One analyst says the last chance to buy Bitcoin (BTC) at an attractive rate could fall in the fall of 2023. After that, Bitcoin and the entire crypto market will enter an active growth phase.
With the crypto market in a downtrend for around two years, there is speculation as to what the best price to buy Bitcoin would be before a new bull rally begins.
Analysts expect Bitcoin to fall to $25,000
Timothy Peterson, investment manager at Cane Island Alternative Advisors, believes Bitcoin could break below $25,000 before the end of September 2023.
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According to Peterson, the drop will be the last opportunity to buy cryptocurrencies at an attractive price before the market enters a growth phase. The Bitcoin Analyst wrote:
“There is a 50% chance #Bitcoin will break below $25,000 before the end of September. This would be the last major drop before the next major bull cycle begins.”
The analyst accompanied his post with an image reflecting statistics of monthly Bitcoin price movement.
Monthly Bitcoin Return Heatmap, Cane Island Digital Research
The Bitcoin analyst also made a prediction that the cryptocurrency could break through $100,000 in spring 2026.
According to Timothy Peterson, Bitcoin is less than 1,000 days away from $100,000.
Crypto community sentiment is turning optimistic as the bitcoin halving is less than a year away. Historically, the halving event marked the start of a new bull rally.
If the U.S. Securities and Exchange Commission (SEC) approves the spot bitcoin exchange-traded (ETF) fund, it could prove to be a catalyst for the upcoming bull market.
Meanwhile, Dutch bitcoin analyst PlanB has released an indicator that predicts the bull market for the next two years. However, investors should not rely solely on information provided by analysts, as their forecasts can often turn out to be wrong. Investors should do their own research before buying or selling cryptocurrencies.
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