Bitcoin’s (BTC) recent bull run peaked in November 2021 with an all-time high of around $69,000, but the asset and overall crypto market have since reversed gains. Despite the prevailing bearish sentiments, historical data suggests that Bitcoin may be in line to start another rally in 2023.
Claim: Bitcoin paves the way for another bull run in 2023!
Notably, a December 28 analysis shared by Aurelien Ohayon, CEO of strategy services platform XOR, states that Bitcoin’s historic bull run occurs every four years. In this case, he noted, the first bull run occurred in 2011 before another setback that resulted in a rally in 2015. Indeed, after the 2018 crypto winter season, Ohayon pointed out that 2019 lays the groundwork for another Bitcoin bull run.
As a result, based on the historical trend, 2023 will potentially lay the groundwork for a Bitcoin bull run. According to Ohayon’s technical analysis, Bitcoin bear markets only last a year.
Bitcoin bull run analysis chart. Source: TradingView
It’s worth noting that throughout 2022, Bitcoin has largely recovered as the market remains under pressure amid prevailing macroeconomic factors and high-profile events such as the collapse of the FTX crypto exchange.
Therefore, if Ohayon’s analysis is confirmed, Bitcoin should seek a bottom before recovering. Interestingly, as reported by Finbold, historical data suggests that Bitcoin will likely correct to around $9,000 before rallying. The location, in particular, formed the basis of the 2021 bull run.
Elsewhere, according to an analysis by respected crypto analyst Vince Prince, Bitcoin could potentially reach $1.8 million by 2026 if it follows the ‘Merry Christmas Cycle’. This cycle has seen Bitcoin reach historic highs around Christmas for the past three years, and the trend continued into 2022 despite the bear market.
Bitcoin price analysis chart. Source: TradingView
Bitcoin price analysis
At press time, Bitcoin was trading at $16,666 and the consolidation below $17,000 was in progress. Especially on the daily chart, the flagship cryptocurrency has corrected by 0.90%.
Bitcoin seven-day price chart. Source: Finbold
Based on the current price action of the asset, crypto trading expert Michaël van de Poppe stated that if Bitcoin breaks the $17,400 and $17,600 resistance levels, BTC will accelerate faster, forming a relief rally.
Bitcoin 2023 outlook
As we enter 2023, a segment of crypto industry players have shared various views on the asset’s outlook. For example, crypto miner Stefan Ristic, who runs BitcoinMiningSoftware.com, believes that Bitcoin will come under pressure in 2023, but noted that the halving event in 2024 will act as a catalyst for a rally in 2025.
Elsewhere, Netcoins head of crypto exchange Fraser Matthews predicts further woes for Bitcoin in 2023 and warns that the digital asset could recover to around $10,000.
Meanwhile, Ohayon’s analysis is in line with a previous prediction that Bitcoin’s price history points to a possible bullish reversal in the first six months of 2023. BTC trading on the first day of 2023 is estimated to be at $16,722.
At the same time, Bitcoin still lacks possible bullish triggers and is susceptible to external factors such as macroeconomic factors caused by inflation.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.
