I know we are likely to drop further in the first few months of 2023 but I am curious to know how high we all feel Bitcoin can reach later in the year before 2024?
As per usual 4 year cycle of bitcoin, we may have the current bear market only up to the first month of 2023 hence you may expect bitcoin market to recover somehow after that. 90% of chances of 2023 to remain as sideways market which include some recovery from the current price levels.
In 2024 mid, we have halving and usually the halving year is known for getting back to ATH. It means by end of 2024, bitcoin market may trade again around $60k levels. So, the current periods are very good opportunity for buying and holding and I am sure if you manage to buy now and hold then by end of 2025, you may see yourself richer by 10 times. Because, bitcoin market is known for growing 10x from ATH to ATH but now you get chances to buy lower than current ATH.
Usually the price of bitcoin rose not at the time of the halving but afterwards. So we should probably expect bitcoin to rise in 2025. As for 2023, I also think we should expect a sideways movement, but if you look at the annual price chart, we have a big red candle this year. According to statistics, a red annual candle is always followed by a green one.