The article When the Price of Bitcoin (BTC) Could Rally by a Factor of Two appeared originally on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide.
Despite the fact that pessimistic attitudes caused the price of Bitcoin to drop significantly over the past several days, the value of the commodity is currently exhibiting strength and is continuing to rise; it has increased by 1.85% today and is currently trading at $19,296.
The value of the asset has a one-to-one relationship with the U.S. market. The increase in interest rates imposed by the Federal Reserve. The chart of bitcoin showed that a similar amount of selling pressure was still present.
Should “Bears” Ski or Snowboard During the Winter?
According to analysts at Rekt Capital, the current downtrend in the price of Bitcoin (BTC) is about to reach its peak.
There is a chance that Bitcoin might slip or gain traction this winter. It is also important to remember that after the cryptocurrency reaches the bottom of its bear market by the end of 2022, there is a possibility that it will experience a large price increase.
A significant portion of this Bitcoin bear market has already passed, and a full bull market is still in front of us. When the bottom of the bear market in bitcoin is reached, whether it be in November, December, or the first quarter of 2023. As the bear market for bitcoin draws to an inevitable close, there are a great many things for investors to look forward to.
When is it possible that the price of bitcoin will double?
When dealing with Rekt Capital, it is important to keep the following points in mind.
- According to the most recent report, it is possible that the leading cryptocurrency asset in terms of market cap will experience a massive 200% breakout by the first quarter of 2023. This was stated by Rekt Capital. However, there is a caveat, and that is the fact that the value of BTC could still go down before it eventually doubles or triples.
- If an acquisition is delayed, it will end up costing more money in the long run than it would have cost in the short term.
- There is still a chance that Bitcoin will experience a short-term price drop of between five and ten percent. But looking further into the future, historical evidence suggests that the value of bitcoin will almost certainly skyrocket by more than 200 percent from here on out.
- According to this theory, Bitcoin’s most recent price drop below $20,000 may be part of an ongoing pattern that will lead to additional price drops in the future.