After ‘Emotionally Challenging’ Year for Bitcoin Traders, One Popular Analyst Says 2023 Will Be Different
A widely followed crypto analyst is looking ahead to 2023 after a difficult year of Bitcoin (BTC) trading in 2022.
Pseudonymous crypto trader Rekt Capital is offering their 331,700 Twitter followers words of encouragement and hope following a major bear market year for BTC.
“2022 was a difficult year for BTC investors
Pretty much uninterrupted drawdown, with very room for relief to temporarily enjoy
2023 however will be different
It will test the patience of investors, some may become disinterested.”
The analyst then looks at BTC’s “macro triangles” on a chart displaying Bitcoin’s broader price movements since 2014. According to Rekt’s analysis, the king crypto is nearing the price levels that, historically, indicate a reversal is nigh.
“According to the BTC Three Macro Triangles:
BTC retraces between -50% to -65% upon triangle breakdown
So far, BTC is down -50% from the triangle breakdown
BTC has entered that historical range.”
Next, Rekt Capital looks at Bitcoin dominance (BTC.D). The BTC.D chart tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising faster than other crypto assets, or altcoins are losing value while the leading crypto surges. According to Rekt, BTC’s dominance is on the rise.
“Initial signs that BTC Dominance is successfully retesting the blue level as support
Altcoins are currently experiencing some pullbacks
These Altcoins pullbacks will continue, especially if BTC Dominance starts to increase from here via the orange pathway.”
Bitcoin is trading for $16,819 at time of writing, down 75% from its November 2021 all-time high.
Generated Image: Midjourney
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