Bitcoin (BTC) Price Can Hit $50K by The End Of 2023 If This Historical Pattern Playout
The post Bitcoin (BTC) Price Can Hit $50K by The End Of 2023 If This Historical Pattern Playout appeared first on Coinpedia Fintech News
Following the Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase, Bitcoin (BTC), the leading cryptocurrency in the market, has recently shown a period of consolidation, trading without significant upward or downward movement.
However, even in the face of increasing regulatory pressures faced by the cryptocurrency market, analysts remain optimistic about Bitcoin’s future, projecting a gradual yet consistent rise in its price.
Dave the Wave, a well-known cryptocurrency strategist, predicts that Bitcoin could reach a value of $50,000 within a year or so if historical patterns repeat.
This positive outlook aligns with other positive sentiments in the cryptocurrency market, despite regulatory uncertainties.
Arthur Hayes said, “The wall of worry is being climbed, come with me on the $BTC bull market bus. We are still on struggle street , but the moon ain’t far away.”
The wall of worry is being climbed, come with me on the $BTC bull market bus. We are still on struggle street , but the moon ain’t far away. pic.twitter.com/PEmuG5k7dj
— Arthur Hayes (@CryptoHayes) June 6, 2023
In a recent video, Nicholas Merten, known as Data Dash, addressed the confusion surrounding Bitcoin’s current market behavior. With the crypto market in a state of flux, Merton acknowledged the prevailing uncertainty and sought to shed light on the macroeconomic factors at play.
Merten discusses the challenges faced by both bears and bulls in the crypto market. He mentions selling his positions during a relief rally and missing out on price increases.
The analyst empathizes with bullish investors who expected a bull market but experienced dwindling prices instead. He explains that despite predictions of a Bitcoin bank run and de-dolarization, stablecoin liquidity has not increased significantly, and the dollar remains the dominant global currency.
Drawing on historical patterns, the analyst notes that during the early stages of a recessionary bear market, liquidity tends to flow into specific asset classes or popular stocks like the Fang stocks (Facebook, Amazon, Netflix, and Google). This behavior is typical and not exclusive to the current market situation.
Filed under: Bitcoin - @ June 10, 2023 1:45 am