The Current Bitcoin Macro Environment Similar To That Of 2019

A crypto analyst is saying that coming year we might witness the greenish side of the primary digital asset bitcoin, in a tweet Altcoin Sherpa says that the current vibes on which bitcoin is flashing is that of the 2019 surge when bitcoin moved from $3k to $14k which is over 100% in it's increase.

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In he’s words he says that;

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

I personally think we’ll see another bear market rally in 2023.

Is it going to go as high as 2019 percentage-wise? In my opinion, not close.

But I do think we’ll see some strong moves.”

Looking at the chart he is saying that we will see a 130% in increase of bitcoin from it’s current rate, from what was said there is a catch before this can possibly happen which he says that bitcoin will have to witness more capitulation before we can see a bullish movement.

“Things to note:

-Macro environment way different now vs. 2019

-We haven’t seen that final capitulation yet (i.e. $6,000->$3,000 in 2018). If we see that, it could be even more likely this happens

-If we do see a strong rally, it’s highly unlikely this is going to be sustainable.”

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