The crypto market has been erratic, affecting even the most resilient of them all – Bitcoin. The coin has moved from highs of over $50,000 to lows of under $20,000 since the start of the year. While the difficulties in the crypto market during these months were expected due to the impending global recession and the crypto winter, what experts have to say about it is most interesting.
According to a Investment manager, Timothy Peterson, the price of Bitcoin has not yet reached the real bottom. Right now, according to data from CoinMarketCap, BTC is trading at around $19.7,000.
How is BTC in 2022?
As mentioned above, BTC hasn’t had a perfect time in 2022. This could be the motivation behind Timothy’s assertion that the crypto could bottom out before the end of the year. However, Timothy Peterson has an entirely different view of the Bitcoin market and possibly the entire crypto market in 2023.
The outlook for 2023
First, the Bitcoin network reward halving took place in May 2020. A somewhat respected market cycle lasts four years, both before and after each halving. This cycle is known to keep its shape for years. However, some people tend to panic and expect Bitcoin’s reign to end every bearish cycle.
The price of Bitcoin should start to recover in 2023, anticipating the next halving which should occur in 2024. This is why Timothy sees 2023 as the rebound year for BTC and possibly the rest of the crypto market. .
It’s time to accumulate?
For savvy crypto investors, the bear market is always the best time to accumulate their digital assets in anticipation of rising prices and profits during the bull run. In this case, if it comes to pass, Timothy Peterson’s outlook for BTC could be seen as a queue for investors to start accumulating BTC. However, time will tell.