With the current market situation, as BTC has not shown growth for more than 2 months, we all have the same question.
Is the growth season in 2023 over?
BTC performance in 2023
It can be said that 2023 is a great year for BTC. Since the beginning of the year, BTC has had an absolute performance of 87.84% and is currently at 60% YTD.
The Crypto market opened the year with euphoria spreading throughout the financial markets. After that, the bankruptcy of the SIVB bank created a huge demand as a “heaven-asset” for BTC, immediately pushing BTC above the $30K mark.
However, that is all BTC can do. After months of FUD, BTC is currently standing at 26k, just above the 200 EMA.
Before making any predictions, we should take a brief look at the price cycle of BTC in the recent cycle.
The 2017-2018 BTC bear market from peak to bottom was 364 days.
And BTC’s 2019 bull market spanned 194 days.
The 2021 – 2022 bear market from peak to bottom is 374 days.
And the 2023 BTC bull market is now 197 days old.
If the history of the previous cycle repeats itself, which we always compare this year to the bull run of 2019, then perhaps BTC’s rally in 2023 is over.
The rest of the market
Perhaps we will no longer see BTC grow in the second half of 2023, but that is not entirely true for the Crypto market.
The fact that BTC had a downward trend in the second half of 2019 had created conditions for some coins to blow off at that time.
Some outstanding examples:
Synthetix – $SNX saw a 38x gain and 50% of it (18x respectively) after BTC peaked in 2019.
ChainLink – $LINK has seen 10x growth, and 80% of that momentum (4x) came after BTC peaked in 2019.
In your opinion, has BTC peaked in 2023?