Bitcoin in 2023 is proving to be the best alternative to fiat currency. Not only are economies around the world suffering from high inflation, but banks are collapsing as well. Bitcoin’s dominance also is on the rise, as most altcoins failed to recoup previous losses as much as Bitcoin did. With its current price of around $28,000, Bitcoin is set to reach the psychological price of $30,000. When will Bitcoin reach 30K?
What happened to Bitcoin?
The year 2023 was a great year for Bitcoin as prices increased from the low of $17,000 and reached the current price of around $28,000. This move pushed the entire cryptocurrency market higher. However, Bitcoin is among the top performers, a fact that pushed Bitcoin’s dominance over the cryptocurrency market.
3 Reasons why Bitcoin is set for higher highs in 2023
- The financial market experienced a small earthquake triggered by the insolvencies of Silicon Valley Bank and Silvergate Bank, resulting in a bank run on the Silicon Valley Bank. This caused a short-term market crash and even USD coin and Dai temporarily lost their stability against the US dollar. Consequently, an increasing number of people lost confidence in banks and turned to Bitcoin, which can benefit from the uncertain situation.
- Inflation in the US was high in 2021 and 2022, leading to the US Federal Reserve raising interest rates, causing the Bitcoin price to drop. However, Bitcoin benefits from high inflation, not excessive inflation, as investors seek a long-term store of value.
- The resistance level of $25,000 has been a significant obstacle to Bitcoin’s upward trend, but it was finally broken in the last 1 to 2 days, leading to a significant price increase to $27,000.
Best Exchanges for Bitcoin: Where to Buy Bitcoin in 2023?
There are currently many good exchanges that offer to trade and hold Bitcoins. Here’s a list of known exchanges that are currently in good standing:
On the other hand, it is always safer to hold your own coins in your own offline wallet. We suggest using a Ledger or a Trezor wallet.
Bitcoin Price Prediction: When will Bitcoin reach 30K?
Bitcoin prices have been making sudden uptrends, making upwards of 35% within 1 week. From the current price of $28,400, Bitcoin should reach 30K within a matter of days.
However, Bitcoin does not always have those green spikes. Taking into consideration the slowest pace since 2023, it would take Bitcoin 1 month and a half (end of May 2023) to breach the 30K price mark. This is taking into account a very steep uptrend, and even price adjustments that might occur bring BTC lower than 28K. So this is the worst case scenario basically, but Bitcoin should be able to breach 30K sooner than expected.
