The popular pseudonymous host of crypto market analysis show “Coin Bureau” says that he expects the price of Bitcoin to fall further in Q1 2023 before bottoming out.
According to a report by The Daily Hodl, in a video update released on 30 December 2022, he said:
“The bottom will likely come sometime in the first quarter of next year. But the bottom for BTC could be $10,000 or slightly lower, and that most altcoins could therefore fall by another 60% to 80%…
“The main reason why the crypto bear market could bottom in the first quarter next year is because this is when the Federal Reserve is expected to stop raising interest rates. Now, it’s important to note that stopping is not the same as lowering, but it will likely be enough to prevent crypto from crashing further…
“The main reason why the bottom for BTC could be $10,000 or slightly lower is because the stock market has yet to find its bottom and the crypto market is highly correlated to the stock market. The stock market is expected to drop by another 20% to 30% which would translate to a 40% to 60% drop in BTC price.”
On Christmas Day, gold bug Peter Schiff offered more unsolicited advice — which he referred to as a “Christmas gift” — to Bitcoiners.
Schiff told his over 894K Twitter followers:
“My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today.“
Schiff went on to say:
“#Bitcoin does look a bit like #gold did back in 1999. But I doubt Bitcoin will follow the same path. In stead of breaking out, Bitcoin will likely break down. Bitcoin is the anti-gold… Don’t misunderstand my gift. My gift is all the money you will save by selling your #Bitcoin today. You can thank me later.“
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