The bear market in Bitcoin is expected to continue into 2023, as institutional investors are decreasing their demand. However, some optimists believe that the bottom is near, and a bull run will begin soon.
-By 2022, Bitcoin’s price had fallen to around $2,000
-Many experts believe that the bear market will continue
-The main reason for this is the decrease in demand from institutional investors
-However, some optimists believe that the bottom is near and a bull run will start soon
The bear market in Bitcoin is likely to continue into 2023 according to the weekly chart. The main reason for this is the decrease in demand from institutional investors. However, some optimists believe that the bottom is near and a bull run will start soon. Let’s take a closer look at the chart.
The weekly chart shows that Bitcoin has been in a downtrend since December 2017. The price has fallen below the 200-week moving average, which is a bearish sign. Moreover, the demand from institutional investors has decreased significantly since December 2017. This is one of the main reasons why the bear market is likely to continue into 2022.
However, there are also some optimistic signs. For example, the price has found support at the $6,000 level several times in 2018 and 2019. This suggests that there are still some buyers at this level. Moreover, the RSI indicator is not yet in oversold territory, which means that there is still room for further downside.
Overall, it seems likely that the bear market will continue into 2023 but there are also some positive signs that suggest that the bottom is near. Only time will tell whether Bitcoin will make a comeback or not.
Bear Market’s Effect on Bitcoin Investors
It’s no secret that Bitcoin has been in a bit of a slump lately. The once high-flying cryptocurrency has seen its price tumble from a dizzying $20,000 in December 2017 to a more modest $2,000 by August of this year. And according to many experts, the bear market is likely to continue into 2023. However, there are still plenty of reasons to be optimistic about Bitcoin’s future. Even though the price may be down at the moment, the underlying technology is as strong as ever. With more and more businesses beginning to accept Bitcoin as payment, it’s only a matter of time before the price begins to rebound. So don’t despair just yet – the best days for Bitcoin may still be ahead.
While the current bear market has been tough on Bitcoin investors, there are some optimists who believe that the bottom is near and a bull run will start soon. Only time will tell if they are right or not, but in the meantime, those who believe in Bitcoin will continue to HODL on to their coins in the hope that the price will recover.
Additionally while some investors have made a fortune by buying Bitcoin early, others have not been so lucky. In any case, it is important to remember that investing in Bitcoin is a risky proposition and you should only invest what you can afford to lose. While the potential rewards are great, there is always the possibility that the value of Bitcoin will go down as well as up. So if you’re thinking of investing in Bitcoin, make sure you do your research first and only invest an amount that you’re comfortable with losing.