Although negative sentiments dragged the Bitcoin price down drastically over the last few days, the asset is now displaying strength and continuing upward; it is up by 1.85% today, currently trading for $19,296.
The asset’s price has a direct correlation with the U.S. Federal Reserve’s increase in interest rates. Similar selling pressure was still present on the chart of bitcoin.
“Bears” to Free Fall or Grip in Winter?
According to Rekt Capital, the bear market for Bitcoin (BTC) is about to reach its climax.
A possible fall or grip in winter is possible for BTC. It is also noteworthy that a significant price surge for the cryptocurrency may occur after it reaches the bottom of its bear market by the end of 2022.
“The majority of this Bitcoin bear market is already behind us, and a full bull market is ahead of us. Whether the bear market bottom in BTC occurs in November, December, or the first quarter of 2023. There are many things to look forward to as the BTC bear market inevitably comes to a close.”
When Could BTC Price See A 2x Rally?
Rekt Capital gives out certain important points to keep in mind.
Rekt capital stated that, as per the current report, a massive 200% breakout for the leading cryptocurrency asset by market cap is possible by Q1 of 2023. However, there is a catch- BTC may still decrease in value before eventually doubling or tripling. The long-term costs of delaying an acquisition will be higher than the possible short-term costs.It is also possible that BTC might still experience a short-term decline of 5% or 10%. But in the long run, history predicts that BTC will most certainly increase by over 200% from here.The theory argues that Bitcoin’s most recent drop below $20,000 may be a continuation of a long-term pattern that will see new crashes