Bitcoin and Ethereum Open the New Year on a Flat Note, but Analysts Remain Bullish

The top two digital assets, Bitcoin and Ethereum, began 2023 almost unaltered as the cryptocurrency industry attempts to rebound from 2022’s record-setting bear market.

Both assets have lost less than 2% of their value over the course of the last week, as seen by the present price action. BTC lost 1.5%, while ETH fell 1.6%. According to Coinglass statistics, $12.58 million was liquidated in twenty-four hours.

Based on the four-year cycle hypothesis, a crypto trader and analyst ‘Rekt’ predicted that Bitcoin might reach a low point this year. The researcher claims that the BTC price hits rock bottom every four years, just around the third year of the cycle. He noted that BTC hits its bull market apex in the first year, falls into a bear market while recovering in the second year, and starts a new trend in the fourth year.

Rekt said that although it was still conceivable for BTC’s price to sink to new lows, the flagship digital asset’s worth might yet double. He proceeded by stating that previous BTC candle threes had gains of 234% and 316%. However, it is theoretically improbable that the asset will appreciate to that level this year.

In the meanwhile, a number of stakeholders have highlighted the record-breaking rate of Bitcoin miner capitulation in 2022. Reports have shown how miners have suffered in the present market climate and how mining equipment is becoming less economical.

According to statistics from CoinMarketCap, Toncoin was the anomaly among the top 30 cryptocurrencies by market capitalization. The Telegram-backed asset rose 6.6% in the previous twenty-four hours to trade at $2.33 at press time.  

According to the statistics, SOL decreased by 0.2% over the previous twenty-four hours and by almost 13% over the preceding week. AVAX saw a 1.1% drop in the preceding 24 hours. BNB and XRP both fell by 0.5%, with XRP falling by 1%.

Also Read: U.S. DOJ’s Recent Crypto Statement May Give Ripple An Edge Over The SEC

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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