Bitcoin (BTC) will defy all conventional theories of its market cycles next year, according to a popular crypto analyst.
An analyst known as TechDev tells his 402,000 Twitter followers that BTC will defy the conventional wisdom that its price cycles are driven by semi-cycles.
Double cycles are the four-year intervals when Bitcoin miners’ block rewards are halved, which many investors believe plays a role in putting pressure on the price. TechDev predicts that BTC largely ignores the next half-term, likely to occur in mid-2024, and instead becomes bullish early next year.
TechDev: predicts that Bitcoin’s bounce next year will coincide with a weakening U.S. dollar, which he links to Chinese ten-year bonds to illustrate the global liquidity cycle.
“2023 Challenging Halving Theory”.
Analyst too argues that Bitcoin peaked in April 2021 rather than November, suggesting that the bear market is deeper than many believe and therefore closer to a reversal. He uses Litecoin (LTC) as an example of a coin that made a lower high in November, rather than the anomalous slightly higher seen in Bitcoin.
“BTC took the top spot in April 2021 immo.”
The LTC structure (orange) is easier for many to digest.
Parabolic trough vs. distributor, making Nov 21 lower high.
Most people still don’t seem to understand that corrective waves can create new highs.
Once was part of the majority.”
At the time of writing, Bitcoin is trading at $16,798.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check out the price action
Follow us Twitter:Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer. The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Macrovector