“Bitcoin Has Strongest Profit Potential,” Market Analyst Says
2023 faces a “bottom candlestick”, but BTK’s price action continues to surprise the market. On January 11, he predicted that BTK/USD would “see a good uptrend” this year.
Bitcoin Upside Down Chart
Analyzing Bitcoin’s four-year market cycle during the block subsidy event, 2023 is the timeframe for Next “candlestick below”
With the next halving in 2024, you’ll need to see price levels over the next 12 months approaching the event through a rally.
So 2024 marks the fourth candle in the current Bitcoin cycle and 2023 is the third candle.
“Candle 3 is the lower candlestick in BTK’s 4 year period.
Bitcoin has a clear opportunity to surprise traders on the four-year chart.
In 2015, the 3rd candidate had a +234% change, 2019 a 3-candle increase +316%,” he continued.
3rd stick in 2023 think more often ”
An interpreted BTK/USD chart. Source: Rect Capital/Twitter.
Several other observations led market participants to similarly motivated conclusions.
Among them, the percentage of unrealized losses of BTK owners continues with a phase. “Capitalization” based on status quo tracking indicators
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“This is the most profitable time to accumulate bitcoins, net unrealized gains/losses still in extreme potential,” Game Trade and Analytics Twitter accounts wrote.
Bitcoin’s Net Profit/Loss Ratio Is Unreal Chart highlighted. Source: Games of the Trades / Twitter.
2023 Macro Okro as GFC warns analysts
However, from the current macroeconomic environment Rising from the ashes can take a lot of luck to depress the price of cryptocurrencies.
RELATED: BTK Price Welcoming US 3-Week CPI – What To Know In Bitcoin This Week
This is because the Federal Reserve continues to raise interest rates while inflation is low. The focus then shifted to long-term policy implications.
Analysts, including Distiminated Consulting founder and CEO Nick Geli, said inflation was to blame. not inflation
Gerley commented on the US Desk on Jan. 10 that the 2008 global financial crisis (GFC) had entered a recession.
“The austerity rate has dropped to 2.2 percent,” he revealed.
“Americans are running out of money. The last time it was this low was in 2006-07, before fan warnings of the Great Recession. Expect a significant decline in consumption in 2023.
Tables condemning Americans’ personal savings Source: Nick Garly/Twitter
January 12 US CPI data (2023) first published. Bet on how it will respond.
The positions, ideas and opinions expressed herein do not necessarily reflect GEMS or represent the positions and opinions of Coinvelope.