Crypto Pundit Opines That The Bottom Is Still Not In For Bitcoin, Sees 2023 As The Recovery Year ⋆ ZyCrypto
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Crypto markets have been volatile, affecting even the most durable of them all – Bitcoin. The coin has fallen from over $50,000 to a low of less than $20,000 since the beginning of the year. Although the pains in the crypto market during these months were expected due to the looming global recession and crypto winter, what is most interesting is what the experts have to say about it.
According to one Investment manager, Timothy Peterson, Bitcoin price has yet to hit a true bottom. Currently, according to data from CoinMarketCap, BTC is trading at around $19.7,000.
How will BTC be in 2022?
As mentioned above, BTC has not had a perfect time in 2022. This may be the motivation behind Timothy’s claim that the crypto may bottom out before the end of the year. However, Timothy Peterson has a completely different view of the Bitcoin market and possibly the entire crypto market in 2023.
Outlook for 2023
First, Bitcoin’s network reward halving occurred in May 2020. A somewhat respected market cycle lasts four years both before and after each halving. This cycle has been known to maintain its shape for years. However, some people tend to panic and expect Bitcoin’s dominance to end every bear cycle.
The price of Bitcoin is predicted to start rising sometime in 2023, with the next halving expected to occur in 2024. For this reason, Timothy sees 2023 as a year of recovery for BTC and potentially other crypto markets.
Time to collect?
For savvy crypto-investors, bear markets are always the best time to accumulate their digital assets in anticipation of a rise in price and income during a bull run. In this case, if it comes to pass, Timothy Peterson’s BTC view can be considered a queue for investors to start collecting BTC. However, only time will tell.