Does the BTC bear market continue to fade in this year 2023?
Does the BTC bear market continue to fade in this year 2023?
In fact, there have been several points of panic or uncertainty about the bear market of cryptocurrencies, especially BTC, so far in 2023, the BTC market has overcome psychological barriers of its value such as those of $ 20 thousand, $ 25 thousand and recently the barrier of $ 30 thousand, then, everything seems to reaffirm that the cryptowinter has changed season, that is, to a warmer season and with clear intentions to park in very attractive prices again.
Does BTC follow the similar behavior of other times close to a halving?
For many crypto market experts, they consider that, at present, the price of BTC follows the classic style of a halving cycle, for example, the price of BTC has increased in value in this year 2023 about 98%, this if we compare it with the $ 15,600 reached in November last year 2022, and compared with almost $ 31,000 that reached this April 14 of this year as you can see in the following graph.
After breaking the $30,000 barrier, the market will surely look for a correction and, for many analysts, this correction could be at $28,000 thousand, to then lateralize and gain momentum again to try to stabilize above $30,000, and continue climbing to go in search of the other conquest mint as will be the $35,000, everything will depend on the support that the market establishes in the coming days or weeks.
If we start from the idea that the worst of the bear market is over, then we should get used in the coming weeks to new rallies in the price of BTC, and that the Bitcoin market will try to conquer new resistances and continue to raise points of previous supports, and thus, to climb higher and higher in price, and thus, surely dragging the rest of the cryptocurrency market.
Until another opportunity my dear friends.