The crypto market leader, Bitcoin (BTC), has dropped 0.10% over the last 24 hours according to CoinMarketCap. At press time, the price of BTC stands at $16,564.30. The 24-hour negative price performance has added to the coin’s negative weekly performance. Currently, the price of BTC is down 1.60% over the last 7 days as well.
After the dismal year that was 2022, crypto analysts and traders are under the belief that the crypto markets will enter into a relief rally before transitioning into the next bull cycle towards the end of 2023.
One person who believes that the crypto market will enter into a bull run in 2023 is the crypto influencer, Ben Armstrong (@Bitboy_Crypto). According to the influencer, BTC will enter into a mini rally on the 8-hour chart before dropping again. Thereafter, the influencer forecasts that a bull trap will emerge on BTC’s chart, which will then be followed by a continued drop in BTC’s price.
In the tweet made this morning, Armstrong then added that BTC will begin to tick upwards “for real” before the network halves its rewards. There will then be a brief period wherein investors dump their BTC following the network halving. The market leader’s price will then consolidate for a while before entering into the next bull cycle according to Armstrong.
Ben Armstrong concluded his tweet by stating that BTC will set a new all-time high (ATH) in Q4 of 2023, and the next bear market will only start in October 2025.
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