closer to a reversal, suggesting that Bitcoin reached its peak in April 2021 instead of November.
Besides, he uses Litecoin (LTC) as an example of a coin that made a lower high (peak lower than the previous peak) in November, rather than the abnormal, higher high seen in Bitcoin.
“BTC, April 2021 has ‘peaked’ in my opinion.
The structure of LTC (orange) is easier to understand for most.
Parabolic peak vs distribution is lower high on November 21st.
The majority still do not seem to understand that corrective waves can make new highs.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.