BTC weather soon to be sunny – Despite the interminable stagnation of Bitcoin (BTC) around $20,000, more and more players are anticipating a flamboyant recovery for the cryptocurrency sector. Today, it is the turn of the CEO of the Bitwise Asset Management fund to be very optimistic for the (near) future of Bitcoin and its ilk.
Although only a decade has passed since the emergence of digital currencies, this industry soon found its place in the financial sector, and many users entered the digital currency market. These days, it is recognized as one of the essential options for investment and profit. For this reason, knowing the future of this market and the price of digital currencies in the coming years has become an essential question for users. This article discusses the Crypto and Bitcoin forecast for 2023.
IS LIGHT AT THE END OF THE TUNNEL FOR BITCOIN NEXT YEAR?
Is the harsh crypto winter we are going through an excellent time to accumulate cryptocurrencies in anticipation of the next bull run? Hunter Horsley, CEO of Bitwise Asset Management, seems to believe.
In a recent interview with Bloomberg Technology, the executive believes that the crypto-asset market should begin to recover in 2023, with an increasing acceleration of this increase through 2025.
“The historical pattern [of the market] for cryptocurrencies, with the data we have on this 12-year journey, is that we have four-year cycles. Refer to Bitcoin mining difficulty.
Why is digital currency price prediction essential to us?
In 2019 and 2020, we saw tremendous price growth in the digital currency market, so the price of Bitcoin advanced from $3,000 to $70,000, and some altcoins also experienced a price jump of 10 to 100 times. A clear example is the price of Dogecoin, which advanced from $0.005 to $0.75. However, in 2022, we saw a heavy price drop to the point where the price of Bitcoin was lowered to $17,500, and other digital currencies experienced a fall of more than 80%.
Since many users entered the market at the peak of prices and had not seen the previous ups and downs of the digital currency market, they experienced severe financial pain in this down market. Now, perhaps the most important question for users is when the following upward movement of the call will begin. How are the Crypto and Bitcoin forecast for 2023?
Factors affecting the Crypto and Bitcoin forecast for 2023
As Antidolos ICO rating and review explained in the article on the factors affecting the price of Bitcoin, regardless of market cycles, several other factors also affect the cost of digital currencies; the most important of these factors are:
1. Halving and Crypto and Bitcoin forecast for 2023
You probably know that Bitcoin is designed so that when the mining reward is halved every four years, its supply is also reduced. Usually, whenever the store is less than the market demand, the price increases, which also happened in the previous periods.
The first Bitcoin halving happened in November 2012, and we saw subsequent halvings in July 2016 and then in May 2020. According to the plan, the next Bitcoin halving will occur in early 2024. Refer to Biggest Crypto venture capital firms.
2. Macroeconomic factors
As the life of Bitcoin increases and it is more accepted among small and large users, the impact of Bitcoin on macroeconomic factors such as inflation, interest rates, war, and insecurity increases. The higher the level of risk at the macroeconomic level, the more prominent investors prefer to keep their capital in safe assets; for this reason, liquidity will leave the market of Bitcoin and other digital currencies. Refer to Pressure on the Bitcoin community.
3. Legislation and supervision of the digital currency industry
If we pay attention to the definition of Bitcoin in its white paper, we will understand that the purpose of Bitcoin is to fight the domination of governments and central banks over people’s property; for this reason, Bitcoin is a decentralized currency and does not follow the financial rules of financial institutions. It is natural, in this case, regulatory bodies and governments will not allow the expansion and further use of digital currencies as quickly unless it is beneficial for them. Refer to The most Crypto-friendly country.
Prediction in the Crypto and Bitcoin forecast for 2023
Now that we have reviewed the price cycles and the factors affecting the price of Bitcoin, let’s take a look at the prediction of the cost of digital currencies in 2023, which has been proposed by some of the world’s famous analysts and economists;
If we take a general look at the predictions and opinions expressed, the price of Bitcoin in 2023 and 2024 can cross the $70,000 mark. If this happens, a new all-time high for Bitcoin “ATH” will be recorded.
Analysts who have made such a prediction believe that if this happens, the market will remain temporarily stable, and then with a slight price correction, it can start a new movement toward $100,000.
According to the forecast of significant analysts, Bitcoin will start in 2024 at $78,000. And it can advance to the range of $84,000.
In the following, we will predict the price of digital currencies by some of the most famous analysts:
Josh Rager, an analyst and investor in the stock market and Crypto, has claimed that based on the price trend of Bitcoin since 2011, as well as the bounce pattern of Bitcoin that occurs after a price correction. BTC can pump to the range of $150,000 in 2023 as he envisioned.
Richard Knight, a digital currency analyst, considered the future price of Bitcoin dependent on the fourth halving of Bitcoin. Knight believes that until the beginning of 2023, we will see the continuation of the downward trend in the market, and the subsequent upward trend can begin in May 2023. Also, Mr. Knight predicted we would see a dump in the price around November or December of 2022. Also, we know that the Crypto and Bitcoin forecast for 2023 is one of the principles demanded any transaction.
Ethereum digital currency price prediction
Ethereum, the most crucial digital currency in the market after Bitcoin, is, in a way, the leader of altcoins. Usually, it will be Ethereum’s turn after the price growth of Bitcoin. The Crypto and Bitcoin forecast for 2023 is of particular importance.
According to the opinion of most analysts, if Ethereum successfully migrates to the Ethereum 2 version or the proof-of-stake algorithm, we can see an increase in the price of ether to the range of $2 and then $3,000.
Simon Dec, one of the famous digital currency market analysts that Ethereum has a high potential due to its high usage. In the next bull run, it can advance to the price range of $9,000 by breaking the price ceiling. He also predicted the price of Bitcoin for the bull market of 2023 and 2024 between $150,000 and $200,000.
Michael van de Pope also expects Ethereum to advance to the $7,500 and then $12,000 range in 2023 and 2024. The highest price that analysts have predicted for the next upward cycle of Ethereum is in the range of 14,000 and 15,000 dollars. In the following sections, we will discuss The Crypto and Bitcoin market forecast for 2023.
Binance coin (BNB) price prediction
BNB is another popular currency in the market that experienced significant price growth in 2020 and 2021. Binance Coin, which is very popular due to its exchange performance, is considered one of the attractive options for investment.
According to forecasts, BNB can reach the $1,000 mark in 2023 by breaking the price ceiling of $740. Further, optimistic price predictions of 1,200 and 1,400 dollars have been announced for Binance Coin in 2023. If these predictions come true, we can expect BNB to touch the prices of $1,700 and $1,850 in 2024.
Cardano (ADA) price prediction
Cardano currency (ADA), also known as the Ethereum killer, is another valid currency in the market for long-term investment.
According to predictions, in the next upward cycle, which will probably occur in 2023 and 2024, Cardano can cross its price ceiling at $3 and advance to $7. In any case, it is not out of mind to predict a price of 10 and 12 dollars for Cardano in 2025 and 2026. You can find golden solutions if you know about The Crypto and Bitcoin market forecast for 2023.
Dogecoin price prediction
Dogecoin, which experienced a significant price jump in the previous bull run, became a popular digital currency among users due to the support of Elon Musk. We expect Dogecoin to also show a positive performance if a new upward cycle starts. According to forecasts, You can trade Dogecoin in the price range of 0.2 to 0.5 dollars in 2023. And then in 2025 and 2026, it can break its historical price ceiling and reach the price of 1 dollar. Refer to presenting some high-tech examples.
Sum up of the Crypto and Bitcoin forecast for 2023
As we understand, analysts’ forecasts are generally based on the fact that at the end of 2022 and 2023. If the economic situation in the world stabilizes after significant crises such as the spread of the Coronavirus, and the military conflict between Russia and Ukraine. And the increase in the inflation rate and Unemployment will provide another opportunity for capital to enter the digital currency market. This could start another impressive bull run and send the price of Bitcoin above $100,000. In this way, Antidolos Latest Blockchain News can expect the price of digital currencies to grow several times.