The Future of Bitcoin Crypto
All crypto, including Bitcoin, has had a rough year in 2022. In fact, Bitcoin, the biggest digital currency in the world, has lost almost 65% of its market value in 2022.
A series of bad things, like the Terra Luna crash, the fall of the largest crypto exchange, FTX, and the coming macroeconomic conditions, caught crypto fans off guard.
But everyone is thinking about a few things, like, “What will happen next?” Will Bitcoin go back up? Or will it go down like it did in 2022?
Here’s a thorough article that will help you figure out all the possible Bitcoin prices in 2023.
Will Bitcoin get back on its feet?
As of February 21, 2023, Bitcoin is trading around the new levels of $25,000 for the first time in the last six months. At the time of writing, more than $27 billion worth of Bitcoin is traded every day.
Bitcoin is doing better now that macroeconomic conditions are getting better and investors have more faith in the market. Bitcoin has grown a lot in the past week, and its price has gone up by almost 14 percent.
Now, Bitcoin investors who know what they’re doing are eagerly waiting for more gains and want it to stay stable above $30,000.
It’s important to remember that the Bitcoin price started to look good once it passed key levels at $16,800. The price picked up speed again and has shown signs of going up until now. Let’s look at what the technical indicators are showing us right now:
Hourly Moving Average Convergence/Divergence (MACD):
Gaining speed in the bullish zone.
The hourly relative strength index (RSI) for BTC/USD is higher than 90.
Support Levels – $23,000
Resistance Levels – $22,900.
(CoinMarketCap.com is where the data came from)
One reason why experts are optimistic about Bitcoin is that the value of each Bitcoin will be cut in half next year, in 2024. Every four years, there is an event called “halving,” in which the rewards for mining Bitcoin are cut in half (from 6.25 BTC to 3.125 BTC).
Most people think this is good for Bitcoin’s price because halving helps reduce the number of coins in circulation. In the past, halving has been seen as a very good sign for Bitcoin’s price to gain momentum.
Will there be another Bitcoin crash in 2023?
Some investors, corporations, and large institutions have the opposite view (called “bearish”) of Bitcoin. They are sure that the price of Bitcoin will go down soon. They saw this rally not as a “bull run” but as a major “bull trap.”
Mark Mobius, the billionaire founder of Mobius Capital Partners and a seasoned investor around the world, has already predicted a big drop in 2022. He even said that Bitcoin could fall as low as $10,000.
Another “maverick” investor, Matthew Sigel, head of digital assets research at VanEck, a global investment manager, predicts the same thing. He says that higher energy prices will cause the price of Bitcoin to drop to $12,000.
Also, the prediction that global bank Standard Chartered made about Bitcoin is very surprising. They said that the price of Bitcoin could drop to $5,000 in 2023.
Experts think that Bitcoin’s price won’t go up sharply in the near future because interest rates are going up and monetary policy is getting tighter.
As the market is so uncertain right now, investors won’t want to invest in or buy risky assets like Bitcoin. And people who have been holding BTC might sell, which would put too much pressure on the markets once more.
How should people invest in Bitcoin in 2023?
How should crypto investors think about Bitcoin when there are so many different predictions? With so much uncertainty, it might be best to just watch how Bitcoin moves instead of doing anything that could cause you to lose a lot of money.
Even people who work in the crypto think it’s best for crypto investors to wait and see what happens next.
Dileep Seinberg, the founder and CEO of MuffinPay, thinks that “Bitcoin’s price action depends on macroeconomic factors like worries about inflation and rate hikes by the U.S. Federal Reserve and other central banks.”
Aside from this, falling fears of a slowing economy or recession may also affect Bitcoin prices.
He thinks that Indian investors should be very careful about putting money into Bitcoin in 2023 because this year is likely to be a mixed bag and crypto investors shouldn’t go all out.
Even in 2023, Punit Agarwal, the founder of KoinX, thinks that investors in cryptocurrencies should keep an eye out for inflation and recession.
Agarwal said, “Indian investors should look at crypto assets, like Bitcoin, from a long-term perspective.”
He thinks that investors should instead use Systematic Investment Plans (SIPs) to make regular investments in Bitcoin that will pay off in the long run.
On the other hand, some market experts have a lot of faith in Bitcoin and think it will go back up. The chief operating officer of ZebPay, Raj Karkara, seems to be very optimistic about Bitcoin. He said, “The basics of Bitcoin don’t change, no matter what the market is doing.”
He also gave an example from one of the studies done by the market intelligence firm Glassnodes, which said that 60% of the Bitcoin in circulation hasn’t moved yet in 2022, but long-term investors are still optimistic about the currency.
Karkara says, “Bitcoin could rise again in 2023 if the economy as a whole doesn’t get worse.” He also thinks that traders and investors in crypto should do a lot of research on the basics and technicalities of an asset before deciding whether to buy or sell it.
Also, investors can protect themselves from market volatility by using a systematic investment plan (SIP) with Bitcoin.
Bottom Line
There are different ways to look at Bitcoin and different predictions about it. Bitcoin’s next move can only be predicted by time. Bitcoin, which is known for being strong, has a lot of potential to come back.
During the last ten years, many experts have said that the Bitcoin bubble will soon burst. But the most well-known cryptocurrency is still liked by a lot of people and has helped investors make a lot of money over time.
I have read your article carefully and I agree with you very much. This has provided a great help for my thesis writing, and I will seriously improve it. However, I don’t know much about a certain place. Can you help me?