Qadir AK
The crypto market maintained its bullish sentiment over the weekend, with Bitcoin closing Sunday trading at $23.7k. The total crypto market capitalization rose 2% to reach approximately $1.11 trillion on Monday, with Bitcoin holding the largest market share at 41%, followed by Ethereum (ETH) at 17.7%.
Influential YouTuber Benjamin Cowen, host of “Into The Cryptoverse,” predicts that Bitcoin’s price will follow a similar bullish trend as in 2015. Cowen commented,
“While everyone is enthusiastic, I believe that the most likely scenario for this year is a long year for Bitcoin to establish a solid base. It could be seen as an accumulation year to strengthen, and be better positioned for further growth when the Fed resumes looser monetary policy.”
Bitcoin: Price Action & Market Outlook
According to veteran trader Peter Brandt’s analysis, the Bitcoin price may have reached the bottom of its bear market technically. He predicts that 2023 will largely be a consolidation year for the market, with a chance of revisiting its all-time high (ATH) by the end of 2023 or 2024.
Brandt has set a short-term price target of around $25k.
All crypto analysts agree that 2023 will be a year of consolidation without a significant price breakout. Additionally, on-chain data reveals that crypto miners and short-term traders are taking profits after a year of hardship.
