Crypto Strategist Releases 2023 Bitcoin Forecast, Says BTC May Reflect Epic Rise in 2019

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A closely-watched crypto analyst believes that Bitcoin (BTC) could pull off a major upside move next year.

Pseudonymous analyst Altcoin Sherpa tells his 187,900 Twitter followers that Bitcoin is rocking the vibes of its 2019 bear market rally when the crypto king rose from $3,000 to $14,000 in a matter of months.

“BTC: We saw a massive rally in 2019 after the bear market bottom; from $3,000 -> $14,000.

I personally think we will see another bearish rally in 2023.

Will it go as high as 2019 in percentage? In my opinion, not close.

But I think we will see some strong moves.

Source: Altcoin Sherpa/Twitter

Looking at the Altcoin Sherpa chart, the analyst seems to be predicting that Bitcoin could climb to around $38,000, suggesting nearly 130% upside potential for the largest crypto asset by market capitalization.

Although the analyst predicts that Bitcoin could have a bull run next year, he notes that BTC could still see another capitulation event before starting to rally.

” To note :

– Much different macro environment now compared to 2019

-We have yet to see that final capitulation (i.e. $6,000 -> $3,000 in 2018). If we see this, it’s even more likely to happen

-If we see a strong rally, this is very unlikely to be sustainable.

Meanwhile, fellow crypto strategist Capo predicts that Bitcoin and the rest of the crypto markets will likely head lower in price.

“Remember:

The trend is still bearish. Indicators point to a full surrender event. The bad news should be soon.

BTC $12,000

ETH $600-$650

Altcoins 50-70% potential downside (shitcoins even more)

Stay safe, things could get very ugly.

At the time of writing, Bitcoin is changing hands for $16,713, a fractional drop on the day.

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