Rally or Collapse: Bitcoin Forecast From Analysts

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bitcoin Analysts remain hopeful, although it will lose most of its total value in 2022. Just a short while before the end of the year, analysts keep coming up with different approaches.

The “crypto winter”, which defines the bad trend in the market, blew its coldest winds in 2022. The market lost ground with the effect of macroeconomic conditions and the collapses and had difficulty in finding the base. The volatility in the Bitcoin price has risen to a level that even hinders the forecasts of analysts. Although the price has been stuck in a certain range for a while, it is still difficult to find solid ground for long-term forecasts.

However, analysts, who compare historical data with current technical data, continue to share their bullish forecasts.

Will Bitcoin Rally In 2023?

Aurelien Ohayon, CEO of XOR company, has released a new report on the subject. The CEO released his forecast, noting that Bitcoin bull cycles happen every four years. Ohayon noted that the first bull market started in 2011 and was completed in 2014. The final recovery of this cycle took place in 2015. According to the CEO, the crypto winter that started in 2018 laid the groundwork for a bull market in 2019.

As a result, the four-year trend that started in 2019 may be set to bear fruit in 2023 with a Bitcoin bull run. According to Ohayon’s study of Bitcoin’s technical data, bear markets do not last more than a year.

Is $100,000 Possible for BTC?

Koinfinans.com As we reported, this was not the only report that made predictions for Bitcoin. According to the data, researchers expect the price to reach 100,000 by 2024, when the “halving” will take place.

The next halving of the Bitcoin supply is expected to occur at block 840K, after which the block reward will be reduced from 625 coins to 3,125 coins. This represents a decrease of about a third.

Bitcoin price prediction

Looking at past data, analysts found that the price of Bitcoin increased by 1.263 percent between the Bitcoin halvings that occurred in 2016 and 2020. If current trends continue as they are, the price of Bitcoin (BTC) will reach $120,263 on March 23 of 2024.

Currently, Bitcoin price is trading at $16,660. This means a 1.09% decrease during the day and a 1.10% decrease per week.


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