Bitcoin in 2023: Bulls And Bears Look Ahead
Last Updated on 6 November 2023 by CryptoTips.eu
In crypto and stock market reporting, bulls and bears are the animals which are constantly being mentioned. The names ‘bull‘ and ‘bear‘ refer to the way the respective animals attack their prey: a bull does this with its horns pointing upwards, hence a bull market refers to a higher market, while a bear knocks down its prey with its claws, so a bear market is where the prices of stocks and crypto usually fall.
We can already agree on one thing in cryptoland. After experiencing a very large bull market in 2020 and 2021, 2022 was really a brutal bear market.
Although Bitcoin has been moving higher since early January, it is still trapped between $16,500 and $18,000. Volatility is at its lowest point since about October 2018. For a market known for its high volatility, that means there’s nothing wrong with it, or so it seems.
Bears and bulls
So what will the rest of 2023 be for Bitcoin, the largest digital currency? Bulls and bears look ahead.
According to the bears, it will be several years before we see Bitcoin at $50,000 again.
It will be a year for the patient, as we do not anticipate prices nearing former all-time highs in 2023
Said Vetle Lunde, senior analyst at Arcane Research.
According to the bulls, this is just the calm before the storm.
I feel encouraged by the floor we’ve seen forming under bitcoin, it shows there’s a lot of demand around $16,000 and $17,000 levels.
Said Callie Cox, investment analyst at investment platform eToro.
Marcus Sotiriou, analyst at digital asset broker GlobalBlock, was hopeful because of the tightening Bollinger bands (a technical indicator tracking price and volatility) on bitcoin charts. He explained that such tightening has historically preceded aggressive moves for Bitcoin, mostly to the upside.
Arcane Research’s Vetle Lunde agreed on this point, saying:
These low volatility periods rarely last for long, and volatility compression periods have previously tended to be followed by sharp moves, even in stagnant markets.
Wait and see I guess.
JanPietruszka / Depositphotos.com
