Bitcoin bottom in mid-2023, predicts a popular cryptocurrency YouTuber
Bitcoin bottom in mid-2023, predicts a popular cryptocurrency YouTuber
Cryptocurrency YouTuber Jason Pizzino released a video on January 5 titled “History Shows Bitcoin Has 6 Months to Bottom,” discussing a pivotal moment for BTC according to MVRV. BTC/USD is consolidating in a narrow price range just below the $17,000 round over the weekend.
Bitcoin (BTC) will bottom out by June 2023
The expert begins the video with a look at the S&P 500, highlighting that one of Wall Street's major indexes is still trading above 50% from its December 13, 2022 low. YouTuber and crypto market analyst predicts an upward move.
Moreover, local support at 3800 points remains important in case an upward move does not appear in the coming sessions. Pizzino emphasizes that he focuses more on the macroeconomics of the market than on a 2% increase or decrease. Nevertheless, he says 3,600 points is still a key support level for the S&P 500.
The analyst then moved on to the BTC/USD rate, where he notes that in the past, Bitcoin experienced 400 days of a bear market and another 363 days of a downtrend before moving to a recovery. Currently, BTC is in a bear market for 376 days, and Pizzoni indicates that it may extend.
In the period from 2018 to 2020, when the pandemic hit the market, the price of Bitcoin fell for 817 days to around $3,800. Pizzoni adds that at that time, investors saw an opportunity and bought BTC, subsequently keeping the price in the range of almost $8,000 to $10,000.
At the same time, he explains that the MVRV indicator illustrates the relationship between market capitalization and realized capitalization. This indicator is used to sense when the stock price is below "fair value" and to detect market highs and lows.
He emphasizes that the last cycle with a low in November 2018 and a high in April 2021 can help to put together a good plan to buy Bitcoin in macro terms as we enter 2023. According to previous data, he predicts that the June 2022 low will most likely end by June 2023 and the BTC/USD rate will start recovering in about 6 months.
Bitcoin (BTC) drops slightly towards the end of the week
BTC/USD quotes are characterized by low volatility in early 2023. The exchange rate drops slightly towards the end of the week to around USD 16,700, which is a depreciation of 0.56% in the last 24 hours. However, the price has increased by 1.5% in recent days, which maintains a slightly positive price structure.
