The Bitcoin community is split about the coin’s price situation over the coming year. Some predict a decrease to 12-16 thousand dollars. Others are looking bullish, arguing that the price could skyrocket to $80,000 and beyond. There is evidence to support both sides. Because both sides are looking at different time zones. There is a strong hold that BTC will fall sharply in the coming months, but potentially rise in the mid to late 2023. In the meantime, it is worth noting that the analysis also includes altcoins such as DOGE, ETH, as the price of Bitcoin will also affect altcoins.
Expectations for Bitcoin price in 2023
Bitcoin bull runs historically move with a four-year market cycle that includes accumulation (buy), uptrend, distribution (sell), and downtrend. It is thought that the accumulation process will start in 2023-2024. However, according to Kevin Svenson, we can witness the start of a bull market around April, when the 80-week bear market ends. Bitcoin’s deflationary nature also encourages these price increases over time, through “halving”. Despite the market turbulence, Bitcoin’s deflationary nature is causing a price spike for long-term investors.
Pessimistic forecasts point to $3,500 in Bitcoin
Other experts state that we won’t see an increase anytime soon, or even in 2023. Gareth Soloway of InTheMoneyStocks stated that even a drop to $3,500 is likely. The expert states that we will see a wave up to $12-13,000. If BTC drops to $12,000 or below, it may not be profitable for miners to manage the ecosystem. This means that transactions will no longer be processed, an issue that can leave the industry alone. There is also no healthy pattern between cryptocurrency prices and mass adoption. Crypto prices have to do with how much money investors (mainly whales and institutions) put into certain assets.
No bullish sentiment for BTC, DOGE, ETH?
There are other concerns regarding BTC price cycles that need to be addressed. Some suggest that these four-year cycles may no longer be valid for various reasons. First, unlike previous cycles, most BTC is not the only major coin. Decentralized finance (DeFi) competes against a number of cryptocurrencies that excel in most aspects, along with GameFi, NFTs, DAOs, Web3 startups and a whole host of more lucrative investment mechanisms. To join Web3 and DeFi, it is necessary to buy ETH, not BTC.
However, still, BTC is a crypto with a signature name in the cryptocurrency world. It is one of the first coins that institutions will turn to. All things considered, we may see a decline in the coming months. But according to Web3 expert Daniel O’Keeffe, the Bitcoin price is likely to rise in mid-2023.
On October 18, more than 38,000 BTC worth $750 million were removed from crypto exchanges to private wallets. It’s a sign that whales are hoarding and saving for rough times. Movements in the stock markets are often interpreted as bullish indicators. Also, as we reported on Cryptokoin.com, Robert Kiyosaki, author of Rich Dad Poor Dad, is bullish on BTC due to interest from institutions and retirement plans.
Why buy gold, silver, Bitcoin? Bank of England pivot means buy more GSBC. When pensions nearly collapsed it exposed Central Banks cannot fix…INFLATION. Pension have always invested in G& S. Pension funds now investing in Bitcoin. They know Fake $, stocks & bonds are toast.
— therealkiyosaki (@theRealKiyosaki) October 7, 2022
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