Just over a year ago, Bitcoin reached its ATH at $69k. Since that moment, Bitcoin dropped almost 67%. During recent weeks, we saw a sideways shuffle between $18k and $21. So, what plans does Bitcoin have? Will it bounce back?
So, let’s have a look at how the Bitcoin price may fare.
Will Bitcoin Bounce Back?
Bitcoin is having a tough time at the moment. It slumped from an ATH to a low of $18k. Especially in early to mid-June, we saw a big price drop. Nonetheless, in case of doubt, zoom out.
Here we see that there’s only one direction for BTC, and that is up. After a high, we see lows. However, after the lows, we see new highs. To clarify the current situation, here’s what the experts expect.
Measured from the drop below Realized Price, #Bitcoin now surpassed the duration of the 2018 cycle bottom formation. pic.twitter.com/ifSgaYp6Vq
— Root 🥕 (@therationalroot) October 30, 2022
There’s a bear market, during which we see volatility. Still, they expect Bitcoin to reach the $100k mark. When? Toward the end of 2023. That’s an x5 at current prices. Some experts even see the BTC price well above $100 by the end of 2023. There’s even talk of a year’s end price for BTC between $24k and $26k. In the meantime, Forbes expects a return to $60k earlier than expected.
The picture below shows the zoom-out on Bitcoin. From the very start until today.
Source: CoinGecko
How to Earn With Bitcoin’s Bounce?
You have a few options to make money with Bitcoin bounces. Firstly, you can trade it. Buy low and sell high. For example, when Bitcoin is in the $18k or $19k range, buy BTC. Once it goes over the $20k price range, sell it. Another option is to short BTC when the price drops, or go long when the price increases. However, this is a risky strategy. We highly recommend that you do your own research and find out how these strategies work. It’s easy to lose your hard-earned money this way.
Less risky options are to lend your BTC on exchanges, like Binance. This option is also less affected by price changes. The easiest option is to just hodl BTC. Buy now, during the bear market, and wait for the bull market to return. Now you can sell it with a profit. However, this may take some time.
Which Crypto Will Bounce Back First?
If you look at expert predictions, this is a close fight between Bitcoin and Ethereum. During a bear market, like we currently experience, blue chip crypto is on sale. This is the time to fill your bags with them.Â
Bitcoin may sound like a conservative choice. However, it’s a steady household name. Other coins can do an x10 to x100, but the risk is higher. Bitcoin is more likely to be an x5 to x10 over the coming years. But there’s less risk involved.
So, back to Bitcoin and Ethereum. It’s a tight call. Bitcoin is a decentralized crypto. There’s no chance of a CEO or foundation adding a stablecoin with unsustainable interest rates. On the other hand, Ethereum has the biggest ecosystem going and the largest TVL. Both BTC and ETH seem primed to grow and see positive price development.
If you’re more conservative, go for BTC. However, ETH remains a great contender for better growth.
Is the ETH/BTC ratio the single most bullish major asset price chart in the world?
Might well be…#Etherum #Bitcoin pic.twitter.com/FXrdpg1gBj
— Raoul Pal (@RaoulGMI) October 30, 2022
Where Is Bitcoin’s Bottom?
The overall consensus seems to be that we have reached the bear market bottom. However, other experts keep predicting a $14k bottom. But they are in a minority. You may want to look at our recent and dedicated Bitcoin video. It shows you the bottom and also the highest price prediction from our TA team. To summarize, they see the bottom at $18,184.
#bitcoin possible double top after second rejection at $21,000! Volume has been falling across the entire move.
Closing below the orange line would give us a breakdown target of $19,000! pic.twitter.com/ndN3gIhGqI
— Lark Davis (@TheCryptoLark) October 30, 2022
Conclusion
Will Bitcoin bounce back? We surely think so. We think that Bitcoin will hit the $100k price range. It’s just a question of when this will be. We look at the end of next year, 2023. The current price of BTC is $20,519.20. The market cap is $393 billion. There are already just over 19 million BTC coins in circulation. The max supply is and will remain at 21 million.
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