The crypto analyst and presenter predicted the start of the next Bitcoin bull run. It also revealed its Ethereum forecast for March 2023.
Analyst’s Bitcoin and Ethereum predictions
The closely followed crypto analyst and host of the InvestAnswers YouTube channel makes predictions for both Bitcoin (BTC) and Ethereum (ETH) in 2023. The analyst says he believes Bitcoin will ignite its next bull run in the second half of the year. In his speech, the analyst said:
“In late 2023 or after the summer of 2023, the Bitcoin bull run could begin again. There’s no guarantee, but looking at everything I know, we had a very, very bad year. Bitcoin has been heavily beaten. It won’t stay down forever. It is under heavy accumulation. The supply is thinning in the stock markets. Every technical indicator you can look at says it’s the bottom and people are educated now. They know what the halving is all about and they know how to lead from the front. So I believe there will be a Bitcoin bull run in late 2023.”
Also, looking at Ethereum, the analyst states that the activation of the staking lock in March may encourage more entities, including institutions, to lock their ETH. He then says that this could also create buying pressure on the leading smart contract platform. The analyst claims that some things will happen in March 2023. He also states that there are those who have committed their ETH to secure the chain. However, he says there are currently stakers who stake their Ethereum, which receives around 5% annual interest. He continued by saying:
“But withdrawals are not activated, they will be activated in March 2023. Enabling beacon chain withdrawals… can give stakers more confidence to stake more. I think about 13% of the total supply is allocated right now, but in the meantime, those who have been waiting for six to nine months or more to get their ETH back will sell, and that’s a bit of selling pressure. But I also think it will lead to a lot more staking once the selling pressure builds, maybe even from institutions that want to get some of that 5% to stake their ETH, which will also be a growing asset in the next bull run.”
Bear or bull?
BTC’s recent price drop closely illustrates bear market patterns that can be found in previous cycles. As Cryptokoin.com previously stated, while the 2018 bear market lasted more than 364 days, the 2014-15 bear market lasted for approximately 407 days.
Bitcoin price bottomed out 376 days after the peak. But if BTC hits the bottom in 2023, it will be the longest drop ever. However, there are several potential catalysts ahead. FTX transactions may encourage regulators to create stricter rules for the crypto market. Meanwhile, experts believe this is a positive signal initiated by the US spot BTC ETF. This will lead to better classification of the tokens as a plausible outcome by the end of the year.