2022 was a difficult year for digital currencies. The crypto crisis of 2022, the FTX scandal, rising inflation, and rising interest rates created a challenging environment for investors. Bitcoin’s value fell from a high of $67,000 to below $16,000.
Some experts predict that Bitcoin will reach $100,000 in 2023, while others think it will drop below $10,000. The future of Bitcoin is uncertain.
Here is a forecast from one of the analysts who believe the market will see significant growth in 2023.
One of the most prominent crypto analysts has predicted that a huge rally will put an end to the Bitcoin (BTC) bear market.
BTC Price to witness 176% Surge?
Bitcoin is expected to increase by more than 176% next year from its current value of $16,623, according to pseudonymous cryptocurrency dealer Rekt Capital, which has 330,600 followers on Twitter.
Cycling Theory: The expert makes their forecast by looking over the past four years of Bitcoin’s price and applying the concepts of a cyclical market. Each candle in the pattern represents a four-year segment of the market cycle.
The first candle represents the high point of the bull market, the second the low point of the subsequent bear market, the third the bottom from which a rebound is possible, and the fourth the beginning of the new trend.
Source: https://coinpedia.org/bitcoin/bitcoin-price-to-spike-176-if-this-happens-heres-the-timeline/