Analyst Kevin Swenson predicted what will happen to bitcoin over the next year

Kevin Swenson, a cryptocurrency analyst known for predicting the value of digital assets, shared his opinion on the future of BTC $56,683.29 Bitcoin -2.72% Market capitalization $1.12 trillion VOL. 24 hours $4.55 billion with his Twitter followers. According to Swenson, bitcoin will soon enter the «most boring stage of the market cycle» when the price will not change significantly.

#Bitcoin — is about to enter the most boring stage of the market cycle. The area of least interest but most opportunity.

«buy when it's boring.» … and be willing to wait.

It's unclear if the market has truly bottomed or not, but $BTC is likely gonna spend 1-year sideways. pic.twitter.com/24MaYc4FzP

— Kevin Svenson (@KevinSvenson_) November 19, 2022

According to the expert, BTC will spend the next year in a sideways trend — a horizontal movement of value in a certain range without a clear trend. Price lows and highs are almost at the same level. During a sideways movement, the forces of bears and bulls are equal, which indicates that the volumes of sales and purchases are equal.

At the end of October, Kevin Swenson was convinced that the market would see significant growth in 2023. At that time, the analyst spoke of April as probably the most successful month of the next year. However, after the bankruptcy of the FTX exchange, which affected the entire cryptocurrency market, Swenson, like many experts, adjusted his predictions.

As a reminder, today the value of the flagship cryptocurrency has dropped to its lowest level in two years — $ 15,800. According to experts, over the past six months, user confidence in centralized cryptocurrency exchanges has dropped to critical levels, especially after the FTX crash. Over the past day, the total market capitalization has fallen by 4.1%, currently standing at $ 831 billion.