Bitcoin fund manager and commentator explains why the next ten years will see much more BTC price action and institutional involvement.
Bitcoin is at $23,946, which is the start of a new price rally. It rose at the beginning of 2023 and next year it will be decided if it continues its upward trend.
With investing behavior around Bitcoin in line with original token network fundamentals and price action, many institutional professionals are bracing for an explosive period.
The jury is still out on whether the BTC price is bottoming out, but he argues that now is the time to put long-term investors on the sidelines.
In a lengthy interview with Cointelegraph, Charles Edwards outlines the near-term outlook for Bitcoin and the cryptocurrency industry and whether 2023 is about to change.
What’s next for bitcoin?
Next year, halving the block subsidy will be especially important as Bitcoin is set to become the most sought after asset in the world.
Bitcoin spent most of 2022 in the region of $16.5-21,000, and during that time, it traded in the lower range of NVT, a sign of great long-term value. As of February 2023, NVT exceeds fair value. This could indicate that we are in a new mode, the early stages of a new bull market. However, NVT is fast approaching the overvalued zone as of this writing. We haven’t gotten there yet, but we may be missing some variation.
When Bitcoin fell below $20,000 in November 2022, it signaled the failure of mainstream technical support. This made most Bitcoin miners unprofitable and culminated in fraud, collapse, bankruptcy, and negative industry sentiment.
When the price of an asset suddenly moves in one direction and quickly moves in the opposite direction, this second movement tends to merge and creates a higher probability of a new trend.
