Bitcoin To See A Rally In 2023 – New Price Targets

Bitcoin could see a rally in 2023 according to the latest price predictions. Check out the new details below.

A popular crypto analyst is predicting an end to the Bitcoin (BTC) bear market with a massive rally.

Pseudonymous crypto trader Rekt Capital said that Bitcoin is likely to surge by more than 176% next year from its value of $16,423 at time of writing.

The analyst addressed Bitcoin’s historical price action using four-year cycle principles.

As the online publication the Daily Hodl notes, per the pattern, there are four-year-long candles for each stage of a market cycle.

“Candle one is the bull market peak, candle two is the bear market, candle three is the bottoming out with potential for an upside, and candle four is the recovery and start of a new trend.”

Rekt predicted an upside to candle three in 2023 that would send the king asset to as high as $46,000.

“Technically, the most a BTC Candle 3 ever rallied was in 2019. In 2019, BTC rallied to Candle 1 and Candle 2 resistance at $13,900 (black). Therefore technically, the 2023 Candle 3 could rally plus-180% to tag the Candle 1 and 2 resistance at ~$46,000, at most.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,486.

During an interview with the financial publication Barron’s, Selkis says that the Market Value to Realized Value (MVRV) indicator is suggesting the fact that investors are in the early days of a long-term accumulation phase, exhibiting behavior that’s similar to when it bottomed out in previous bearish cycles.

“An MVRV that hits 3 has meant ‘sell right now’ and a MVRV below 1 has meant ‘start accumulating’ for crypto’s entire history for Bitcoin. Where are we now? January 2015. December 2018. i.e., Sell-a-kidney-to-buy-more territory.” In order to learn more details, make sure to check out our previous article.