Building on my previous insights from Will Bitcoin Reach $100,000 in 2023?
My current prediction is that Bitcoin will close 2023 at around $30,000, subject to a deviation of $2,500 in either direction. This outlook isn't arbitrary; it's grounded in a careful analysis of market trends and a thorough review of historical data.
What’s particularly telling is this recurring pattern in the yearly charts: the third year of each cycle has consistently failed to close above the previous cycle's second-year high. Similarly, it never closed below the first year's low.
I also project a local top for Bitcoin of around $48,500, with a $2,500 range in each way. This observation stems from the previous cycle, where the third year reached a high equivalent to the last year's candle open.
Also, be aware of a potential 50% downward risk, as evidenced by the first cycle when the third year bottomed almost 50% below the candle open. Although this outcome is unlikely, it's essential to consider all possibilities when planning your strategy.
My current prediction is that Bitcoin will close 2023 at around $30,000, subject to a deviation of $2,500 in either direction. This outlook isn't arbitrary; it's grounded in a careful analysis of market trends and a thorough review of historical data.
What’s particularly telling is this recurring pattern in the yearly charts: the third year of each cycle has consistently failed to close above the previous cycle's second-year high. Similarly, it never closed below the first year's low.
I also project a local top for Bitcoin of around $48,500, with a $2,500 range in each way. This observation stems from the previous cycle, where the third year reached a high equivalent to the last year's candle open.
Also, be aware of a potential 50% downward risk, as evidenced by the first cycle when the third year bottomed almost 50% below the candle open. Although this outcome is unlikely, it's essential to consider all possibilities when planning your strategy.
