A large staff of analysts, ranging from Tim Draper to industry veterans, are of the opinion that 2023 will be positive for the price of Bitcoin. In this article, we cover medium and long-term BTC forecasts and current on-chain analysis.
Crypto experts expect these levels for Bitcoin price in 2023
In the new predictions that have emerged, some experts have suggested that the price of Bitcoin could drop to 10,000 or below in 2023. Others argue that Bitcoin’s emotion-driven price movements are failing the predictions. For example, Bitcoin bull Tim Draper says aligning women’s crypto spending habits with cryptocurrencies will increase wallet adoption. The US investor also predicted in 2019 that Bitcoin would reach $250,000 by the end of 2022.
Draper started out as a venture capitalist, investing in several crypto companies including Tesla, Twitch and more recently Coinbase and Tezos. He rose to fame in the crypto world in 2014 after paying $19 million for 30,000 Bitcoins seized from Silk Road.
Is $30,000 enough in 2023 for Bitcoin price?
The model of Jurrien Timmer, global head of macro at Fidelity Investments, predicts that the price of Bitcoin will reach this level in 2023. Professor Carol Alexander of the University of Sussex expects Bitcoin to reach $30,000 in the first quarter of 2023 and $50,000 in the second quarter. Before focusing his research efforts on crypto, Alexander majored in game theory, mathematics, and number theory. She was openly critical of tradfi’s handling of the collapse of Celsius and crypto hedge fund Three Arrows Capital.
Edward Moya of Oanda believes that the Bitcoin price already reflects most of the crashes in 2022 and will only drop if another major crypto company crashes. Luno’s vice president of corporate development, Vijay Ayyar, expects a new bottom for Bitcoin if the market can’t handle the selling pressure created by the capitulation of Bitcoin miners. Public crypto miners are facing pressure from creditors as Bitcoin’s price and rising energy costs threaten miners’ ability to pay off debt. A few miners have resorted to selling their mined Bitcoin and equipment to make up for the declining revenue. cryptocoin.comWe have included what happened to Core Scientific in this article.
Also, Eric Robertson of Standard Chartered predicted in a company report dated December 5, 2022 that Bitcoin will drop to $5,000 after several crypto firms suffered an irreversible loss of reputation from their bankruptcy. Investor Mark Mobius said that the Federal Reserve’s tightening policy will push the price of Bitcoin to $10,000 in 2023.
Not everyone is that optimistic
Nexo CEO Antoni Trenchev has abandoned his high-stakes price predictions after outside forces interrupted Bitcoin’s positive trajectory last year. Trenchev had predicted that Bitcoin would reach $100,000 in 2023. AJ Bell analyst Laith Khalaf agrees that price predictions are meaningless because emotions drive the behavior of cryptocurrencies.
As a result, while estimates varied wildly, about $30,000-35,000 was the consensus of the experts. Davinci Jeremie, a crypto educator, predicted that the price of Bitcoin will reach $35,000 in 2023, while the marketing manager of investment app Relai made an ironic prediction that 1 Bitcoin would cost 1 Bitcoin. So how far is Bitcoin from making these predictions come true?
What does on-chain data say about Bitcoin?
According to on-chain analysis, the 30-day Buy/Sell data on January 2 again showed a signal to buy Bitcoin. The same metric shows a buy signal for the fourth time. Buy/Sell Ratio (30DMA) is one of the best metrics for determining a buy cycle. However, it is only valid in a bull market. During times of instability or bear market, this indicator produces only sell signals almost perfectly. Therefore, according to the investment strategy, you need to verify the buy signals with other short-term on-chain indicators.
Can Bitcoin rise now?
Answering this question, Michael van de Poppe believes that the Bitcoin price can rise above $ 17 thousand in the coming days. Bitcoin price will continue to stay strongly above the critical $16.5k support level.
Bitcoin is trading above $16,600 at the time of writing. Since December, it has drastically reduced attempts to surpass $17,000.