The previous year of 2022 was a bearish year for cryptocurrencies. The average crypto lost around 75% while stablecoins got shocked to their cores. In 2023, many analysts hope for better price action among cryptos. Bitcoin dropped from its all-time high of around $70,000. Will Bitcoin go up in 2023? Let’s analyze in this Bitcoin price prediction article.
What is Bitcoin (2023)?
Everyone heard about Bitcoin by now. However, it is important to highlight the important features that Bitcoin provides. Bitcoin is all about decentralization, allowing peer-to-peer transactions without the need for intermediaries like banks. This means that transactions can be conducted directly between users, without the need for a third party to verify or facilitate the transaction.
In a world where privacy is becoming an important issue, Bitcoin is able to give the privacy power back to the hand of the users.
Why is Bitcoin a Good Buy in 2023?
Now that we established what Bitcoin is, it is important to note the pros of Bitcoin.
- Decentralization: Because it is decentralized, it is not controlled by any government or financial institution. This makes it resistant to censorship and manipulation, and gives users more control over their own money.
- Security: Bitcoin uses strong cryptography to secure transactions and prevent fraud. It is also decentralized, which makes it more difficult for hackers to attack.
- Low fees: BTC transactions generally have very low fees, especially compared to traditional financial institutions.
- Limited supply: There is a limited supply of Bitcoin, with a maximum of 21 million coins that will ever be created. This can make it attractive to investors who believe that the limited supply will drive up the value of the currency over time.
- Wide acceptance: While Bitcoin is still not as widely accepted as traditional forms of payment, it is becoming increasingly accepted by merchants and businesses around the world.
Is the Bitcoin Crash OVER?
When Bitcoin first reached its all-time high price of around $20,000 back in 2018, it crashed soon after by around 80%. After this, BTC prices fluctuated between 5K and 12K for about a year before going back to a strong uptrend. If we look at figure 1 below, we can see how Bitcoin dropping then consolidating in a sideways trend.
In figure 2 however, we can see how Bitcoin is still going on its downtrend. To date, this downtrend reached around -77% from its all-time high price. Analysts expect Bitcoin prices to drop further towards 12K-15K.
Where will Bitcoin reach in 2023?
If the above assumption becomes true and Bitcoin reaches the low of around 12K, Bitcoin might reverse from that price higher. Looking back at how Bitcoin recovered, we can see that BTC prices jumped from $10,000 to $60,000 within 6 months. This assumption suggests that the Q3 of 2023 should confirm the downtrend and open a renewed bull crypto market. By then, Bitcoin can at least reach around 70% of its previous ATH.
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