Analysts made price predictions and analysis for Bitcoin and 5 altcoins in their predictions for the year 2023.
Crypto market and Bitcoin predictions by analysts
The market is in a stalemate as the majority of major investors and analysts leave the industry by the new year. Liquidity and volatility were at absolute lows for most trading pairs. But even in bad market conditions, some hidden gems explode. However cryptocoin.com As we have also reported, safety should always be the number one priority. Analysts included Bitcoin, Ethereum, Cardano, Solana, Avalanche and AAVE in their 2023 predictions.
Analyst Michael van de Poppe is quite optimistic about the primary cryptocurrency. The strategist predicts that even in the 2023 forecast, the coin could skyrocket and double its market capitalization. However, he emphasized that in order to do this, Bitcoin must exceed $ 20,600. Momentarily, BTC is struggling to hold above $16,500. If Van de Poppe’s target is met, the cryptocurrency is expected to trade at $38,500. According to the analyst, this could be the future target of liquidity for Bitcoin in response to the strength of the bulls.
Cryptocurrency Bureau analyst “Guy” has high expectations for the leading smart contract platform. In 2023, Ethereum holders will witness the arrival of the Shanghai upgrade, which will allow them to remove ETH from the staking contract and use it however they want. Guy believes this could be a good catalyst for cryptocurrency. The reason is that it could encourage other people to stake Ethereum, unlocking billions of dollars.
However, the analyst has decided not to make a price prediction for the altcoin. He said that while it is possible for flippening to happen and ETH to reach five digits, he believes the cryptocurrency will trade sideways next year. Also, Ethereum is currently trading at the $1,200 level.
Closing the list of predictions is Ethereum’s only competitor to stay in the top 10 through 2022. Cardano is likely to grow in the stablecoins NFTs and DeFi sectors. Crypto enthusiasts believe that this may be reflected in the capitalization of the smart contract platform.
Cardano has a tool for price prediction from crypto exchange Changelly that helps to get an idea of what might happen in the future. The analyst says that looking at ADA’s performance in recent years and history repeats itself, 2023 may indeed be a good year for those who bought Cardano in the crisis. In Changelly’s analysis, the target for the Ethereum killer is $0.45 next year. If things get even better, the bulls may extend Cardano’s capitalization until it reaches $0.55, which should be its peak price. However, Cardano is instantly traded at $0.25.
The altcoin has fallen sharply as it is a crypto backed by Sam Bankman-Fried (SBF). However, the entrepreneur’s companies have invested large sums of money not only in Solana, but also in tokens in its ecosystem. However, this did not affect Solana’s growth in the NFT sector. After Ethereum, Solana’s network continued to lead this market. Of course, it should be noted that Solana has a fast network and low fees. And while this isn’t unique to the altcoin, it’s still attractive.
Meanwhile, there is talk that Solana may not stick to these points alone in 2023. The reason is that this may not be a bullish factor for the token. The NFT market is looking for more maturity. For this reason, it is said that high levels may not be seen as in 2021. That being said, it may not be in Solana’s favor in a market where scalability alone doesn’t count for capitalization peaks. Solana has lost 11.4% in the last 24 hours to trade at $9.93.
Avalanche was also one of the cryptocurrencies negatively impacted by one of the 2022 crashes. AVAX dropped 30% when the Terraform Labs empire collapsed in May. In fact, this was a big fear for altcoin holders. By hitting the $32.50 limit, the altcoin has reached a level not seen since September 2021. The drop came as investors feared an AVAX sale that could be held by the Luna Foundation Guard (LFG). The foundation had bought over $70 million in Avalanche to keep crypto as one of the keepers of the old UST nail.
However, this did not deter the Avalanche team from making important partnerships and releases that could help the Ethereum rival stand out in 2023. A notable example of this is that, in addition to being compatible with Avalanche, it is adaptable to other EVM-compatible blockchain ecosystems. The wallet even caught the attention of Coinbase, one of the leading exchanges in the crypto market. The Bitcoin and altcoin trading platform now offers its users a new option to convert money to cryptocurrency in the Core extension for use in DeFi, NFTs and transfers.
Over the past three days, AAVE has been steadily moving upwards despite the market stalemate. The reason behind this doesn’t seem to have anything to do with any major changes to the project or any news that will lift it up. The only thing that justifies the growth of the asset will be speculative interest in the token. Since November, AAVE has been moving in a sharply declining price range with gradually decreasing trading volume. The pattern we see on the asset’s daily chart clearly shows potential for reversal as the current trend is slowly decreasing.
A break of the first level of resistance reflected in the 21-day moving average will set the AAVE for a breakthrough of the upper boundary of the range, which will then lead to a complete trend reversal. This was a possibility back in November when AAVE hit the $96 price level. The TVL of the project remains high, with $3.75 billion worth of assets locked into various smart contracts on the network. Most TVL ($1.8 billion) is in lending contracts, while apportionment and pool2 correspond to a lower share of locked value in the network. However, in the last 24 hours, AAVE has lost 3.4% to trade at $55.08.