Bitcoin, Cardano, Ethereum show bull market setup: analyst
The crypto analyst who runs the YouTube channel Crypto Capital Venture says he remains extremely bullish on Bitcoin and the wider crypto market, but cautioned viewers not to get overly excited amid the latest price surge.
“I’m bullish. I’m so bullish,” the analyst, who goes by the name Crypto Capital Venture, stated in a live YouTube video on Sunday.
If you’ve been watching my YouTube channel, you know, this is, if we go to the Bitcoin chart zoomed out, you know that on the weekly, on Bitcoin chart, come maybe January, the beginning of this year, January, 2023, I was saying the worst of it is over, 2022.
The analyst believes, based on studying past market cycles, that 2022 marked the bottom of the latest crypto bear market. He says Bitcoin (BTC) and other major cryptocurrencies appear poised to enter their next bull cycle, which he predicts could see prices explode to new all-time highs.
That year before the recession, that’s based off of decades and decades of macroeconomic data, right? And so that has played out really well. And we’re getting very close to the next bull market. We really are. In terms of where we are this cycle, you can just see it.
The analyst explained that similar price spikes have occurred in past market cycles, only to be followed by sharp pullbacks. The analyst says he would not be surprised to see Bitcoin revisit lower support levels around $30,000 to $35,000 in the coming weeks.
The analyst highlighted some key differences with this market cycle, including growing institutional interest and the possibility of SEC approval for a Bitcoin spot ETF in 2023. In his view, these developments could fuel dramatically higher prices both before and after Bitcoin’s next halving event in spring 2023.
The analyst remains upbeat on the long-term outlook, stating multiple times that he expects this bull cycle to bring “the most fun we’ve ever had” tracking the crypto markets. For now, though, he preaches exercising patience and discipline amid the volatility.
