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In a market cycle full of uncertainty, correctly timing investment decisions becomes crucial for investors. The current cycle is making it even more tougher to gauge situation with companies running into losses. Although Bitcoin (BTC) maintained upside movement in the last one month, the past few days saw slight price correction. At its current range, the cryptocurrency is down nearly 70% from its all time high.
Bitcoin Rally To End In Next Few Months?
By all measures, the ongoing cycle is certainly unlike previous bear cycles. So far, the current bear market was slightly ‘mild’ compared with the 2014 and 2018 cycles, as per Crypto Quant observation. Since November last year, the market saw a continuous downtrend along the Bitcoin price decline. Negative macroeconomic sentiments have also made a dent in the market prospects this year.
“In terms of both the duration and magnitude of the decline, the current bear market has been somewhat “mild” compared to both the 2014 and 2018 bear markets.”
It is expected that Bitcoin could find itself in the range of under $15,000 in the next few months. This is based on price behavior in the previous bear market cycles. Although things are bound to change with respect to price movement, a look at previous cycles gives broader perspective. “If the current movement is repeated, we will find the region of maximum pressure at the end of the year, starting in October. Within a trading range between $10,000 – $14,500.”
What’s In Store For The End Of 2022?
Hence, going into 2023, the market could be looking at a potential crypto rally for a prolonged period of time. If Bitcoin starts to drop in the next few months, it could as well drag on to the end of the year. Whether there would be an end to Bitcoin short rally in the near term remains to be seen. As of writing, Bitcoin stands at $23,342.38, down 0.40% in the last 24 hours, according to CoinMarketCap. Over the past one week, the cryptocurrency dropped by 4.06%.
Meanwhile, it is anticipated that BTC price could witness short-term target of falling to $21,000-$20,000. If there is short term selling pressure, the price is likely to drop to this range.
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