The leading cryptocurrency Bitcoin (BTC) has left behind a year dominated by bears. However, in the new year, the bulls are not yet in sight. Hopes largely shift to 2024, when the Bitcoin halving event will take place. However, can’t this event have repercussions for this year? A crypto analyst is weighing Bitcoin’s potential gains this year based on BTC’s four-year cycle theory.
“Bitcoin will bottom this year!”
Crypto analyst alias Rekt Capital says that according to the principles of the four-year cycle, Bitcoin will likely bottom out this year. cryptocoin.com As readers will know, the cycle is based on the Bitcoin halving, where rewards to BTC miners are halved every four years. Overall, Bitcoin sparked bull markets around the halving in historical perspective. In this context, the analyst makes the following assessment:
According to the four-year cycle principles, the BTC bear market is coming to an end. However, after that, the third candle, which has hit a new low, will take shape.
Source: Rekt / TwitterThe analyst says that the third year of the cycle (the third candle) is when Bitcoin has traditionally made decent gains, while forming a bear market bottom. Based on this, the analyst makes the following statement:
The third candle in 2015 saw a +234% move. The third candle in 2019 saw a +316% rally. It is possible that the third candle in 2023 will see a stronger uptrend than most think.
2023 price predictions for BTC: $22,000 or $32,000!
Rekt then takes a closer look at the candle triples of previous cycles. As a result, he notes that Bitcoin is likely to nearly double in value this year. He expresses his views on this matter as follows:
Past BTC candlestick triples rallied +234% and +316%. What if we ignore the three wicks of the candle? Then in 2015, Bitcoin formed a +36% candle body. It also formed +97% candlestick body in 2019. If BTC rises +36% in 2023, that would equate to around $22,300. If BTC rises +97% in 2023, that means it will reach around $32,400. These are not exaggerated at all.
Source: Rekt / TwitterThe analyst adds that the four-year cycle also helps predict when Bitcoin will hit an all-time high. In this context, he comments:
According to the four-year cycle theory, a new BTC all-time high (ATH) will form at the earliest fourth candle (2024) and the latest a new candle (2025). If a new ATH were to occur on the fourth candle of 2024, it would be months after the April 2024 BTC halving.
Meanwhile, at press time, Bitcoin was trading at $16,608, 0.23% on a daily basis.