The year 2023 is starting on a shy note for cryptocurrencies. Most tokens are consolidating at the start of the new year, as investors await crypto trend confirmations. However, we saw positive returns in the past 7 days. Bitcoin managed to gain more than 2% as prices are eyeing the break the resistance price of $17,000. One fundamental factor, in particular, can spark further gains in the coming weeks. Will Bitcoin reach $20,000 soon? Let’s assess in this Bitcoin Prediction 2023 article.
Understanding Bitcoin in 2023: What is Bitcoin?
Bitcoin operates independently without the need for a centralized authority thanks to the technology that powers it. A history of all Bitcoin transactions is kept on the decentralized, distributed Bitcoin blockchain.
Each block in the Bitcoin blockchain contains information on a single transaction. A chain of blocks is created by each block being cryptographically connected to the one before it (hence the name “blockchain”). This link guarantees that a block added to the chain cannot be changed or interfered with once it is there. The Bitcoin blockchain is maintained by a network of computers rather than by a single body due to its decentralized nature. As a result, it functions as a safe and open mechanism for documenting and confirming transactions.
Why is Bitcoin Useful?
Bitcoin and other cryptocurrencies have the power to fundamentally disrupt the way we see and use money by providing a safe, decentralized, and easily available alternative to established banking institutions. There are several reasons why Bitcoin gained popularity and usefulness. Some of the key benefits include:
- Decentralization: As a decentralized system, Bitcoin is not controlled by any government, bank, or other central authority. This makes it resistant to censorship & interference, while allowing users to have more control over their own finances.
- Security: The blockchain technology that underpins Bitcoin is highly secure, making it difficult for hackers to steal or alter transaction data.
- Anonymity: While Bitcoin transactions are recorded on the blockchain, they are not linked to the identity of the individuals or entities involved. This allows users to maintain their privacy and transact without revealing their personal information.
- Low fees: Because there is no central authority controlling the Bitcoin network, transaction fees are typically much lower than those charged by banks and other financial institutions.
- Fast and global: Bitcoin transactions can be processed and verified quickly, anywhere in the world. This makes it an attractive option for cross-border transactions and other international payments.
Bitcoin Price Analysis 2023: How is Bitcoin performing?
Just as the year started, Bitcoin started an uptrend from the low price of $16,500. In figure 1 below, we can clearly see how Bitcoin prices initiated a parallel uptrend channel. At the current price of around $16,920, this makes it a 2.55% return in 7 days.
Bitcoin Prediction 2023: Can Bitcoin reach $20,000 soon?
It is clear that Bitcoin prices are on an uptrend. However, there are other fundamental factors that can help push Bitcoin prices higher. In the next week, the CPI data is going to be released. If the data reveals a drop in inflation, Bitcoin can be up for another rally. This would couple with the breach of the $17,000 resistance, continuing the uptrend towards a range between $19,000 and $20,000.
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