- In the year 2021 Bitcoin reached an all time highs of $69K.
- BTC price pattern shows that a bullish rally occurs after every four years.
- In 2022, the value of bitcoin saw a decline of 22%.
In November 2021, Bitcoin (BTC) reached an all-time high of about $69k, but the commodity and the crypto industry as a whole have since lost all of those gains. In spite of the widespread pessimism, Bitcoin’s past performance suggests it may be gearing up for another rise in 2023.
The CEO of the strategic services platform XOR, TAnalyst Aurelien Ohayon, said on December 28 that a bull run in Bitcoin (BTC) occurs every four years. He continued by saying that 2011 saw Bitcoin’s initial bull run, followed by a bear run that led to a rally in 2015. After the crypto winter of 2018, Aurelien claims BTC created another pattern for a bull run in the year 2019 where BTC market experienced a bull run from the month of June to the month of August.
The historical pattern indicates that 2023 might serve as the foundation for a Bitcoin bull run. According to Ohayon’s study of Bitcoin’s technical data, bear markets run for not more than one year.
If past trends are any indication, we could witness a similar occurrence in 2023. Please be aware that the percentages of the rise and subsequent weak market may be considerably different from 2019 levels. As the saying goes, “history does not repeat itself, but it frequently rhymes,” so although 2023 may be similar to 2019, it won’t be identical.
The terrible bear market of 2022, during which BTC dropped by 77% of its value, was reminiscent of the one of 2018. If we are to follow Bitcoin’s past indications, we should expect a period of stability to last till April. Since the price is unlikely to make either new highs or new lows, range-bound indications are ideal for quick profit taking.
After that, in April and May, the market is likely to surge. A 160% increase is more plausible, getting us closer to $40,000 than a 330% increase. As Bitcoin is no longer nearly as volatile as it once was, the subsequent surge is likely to be much more muted.
As of the time of this writing, one Bitcoin was worth $16,926.66, up by 1.05% from the previous day’s price. With a current market valuation of $3 billion, BTC has found support around $16,716.42 and resistance at $16,991.99.
In conclusion, a positive run for Bitcoin in 2023 may occur as a result of the historical trajectory of BTC market during the previous four years.
