Bitcoin price can 'easily' hit $20K in next 4 months — Philip Swift
Bitcoin (BTC) is done with its bear market, but the coming months may see a return to $20,000.
That is the outlook for Philip Swift, a veteran Bitcoin market analyst who co-founded trading suite Decentrader and data resource Look Into Bitcoin.
In his latest interview with Cointelegraph, Swift takes a look at what the near to long-term future holds for BTC price action.
After predicting the end of the bear market at the end of 2022, Swift is sticking by his appraisal of underlying price strength, while staying cautious on the odds of a deeper correction than last week’s 10% dip.
Bulls face many obstacles on the road to new all-time highs, he says, with government policy particularly troubling when it comes to potential price suppression.
Nonetheless, there is every reason to believe that for now, the bottom is in, and a solid period of growth awaits Bitcoin in the latter half of the year.
Cointelegraph (CT): In our last interview in October, you predicted the Bitcoin bear market would be over in 3 months. Do you think it’s gone for good?
Philip Swift (PS): Yes.
It really felt like we were close to max pain back in October, and we got the final capitulation shortly after in November. BTC then started trending up in January, 3 months after our interview.
This chart highlights how the current bear market has been really quite similar to previous cycles in terms of timing showing that human nature never really changes:
That does not mean we cannot have a decent correction in the next few months though. We may experience some volatility and chop after what has been an outstanding Q1 2023 where BTC has rallied 80%. I would not be surprised if we need to cool off for a little while.
CT: Since Bitcoin gained 80% in Q1, has BTC price
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