Although the valuation of the encryption market has fallen by 82% in the past year, and Bitcoin has not recovered to more than $4,000 in the past three months (until recently), one analyst predicts that by 2023, Bitcoin will More than $150,000.
Josh Rager, a cryptocurrency technology analyst and investor, said that based on the price movements of Bitcoin since 2011 and the pattern of bitcoin rebounding from the historical highs, he believes Bitcoin is Within 2051, that is, before 2023, a new peak will be reached.
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Josh Rager: The next bitcoin cycle peak will come in July 2023, and bitcoin prices may reach $150,000 or more. Bitcoin cycle peak:
2023:? ? ? ($150,000) Rager's long-term predictions are particularly noteworthy because he is pessimistic about Bitcoin's recent price movements.
Can Bitcoin avoid the recession and continue to move up?
In recent weeks, many traders and technical analysts have also said that if Bitcoin can maintain momentum in the $4,000 range, it may not fall to the support level of $3,500.
In the past three months, Bitcoin has been trying to break through the resistance of $4,200, but every attempt has failed.
Bitcoin prices have recovered quite well in the past month and prices have risen slightly (source: Coinmarketcap)
For example, on February 24th, Bitcoin did break through $4,200, reaching $4,206, but failed to stabilize and almost immediately fell to $3,700.
Rager said this week that if Bitcoin can break above $4,200 and stay above key levels, it will be able to stop Bitcoin from falling further below the $4,000 mark and maintain that momentum in the coming months.
"(Bitcoin) has many possibilities. In fact, no one knows what to do next. Historically, short or sell at a price close to $4,200, buy or sell at a price close to $3,500. It's a good idea. Breaking, closing and staying above $4,200 is bullish in the short term. A break below $3,500 is very bearish. Horizontal (bitcoin movement) is very beneficial for the cryptocurrency explosion of the competition currency," he explained.
At this stage of the cryptocurrency market, most projects have difficulty obtaining funds to expand their business, and resources are concentrated on high-quality projects. At this stage, it is difficult for industry executives to be optimistic about the future of this asset class.
However, throughout March, in the 16-month bear market, the vast majority of industry executives engaged in encryption business expressed optimism about this asset class and industry activity level.
The general consensus among traders and technical analysts seems to be that the bitcoin and cryptocurrency markets have either bottomed out or are about to bottom out, which could lay the groundwork for a gradual recovery throughout the year of 2019.
As can be seen from the past recovery of Bitcoin, analysts expect that bitcoin prices will not experience the same trend as the bull market in 2019 in 2017, but will slowly and gradually climb to the previous level for a long period of time.
Strong selling pressure
On Monday, Bitcoin broke through the $22 million sell-off, broke through $4,100, and broke the expected resistance of $4,200. It also needed to sell another $30 million.
A technical analyst said that the market has digested a large sell order of $4,100 in the short term, possibly pushing the asset up to $4,300.
He said: "The immediate sell-off is very optimistic, and we will test $4,300 soon."
A break of $4,200 in resistance in the short term will ease the huge pressure on Bitcoin, which could make the asset likely to reach higher resistance levels never seen since November 2018.