With an increase in inflation and water scarcity alone the 2023 bottom should be at least $96.36. When this is combined with fertilizer shortages and supply line restraints, the 2023 market price may likely head much higher than $96.36; perhaps near $106.66 for the peak at some point in 2023. Then it will likely return to around $96.36 on average.
CT1! cotton is ignored by funds and people don't expect any turnaround in the near future may 2025/2026.