The year 2022 saw the beginning of a new “crypto winter“, which was characterized by the failure of prominent enterprises across the board and the precipitous decline in the value of digital currencies. The events that transpired during the year caught many investors off guard and made it significantly more difficult to forecast the price of Bitcoin (BTC). However, there have been a few bullish assumptions made by leading crypto analysts after studying Bitcoin’s historical and technical metrics.
Bitcoin (BTC) Bull Run In 2023?
According to research that was published on the 28th of December by Aurelien Ohayon, CEO of the strategic services platform XOR, it has been observed that Bitcoin’s previous bull runs have occurred after every four years. In this particular instance, he pointed out that the first bull market began in 2011, followed by another decline in 2014, which was followed by a rebound in 2015. In point of fact, following the crypto cold season of 2018, Ohayon pointed out that 2019 would form the base of another Bitcoin bull run.
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Therefore, 2023 may serve as a foundation for the Bitcoin bull run if past trends are any indication. According to Ohayon’s study of Bitcoin’s technical data, bear markets run for no more than a year.
#BITCOIN BULL RUN STARTS.
Bull runs occur every 4 years :
2011, 2015, 2019, 2023. pic.twitter.com/1LjO6rFLHG
— TAnalyst (@AurelienOhayon) December 28, 2022
$100K Bitcoin In 2024?
There have been other reports as well, where a brighter picture has been painted for the world’s first decentralized coin. According to the data, cryptocurrency researchers expect that the price will hit $100,000 in the vicinity of March of 2024, which is close to the time when the Bitcoin supply will be halved.
The next halving of Bitcoin’s supply is expected to take place at block number 840K and following the event, the block reward is expected to be lowered from 625 coins to 3,125 coins; a decrease of around one-third.
When looking at statistics from the past, analysts have discovered that the price of the world’s first cryptocurrency increased by 1,263% between the Bitcoin halvings that occurred in 2016 and 2020. If the current trends continue as they are, the price of Bitcoin (BTC) will reach $120,263 on the 23rd of March in 2024.
As things stand, the price of Bitcoin is presently being traded at $16,660. This represents a decrease of 1.09% on the day, with a further decline of 1.10% during the week as per crypto market tracker CoinMarketCap.
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