Bitwise Boss Predicts Crypto Market Will Recover In 2023

Crypto market is predicted to experience a bull run next year. (Photo; Doc. The Bitcoin Brains)

JAKARTA – The crypto market has experienced a decline in the last few months. The decline in the price of the number one cryptocurrency, Bitcoin, has also dragged down the altcoin price, causing a prolonged bear market. According to the CEO of crypto asset manager firm Bitwise Investments, Hunter Horsley, a bull market will occur in 2023.

Even so, Horsley believes this period's bear market is a good thing for investors to increase their exposure to Bitcoin. He predicts a rise in crypto prices or the next bull run will occur next year. The CEO of Bitwise Investment explained that his company's clients have increased their interest in digital assets.

In an interview for Bloomberg, Horsley outlined the historical pattern of bitcoin price movements. Over the course of their existence, major cryptocurrencies have gone through regular four-year cycles, while bull runs with growing momentum have always followed bear markets. Relying on that data, he assumed that the asset would start a new price rally in 2023.

“So in 2014, the market was down almost 60 percent. 2018 - the market fell by more than 70 percent. And this year, obviously, 2022, the market is down about 60 percent. The hope is that if the market continues its historical trend, we will start a new cycle next year," Horsley said, quoted by CryptoPotato.

Despite the current market crash, executives say a growing number of Bitwise customers have renewed their interest in the crypto industry. In his view, those who opt in now (when prices are much lower than last year) have a better chance of making significant profits in the future.

“So this year's story is clearly a bear market. Nevertheless, we have seen increasing interest from our client base. I think the backdrop for many crypto investors is that historically there have been four year cycles, and while there are opportunities to make money in many crypto market moments, bear markets are times when wealth can be created,” he added.

Investing funds in times of crisis markets is a strategy that has been used by various financial experts. This is because they get assets at a lower price than before. The price fall was triggered by panicking traders, but when the market recovers the price of the digital asset will exceed its previous value until it hits a new ATH.