Always one to defy the odds, Bitcoin started 2023 with a bang, recording a 39.9% increase in price to close at $23,127 on 31 January 2023. In fact, this 39% increase represents the best January movement since 2013.
So, the question remains, is Bitcoin really back? Are we done with that brutal bear market that saw Bitcoin drop from a high of $69,000 to $15,000?
Some analysts seem to think so. Most notably Plan B. He thinks we have seen the worst of the bottom, and that we’re slowly but surely rising up toward the halving.
True to tradition, Plan B’s price predictions typically span a wide range, with his 2025 prediction ranging from $100K to $1M.
Bitcoin bull market or bull trap?
Despite a meteoric rise in January of 39%, many doubters are still wondering if this is just a bull trap in waiting.
In fact, I ran a little Twitter poll back in the middle of January, asking my followers where they thought Bitcoin will land at the end of the month. The poll results showed that many people had doubts as to whether the rally had legs, and many thought price will retreat back down to $19,000 to close January.
Interestingly, following the January close, I opened another poll, this time asking my followers what they thought the February close will look like, and guess what? People were a lot more optimistic this time, with the majority
Personally, I’m biased toward this being the start of the next bull run, especially as we’re prepping for the next halving in 2024, with the peak of the bull market typically being a year after the halving.