The founder of Crypto Capital Venture Dan Gambardello has taken to Twitter to share his take on the current bear market of crypto. He believes that, unlike many people say, the state the crypto market is currently in is not worse than the ones seen by the crypto community before that.
He shared a chart hinting that the flagship cryptocurrency Bitcoin might be on track to rise.
"Six month Bitcoin candles. On track. Zoom out"
Gambardello shared a Bitcoin chart marking half-a-year candles for Bitcoin and the three recent bear markets, including the one crypto is going through currently.
The red arrows he placed on the chart show that after six-month red candles that took Bitcoin price significantly down green ones emerged. This has already happened after bear markets in 2015 and 2018. Now, the chart hints, a green candle is building up for Bitcoin.
People think this bear market has been worse than others, but it hasn't been.— Dan Gambardello (@cryptorecruitr) January 1, 2023
These are 6 month #Bitcoin candles. On track. Zoom out. pic.twitter.com/2a0qo0cmH2
Bitcoin plunges lower in early November
As November 2022 kicked off, the crypto market witnessed the collapse of the FTX crypto giant, its boss Sam Bankman-Fried (former crypto billionaire) and his pocket trading company Alameda Research, which he attempted to save from bankruptcy using the funds of FTX customers.
This major bearish event pushed Bitcoin, and the whole crypto market along with it, way down. BTC fell from the $21,300 level and is now trading in the $16,600 range.
Prior to that, BTC had been dropping gradually, pushed by the hawkish policy of the Fed Reserve. The latter kept raising interest rates in an attempt to slow down the inflation. The most recent interest rate hike took place in December. That maneuver of the U.S. central bank made Bitcoin slip from the $18,000 zone below the $17,000 level, where it has been trading since then. This hike was smaller than the previous ones, though, by 50 basis points. The Fed intends to keep pushing the interest rate up this year as well in order to tame the inflation.
Max Keiser predicts Bitcoin at $100k this year
On the last day of 2022, prominent Bitcoiner Max Keiser, a former trader who hosts a Bitcoin podcast, tweeted his predictions for 2023. Among those was Bitcoin reaching $100,000, two more countries adopting BTC as legal tender, BTC becoming a major electoral issue in the U.S. elections in 2023 and a few others also about Bitcoin.
It turned out that Keiser shared the Bitcoin predictions for 2023 posted by El Salvador president Nayib Bukele, who legally integrated Bitcoin in El Salvador as legal tender in 2021. Actually, Bukele initially made the prediction about two other countries adopting BTC (and about BTC hitting $100,000) at the very start of 2022. Last year, however, it did not play out.
December 31, 2022
Max Keiser had many times predicted Bitcoin to hit the $100,000 level even before this tweet. He had always set forth the classic reasons that every Bitcoin maxi cites from time to time when explaining the superiority of Bitcoin over other cryptos as they see it: BTC has a limited supply of 21 million, more than 18 million has been mined already and every four years, thanks to halving, miners produce half as much BTC as they did before.