Bitcoin Price May Rise Within Six Months, Crypto Capital Venture Founder Explains Why

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Youri Molchan

Crypto influencer reckons current bear market is no worse than a before

Crypto Capital Venture founder Dan Gambardello took to Twitter to share his views on the current crypto bear market. He thinks that, contrary to what many people say, the state the crypto market is in right now is no worse than the ones seen by the crypto community before this.

He shared a chart hinting that flagship cryptocurrency Bitcoin may be on track to rise.

“Six Month Bitcoin Candles. On the right track. Zoom out »

Gambardello shared a Bitcoin chart marking the semi-annual candles for Bitcoin and the three recent bear markets, including the one the crypto is currently going through.

The red arrows he placed on the chart show that after six months of red candles that caused the price of Bitcoin to drop significantly, green candles appeared. This happened before after the bear markets of 2015 and 2018. Now, according to the chart, a green candle is building for Bitcoin.

People think this bear market has been worse than others, but it’s not.

These are 6 month #Bitcoin candles. On track. Zoom out. pic.twitter.com/2a0qo0cmH2

Dan Gambardello (@cryptorecruitr) January 1, 2023 Bitcoin plunges lower in early November

In early November 2022, the crypto market witnessed the collapse of crypto giant FTX, its boss Sam Bankman-Fried (former crypto billionaire) and his pocket trading company Alameda Research, which he attempted to save from bankruptcy using funds from FTX clients. .

This major bearish event pushed Bitcoin, and the entire crypto market with it, down. BTC fell from the $21,300 level and is now trading in the $16,600 range.

Prior to this, BTC had fallen gradually, driven by the Fed Reserve’s hawkish policy. The latter continued to raise interest rates in an attempt to slow inflation. The last interest rate hike took place in December. This move by the US central bank caused Bitcoin to slide from the $18,000 area below the $17,000 level, where it has been trading ever since. However, this increase was lower than the previous ones, by 50 basis points. The Fed intends to continue raising interest rates this year as well to keep inflation under control.

Max Keizer predicts Bitcoin at $100,000 this year

On the last day of 2022, prominent Bitcoiner Max Keiser, a former trader who hosts a Bitcoin podcast, tweeted his predictions for 2023. Among these, Bitcoin hit $100,000, two more countries adopted BTC as legal tender, with BTC becoming a major electoral issue in the US elections in 2023 and a few others also on Bitcoin.

It turns out that Keizer shared the Bitcoin predictions for 2023 published by Salvadoran President Nayib Bukele, who legally incorporated Bitcoin into El Salvador as legal tender in 2021. In fact, Bukele originally made the prediction about two other countries adopting BTC (and on BTC hitting $100,000) at the very start of 2022. Last year, however, that didn’t materialize.

https://t.co/iIe4P02DW1

JCS (@JCastroS) December 31, 2022

Max Keizer had repeatedly predicted that Bitcoin would hit the $100,000 level even before this tweet. He had always laid out the classic reasons that every Bitcoin maxi cites from time to time to explain Bitcoin’s superiority over other cryptos as they see it: BTC has a limited supply of 21 million, more than 18 million has already been mined and every four years, thanks to the halving, miners produce half as much BTC as before.

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