Bitcoin commentator and fund manager explain why the next ten years will have a lot more BTC price action and institutional involvement.
Bitcoin is at $23,946, which is the beginning of a new price rally. It went up in early 2023 and next year will decide whether it will continue its upward trend.
With the behavior of investing around Bitcoin in line with the fundamentals of the original token network and price action, many institutional professionals are preparing for an explosive period.
The jury will still be out on whether BTC’s price is bottoming out, but he argues that the time to set aside is now for long-term investors.
In an extensive interview with Cointelegraph, Charles Edwards outlines the near-term outlook for Bitcoin and the crypto industry and whether 2023 is in for a turnaround.
What’s next for bitcoin
Next year, halving the block subsidy will be especially important because Bitcoin will become, the most sought-after asset in the world.
Bitcoin spent most of 2022 in the $16,5–21,000 region, and during that time, it traded in the lower NVT range – a signal for great long-term value. As of February 2023, NVT exceeds fair value. This could signal that we are in a new mode, the early stages of a new bull market. However, NVT is quickly approaching the overvaluation zone as of this writing. We’re not there yet, but we may be some variation away.
When Bitcoin fell below $20,000 in November 2022, it signaled the failure of major technical support. This made most Bitcoin miners unprofitable and culminated in fraud, collapse, bankruptcy, and negative sentiment in the industry.
When an asset’s price moves suddenly in one direction and quickly moves in the opposite direction, this second move tends to merge and create a higher probability of a new trend.