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 grow in a relief rally or begin with an upward correction very soon and the validation of the upswing is fast approaching. Moreover, the bullish trend may not only be restricted until Q1 2023 but also could continue until the next couple of years too. Meanwhile, amid the current market conditions, it is still skeptical to determine whether the BTC price may reach $100K or not, but may not certainly drop to a 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 present scenario, a BTC bottom may be expected between February & March 2023, post to which it is expected to rebound. It may remain consolidated for an extended period and accumulate gains to undergo a significant upswing in 2024. Moreover, the upcoming Bitcoin halving event is believed to be a major catalyst to propel the BTC price to new highs.