Bitcoin will shoot over $100K in 2023 before ‘largest bear market’ — trader
2022.10.22 13:05
Bitcoin (BTC) will top $100,000 next year but a record-breaking bear market will follow, a popular trader believes.
In a Twitter discussion on Oct. 22, Credible Crypto endorsed a theory that Bitcoin’s next halving will also see macro lows of just $10,000.
BTC bulls need only wait a year for $100,000
With consensus calling for Q4 2022 to match the end of the 2018 Bitcoin bear market, few are in the mood to call a trend change.
While a bold prediction from LookIntoBitcoin creator Philip Swift recently gave the current bear market just months to live, most commentators continue to target new lows.
For Credible Crypto, however, the really interesting territory lies further ahead — but 2023 will constitute a major turning point.
After setting new all-time highs (ATHs) of at least $100,000, BTC/USD will come down from its “blow-off top” in a way never seen before, he believes.
The next bear market will bottom out even lower than this year’s $17,600, giving buyers a chance to enter the market at as low as $10,000 as late as 2025.
“Agreed, probably in 2025 methinks,” Credible Crypto replied to the original prediction put forward by fellow trader and analyst Mr. Parabullic.
“First, new ATH in 2023- blow-off top 5th wave above 100k- followed by the largest bear market we have seen yet that is worse than the current one in both time and price- taking us to the 10-14k that everyone is waiting for now.”
Another active social media trader, Crypto Tony, found it harder to agree, calling for a macro low early next quarter, followed by a new uptrend.
From $10,000 Bitcoin to $2 million Bitcoin
Elsewhere, others have given levels between $10,000 and $16,000 as likely floor prices in the coming months.
Related: Global recession may last until near 2024 Bitcoin halving — Elon Musk
The $10,000 price tag belongs to Filbfilb, co-founder of trading suite, Decentrader, while popular analyst Il Capo of Crypto continues to insist that $14,000-$16,000 will swiftly enter after Bitcoin sees a relief bounce to around $21,000.
“All I see is a lot of shorts that should be squeezed,” he told followers on Oct. 21, subsequently suggesting the bounce was now beginning.
“Shorting support is not a good idea. Send it to 21k. Then nuke it to 14k.”
Longer term, meanwhile, asset manager Larry Lepard is betting on Bitcoin trading at a giant $2 million per coin within the next six years.
BTC/USD traded at around $19,200 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
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