January 28, 2023

Taylor Daily Press

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Will Bitcoin price wake up in 2023?

volume and volatility to bitcoin (BTC) is currently at an all-time low. Bitcoin, the parent company of the cryptocurrency industry, doesn’t seem to take the term crypto winter with a grain of salt, and it has sunk in lethargic. Can we expect bitcoin and the crypto sector to return in 2023? And if so, how much patience does that require?

Bitcoin hibernation

Low low volume and low volatility in general is not a good sign of a trend Bitcoin rate. In the past, such reckless price activity was often a harbinger of further price declines. What is certain is that bitcoin is currently an asset that investors prefer not to touch.

Last year we saw a whopping 76% drop from the peak of $69,000 to the current level of just under $17,000. a More lower prices However, it cannot be ruled out and certainly not farfetched.

Although further price declines are likely, it can be said that the pain of price capitulation has already been felt to a great extent. However, the real pain of a bear market is the endless waiting for the price to reverse and wake up. This second form of surrender; the Surrender based on time Less discussed, but nonetheless very important.

Patience in coding pays off?

He. She FTX failed It has pulled a lot of liquidity out of the crypto sector, and investors are not eager to put their capital into a fragile sector. So things do not look rosy for Bitcoin in the short term. However, bitcoin is the most liquid asset in the cryptocurrency sector. However, compared to other financial markets such as the S&P500, activity is declining.

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However, the current sore spot is basically the length of time until a potential turnaround and the tremendous patience that this wait requires. At this point, the patience of traders and specialists is tested. A recession is looming, and until the macroeconomic situation changes, Bitcoin activity will remain indifferent. But one thing is certain; Patience in a bear market pays off.