A closely followed crypto analyst thinks that Bitcoin (BTC) could pull off a major move to the upside next year.
Pseudonymous analyst Altcoin Sherpa tells his 187,900 Twitter followers that Bitcoin is flashing vibes of its 2019 bear market rally when the king crypto surged from $3,000 to $14,000 in a few months.
“BTC: we saw a massive rally in 2019 after the bottom of the bear market; from $3,000->$14,000.
I personally think we’ll see another bear market rally in 2023.
Is it going to go as high as 2019 percentage-wise? In my opinion, not close.
But I do think we’ll see some strong moves.”
Looking at Altcoin Sherpa’s chart, the analyst appears to predict that Bitcoin could surge to around $38,000, suggesting an upside potential of nearly 130% for the largest crypto asset by market cap.
Although the analyst predicts that Bitcoin could go on a bullish run next year, he notes that BTC could still witness one more capitulation event before it starts rallying.
“Things to note:
-Macro environment way different now vs. 2019
-We haven’t seen that final capitulation yet (i.e. $6,000->$3,000 in 2018). If we see that, it could be even more likely this happens
-If we do see a strong rally, it’s highly unlikely this is going to be sustainable.”
Meanwhile, fellow crypto strategist Capo is predicting that Bitcoin and the rest of the crypto markets are likely headed to lower prices.
“Remember:
Trend is still bearish. Indicators are pointing to full capitulation event. Bad news should come soon.
BTC $12,000
ETH $600-$650
Altcoins 50-70% potential drop (shitcoins even more)
Stay safe, things could get very ugly.”
At time of writing, Bitcoin is changing hands for $16,713, a fractional dip on the day.
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