Crypto Updates

Bitcoin: Beyond the Crash and Embracing NFTs?

nfts bitcoin


<p>After a year of doom and gloom, the final, trainwreck quarter of which surely drove the last of the crypto tourists to beat an incredulous retreat, January 2023 ushered in an abrupt reversal. This change of atmosphere was stirred by an exceptionally strong performance from Bitcoin, which recovered almost 40% in price through the opening month and was hailed by Goldman Sachs as the strongest performing asset of the year so far.</p><p>
That’s welcome news, but there are still eleven months of 2023 to cautiously traverse, so here at the start of month two, is it time to assuredly declare that the worst is truly behind us, and we are in a distinct new section of the Bitcoin journey?</p><p>

Crypto has a habit of pulling out the rug from underneath those who make the boldest short-term assertions, so there’s understandable trepidation among even (or especially) the most seasoned of forecasters, but still, it’s fair to observe that indications lean towards the bear market bottom receding in the rearview mirror.</p><p>
Patterns Play Out</p><p>The first thing to note is that we are now approaching fifteen months since Bitcoin’s all-time high of just below $70,000, registered in November 2021. For comparison, in the cycle before this one, <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a> hit an all-time high in December 2017, and a bear market low twelve months later.</p><p>
If current cycles play out according to the same pattern, then the low should have come last November, and as it happens, BTC did indeed plummet to its lowest point of the year, around $15,500, at precisely that time.</p><p>The timing feels almost too impeccable, which can make one wonder if there aren’t further shocks in store, except that, as we’re now approaching another three months past that low and heading towards the next Bitcoin halving in 2024, it would be strangely late to revisit a deeper low at this point.</p><p>
Add to this the fact that in 2022, Bitcoin dipped below the high from its previous cycle, which had been just below $20,000 in 2017. This breach of the high in 2017 was not widely expected to happen, and when Bitcoin crashed below that level it should have acted as a hint that the market was acting erratically, and that BTC was oversold.</p><p>Even as this was unfolding, though, there was further speculation that the price would go lower, perhaps dropping to $12,000. These predictions echoed, in reverse, some…

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