CoinMarketCap says that Bitcoin (BTC), the most popular cryptocurrency, has lost 0.10 percent in the last 24 hours. At the time of this writing, the price of Bitcoin is $16,564.30. The coin’s price has gone down over the past 24 hours, which has added to the coin’s weekly price drop. The price of BTC has also gone down by 1.60% in the last week.
After 2022, which was a bad year for cryptocurrencies, analysts and traders think that the markets will have a relief rally before moving into the next bull cycle at the end of 2023.
Ben Armstrong (@Bitboy Crypto), a crypto influencer, thinks that the cryptocurrency market will go on a bull run in 2023. The influencer says that on the 8-hour chart, BTC will have a small rise before falling again. Then, the influencer thinks that a bull trap will show up on BTC’s chart, which will be followed by the price of BTC going down even more.
Related:Â Wrapped Bitcoin’s (WBTC) supply drops 35% from its ATH.
Armstrong said in his tweet from this morning that BTC will start to go up “for real” before the network goes down.
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