The leading cryptocurrency Bitcoin (BTC) fell to $ 17 thousand in the market crash. However, after the Fed’s softening signals, it started a rally and hit above $25,000. Now it’s hovering between $23,000 and $24,000 for some respite. Experts evaluate the Bitcoin (BTC) short rally and share their predictions.
Will the Bitcoin rally end in the next few months?
In a market cycle full of uncertainties, the right timing for investment decisions becomes crucial for investors. The current cycle makes it even more difficult to gauge the situation as companies take losses. Bitcoin (BTC) continues to maintain its upward movement in the past month. However, the last few days have seen a slight price correction. In its current range, the leading crypto is standing around 70% below its all-time high (ATH).
Experts note that the ongoing cycle is definitely different from previous bear cycles. So far, the current bear market has been somewhat ‘light’ compared to the 2014 and 2018 cycles, according to Crypto Quant observation. Since November last year, the market has seen a continuous bearish trend throughout the Bitcoin price drop. As you follow on Kriptokoin.com, negative macroeconomic sentiments also damaged market expectations this year. Crypto Quant makes the following assessment:
In terms of both the duration and magnitude of the decline, the current bear market is somewhat ‘light’ compared to both the 2014 and 2018 bear markets.
Experts expect the Bitcoin price to go below $15,000 in the next few months. This forecast is based on price behavior in previous bear market cycles. According to the price action, some things have to change. However, looking at previous cycles also provides a broader perspective. Experts explain their predictions as follows:
If the current movement repeats, we will find the maximum pressure zone at the end of the year, starting from October. This points to a trading range between $10,000 – $14,500.
What awaits the end of 2022?
Therefore, as we enter 2023, the market may be looking at a potential crypto rally for a long time. According to experts, if Bitcoin starts to decline in the next few months, it is possible that it will continue until the end of the year. It is not yet clear whether the BTC short rally will come to an end in the near term.
At press time, Bitcoin was trading at $23,403, up 0.38% in the last 24 hours, according to CoinMarketCap. However, the leading crypto has lost 3.04% in value over the past week. Meanwhile, experts predict that the BTC price will drop to $21,000 – $20,000 as a short-term target. In case of short-term selling pressure, they see the price as likely to fall into this range.
13191
