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The crypto analyst who runs the crypto Capital Venture YouTube channel says he remains extremely bullish on bitcoin and the crypto market in general, but warned viewers not to get too excited amid the latest price surge.
“I am optimistic. “I am very optimistic,” the analyst, who calls himself crypto Capital Venture, said in a live YouTube video on Sunday.
If you've been watching my YouTube channel, you know, this is, if we go to the bitcoin chart zoomed out, you'll know that on the weekly bitcoin chart, maybe January is coming, early this year, January 2023. I was saying that. worse has already happened, 2022.
The analyst believes, based on the study of past market cycles, that 2022 marked the end of the last cryptocurrency bear market. He says bitcoin (btc) and other major cryptocurrencies appear poised to enter their next bull cycle, which he predicts could see prices explode to new all-time highs.
That year before the recession, it's based on decades and decades of macroeconomic data, right? And that has worked very well. And we are getting very close to the next bull market. We really are. In terms of where we are in this cycle, you can see it.
The analyst explained that similar price spikes have occurred in previous market cycles, followed by sharp pullbacks. The analyst says he wouldn't be surprised if bitcoin reached lower support levels of between $30,000 and $35,000 again in the coming weeks.
The analyst highlighted some key differences with this market cycle, including growing institutional interest and the possibility of the SEC approving a bitcoin spot ETF in 2023. In his view, these developments could drive prices dramatically higher both before and after of the upcoming bitcoin halving event in spring. 2023.
The analyst remains optimistic about the long-term prospects, stating several times that he expects this bull cycle to bring “the most fun we've ever had” following the cryptocurrency markets. For now, however, he preaches patience and discipline in the midst of volatility.
