United States – Bitcoin trades at $19,451, but experts think it can trade at $3,500 to $1,000,000 by 2023.
The community of Bitcoin is divided about whether the price of this crypto will increase or crash next year. Most crypto experts and technical indicators suggest it might reach the bottom at $12,000 to $16,000. It correlates with the unstable macroeconomic environment, inflation, Federal Reserve data, stock prices, and a recession until 2024. On the other hand, BTC maximalists and influencers state that the price might increase to $80,000 and over.
Pieces of evidence are present to support both sides of the experts. An issue is that they might be seeing different time horizons. There’s a robust case that Bitcoin might drop sharply, but it will increase in the middle of 2023.
The BTC bull runs to match the four-year crypto market cycle, including accumulation or buying, distribution or selling, an uptrend and a downtrend. Experts expect the accretion to start in 2023, while some might think it will start in 2024.
On the other hand, crypto traders will see appraisals rise in mid-2023, and there’s proof to support the insight. Per Kevin Svenson, we might see a bull market start around April after the bear market on its 80th week.
BTC’s deflationary nature promotes this price boosts over time. This nature results in price awareness for long-term shareholders, despite the market turbulence. However, traders should be wary of the trend. Markets and influencers are aware that selfishness sells. The prediction about Ether that it will boost ten times its price in 2023 should be considered with suspicion. BTC is unlikely to reach $100,000, as per some.
Other crypto experts think that BTC will not have any increase soon. InTheMoneyStocks’ Gareth Soloway stated that there’s a small possibility that it might even drop to $3,500. If BTC drops to $12,000, this crypto may not be rewarding for miners. It means transactions are not processed, which can cripple the crypto industry.
Aside from that, traders didn’t see strong correlations between mass adoption and cryptocurrency, which is not a good pattern. The crypto prices are how much fiat the investors can provide through other funding instruments and derivative contracts.
BTC maximalists still think that the crash in the price of Bitcoin is beneficial for this crypto to earn more. The crash will necessitate a new funding system, which is the time for BTC to be in the best position. However, this boost might compromise the US dollar, along with Bitcoin.