Hashrateindex predicts the end of the bear market in 2023
Based on the analysis of historical cycles, the fall of bitcoin is close to completion
04.01.2023 - 10:15
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What’s new? Hashrate Index, a professional mining data organization, has published predictions for the development of the cryptocurrency mining market in 2023. The analysts believe that the bear market will come to the end, but a new full-scale bull run should not be expected.
The full version of the Hashrate Index prediction
What other data has been released? According to experts, the bitcoin price is a critical factor affecting the mining industry. The current bear market has lasted 376 days, which is comparable to the bear markets of 2014-15 and 2018. The current BTC drawdown of 78% of the peak price is also comparable to the maximum drawdown of 85% and 84% during the previous two crypto winters. Judging by historical cycles, the bear market is nearing its end.
In addition, the only reason bitcoin fell below $25 000 was due to massive forced selling caused by the collapse of several market participants. As the deleveraging in the industry is completed, the price of bitcoin may return to the $25 000-$30 000 level.
That said, a full-scale bull run should not be expected yet, as the inflow of new capital into the crypto sphere has slowed. It will take time before traditional financial companies are ready to increase the share of bitcoin, and users will likely have to wait patiently for another year or two before market participants are ready to embark on the next bull cycle, analysts believe.
As of January 4, 10:40 UTC, BTC is trading at $16 875, having gained 0,92% per day, according to Binance.
In late December, the analytical division of the South Korean exchange Korbit suggested that in 2023, more and more countries will start to accept bitcoin as a legal tender, or include it as an investment asset for various government agencies. Earlier, Huobi Research analysts concluded that the bottom of the cryptocurrency industry will be reached in Q1 2023.
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