Bitcoin, GBTC, Polygon, Presearch Among SA Analysts’ Top Crypto Picks for 2023

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Bitcoin (BTC-USD), Grayscale Bitcoin Trust (OTC:GBTC), Polygon (MATC-USD) and Presearch (PRE-USD) are among Seeking Alpha analysts’ top crypto picks for the rest of the year.

After convening a roundtable of crypto analysts last month to assess the impact of the Federal Reserve’s hawkish pause decision on cryptos, SA asked a panel of six analysts to ponder the big questions about the state. of crypto in 2023 as well as the critical issues shaping its future.

Kicking off the second part of the crypto roundtable, two SA analysts Logan Kane and John Miller consider Grayscale Bitcoin Trust (OTC:GBTC), which allows investors to gain indirect exposure to bitcoin (BTC-USD) and avoiding the downsides of physical custody, such as the best crypto pick for the next six months.

I believe Bitcoin is the only game in town for crypto, and GBTC’s unique circumstances make GBTC the best way to play Bitcoin, Kane said. Miller shared a similar view, favoring bitcoin-adjacent names at an angle.

When asked about their year-end forecast for the price of bitcoin (BTC-USD), most analysts leaned to bet on a downward trajectory from the current mark of $30.2K on Friday post- noon, but did not rule out a possible rally.

Clem Chambers, for example, estimates that BTC can reach $13,000, but the most likely answer is $25,000. Bitcoin’s way out of the regulatory disaster zone, almost any price below $100,000 is possible, but I’m still a sitting bear in this crazy dance.

As for the biggest event for the rest of 2023 that will affect investors, it all revolves around the U.S. Securities and Exchange Commission, Chambers argued, noting that the lingering question is whether the regulator wants to regulate crypto or crypto. kill. Amid the fallout from high-profile bankruptcies like crypto exchange FTX and crypto hedge fund Three Arrows Capital, the SEC has stepped up scrutiny of the emerging space, after suing two of the biggest crypto exchanges Binance and Coinbase Global ( COIN) last month for violating securities laws. An SEC victory could weigh on crypto adoption in the United States, as most crypto exchanges would likely not be able to operate in the country.

Similarly, Kennan Mell argued: The event that would have the biggest impact on my crypto investment strategy is a verdict in SEC lawsuits that clarifies which cryptocurrencies are securities. “

It should be noted that the SEC has long maintained that most digital tokens are considered securities rather than currencies. If Ethereum (ETH-USD) is considered a commodity, Mell added, I would be comfortable allocating more of my portfolio to Ethereum as regulatory risk is the biggest issue I see facing. Ethereum today. However, we may not be lucky enough to get a final verdict on this in 2023.

Other SA contributors took note of other big catalysts, including a potential Fed dovish pivot, the Ripple (XRP-USD) litigation, the Binances woes, and the GBTC (OTC:GBTC) conversion case.

Here’s the full Q&A roundtable

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