The year 2022 turned out to be pretty bearish for the entire crypto space as multiple events strengthened the bearish hold for an extended period. Now while the trade is approaching the end of the year, the token is attempting very hard to maintain slightly higher levels than the current until the end of the year.
However, bitcoin is all set to head into a relief rally or start an upside correction very soon and bullish validation is fast approaching. Moreover, the bullish trend may not only be limited to the first quarter of 2023, but may continue for the next few years as well. Meanwhile, amid the current market conditions, there is still doubt in determining whether or not BTC price can reach $100K, but definitely not drop to the 4-digit figure.
The above-mentioned chart compares the present rally with that of the rallies of 2017 and 2021. Both the previous rallies underwent a significant bull run only after going through an accumulation phase which lasts for nearly a quarter post to the bear market. Hence, one can expect the BTC price to accumulate heavily for the next couple of months which may propel the price higher.
So what to expect in Q1 2023?
Considering the current scenario, a BTC bottom can be expected between February and March 2023, after which it is expected to rebound. It may remain consolidated for an extended period and post gains to undergo a significant uptrend in 2024. Furthermore, the upcoming bitcoin halving event is considered a major catalyst to propel the BTC price to new highs.
