What to expect from Bitcoin in 2023, the bull and the bear ⋆ ZyCrypto

[ad_1]

Advertising

Just a year ago, the cryptocurrency market recorded one of the best annual runs Bitcoin has ever had. While bearish calls were made in early 2021, Bitcoin bulls pushed prices to $68,000 in November of that year.

Where is Bitcoin going in 2023?; The bearish

Positive sentiments began to flood the Bitcoin community and major price predictions were made ahead of 2022. But Bitcoin would underperform, starting the new year with a massive price drop.

January saw Bitcoin at $35,000; Prices fluctuated between $30,000 and $45,000 between January and June.

The months leading up to December would see Bitcoin slowly lose momentum and descend. Although major players are still optimistic, recent events that have plagued the market have influenced important voices.

According to VanEck, a leading global investment manager offering US investors exposure to gold and ETF investments, Bitcoin is expected to drop 29.4% from its press price of $16,789. This, however, is only going to persist from January to March.

BTCUSD Chart by TradingView

Bitcoin will test $10-12,000 in the first quarter amid a wave of miner bankruptcies, which will mark the low point of the crypto winter. – VanEck.

From April to June, Bitcoin is expected to surge as inflation and other surrounding activities are cited as factors likely to boost the next bull run for the major cryptocurrency.

VanEck explains in a recent tweet below, saying;

In the second half of 2023, Bitcoin will reach $30,000. Lower inflation, easing energy concerns, a possible truce in Ukraine and a pick-up in M2 supply will fuel the start of a new bull market.

Bitcoin 2023; The bullish

Arthur Hayes, the former CEO of BitMEX, takes a more bullish approach.

He recently expressed his certainty that Bitcoin miners and centralized exchanges that influenced market movement by selling Bitcoin in large quantities will no longer drive prices down.

Now that Bitcoin has bottomed out, he believes that liquidations will be halted as sellers have already finished selling. More importantly, he is looking to the Federal Reserve to revive risky assets like Bitcoin by implementing new monetary policies. An even more bullish Tim Draper predicted $250,000 for Bitcoin by late 2022 or early 2023.

While Bitcoin attempts to grab $20,000 before the year-end, it is unlikely given the prevailing market conditions that $250,000 will be reached this year.

Most analysts and investors remain fixated on the possible outcome for Bitcoin next year. Key figures have also expressed bullish sentiments for altcoins like Dogecoin (DOGE) and Cardano (ADA).

[ad_2]