Bitcoin Prediction 2023: Where’s The Market Headed?

Some experts feel there could be another bull run for Bitcoin over the next 2-3 years, yet many investors haven’t gotten over the chill of 2022.

So what does this mean for Bitcoin’s price in 2023? Where might the market be headed, and what kind of changes could be on the horizon?

Bitcoin Price Prediction 2023

Unfortunately, nobody, not even the experts, can truly predict the price of Bitcoin in 2023.

Experts will use things like technical price analysis, changes to government regulation, and macroeconomics to make very educated guesses about what’s coming up for Bitcoin in 2023.

Government Regulation

While bitcoin isn’t undergoing any major reclassification in 2023, there are some changes to the market to keep an eye on. The EU’s Markets in Crypto-Assets (MiCA) Regulation is currently undergoing its rollout and will be fully enforced by 2024. 

This regulation should improve stability by requiring platforms to have greater transparency and greater capital reserves. While crypto miners will be forced to disclose energy consumption levels for environmental purposes, which could affect mining costs.

In the US, the government will be continuing its increasingly litigious stance on crypto after FTX and SVB, furthering the enforcement of Biden’s 2022 crypto bill. Which could have knock-on effects on the market as legal precedents are set.

Macro Economics

A good way to predict Bitcoin’s price is by looking at broader economic trends, often called “macro” economics.

Bitcoin and the crypto sector are very responsive to the conditions of the financial world. Danny Chong, the co-founder of Tranchess, stated crypto will “be constrained by the macro conditions such as high-interest rates and sluggish global market(s) growth.”

According to FitchSolutions, factors such as the ongoing war in Ukraine, inflation, and the aftereffects of COVID are affecting the current economic climate. As these conditions continue, so will their effect on Bitcoin.

Technical Price Analysis

Technical price analysis uses different models to chart the course of Bitcoin prices over time and uses this information to make predictions for the future.

While subject to change and unforeseen events, analysis like the moving average (MA) can be a good indicator of where things are going. 

Bitcoin traders will use an analysis of around 50 weeks for a shorter estimation and will compare short-term data with long-term movements of around 200+ weeks to discern market trends. This can be a good way to get early insight into whether things are getting bullish or bearish.

If I Invest $100 in Bitcoin Today…

You’ll often hear in crypto that if you had only invested $100 back in 2010, you’d be a millionaire by now, which is untrue because you’d be a multi-billionaire. Bitcoin traded in July 2008 at just $0.0008 per BTC.

Bitcoin is known as one of the best-performing assets of the decade, but that doesn’t mean you should go all in, because it’s also one of the most volatile. You need to use good judgment, technical analysis, and a wise investment strategy.

Take, for example, DCA.

Dollar-Cost Averaging is an investment strategy that involves buying a set amount of Bitcoin multiple times over a period of time and across different price ranges for Bitcoin. Say you have $1000, with a DCA, you’ll commit to buying $100 worth of BTC every month for 10 months. 

Now, instead of risking a lump-sum investment of $1,000 that could go up or down, you can ride out the average cost of the asset over time, which should insulate against major risk and lock in respectable returns.

How to Invest in Bitcoin

Investing in Bitcoin can be as simple as finding a platform, buying Bitcoin with a debit card, and waiting to see what happens.

Or it can be more complex, involving yield farming or staking and attempting to generate value over time.

According to Forbes, there are over 500 crypto platforms, each offering different services and rates in different regions. Understandably, this can make choosing the right one a bit complex.

For rock-bottom prices and good staking options, Binace is extremely popular. US-based customers who are looking for yield farming might want to check out Coinbase. 

But if you’re an EU customer looking for a huge variety of crypto trading options, then CryptoWallet.com is a fantastic option. CryptoWallet.com currently allows the purchase and sale of over 100 cryptos, and the crypto card we’re launching later this year will support 800 cryptos, the most of any card on the market.

Once you’ve found the right platform, then it’s up to you to pick the right strategy.

Some people play things a bit riskier, while others hedge their bets and prefer slower, more long-term goals. Regardless of what you choose, it’s important to remember that you should never be overly emotional about your investment and never invest more than you can afford to lose.

Chill or Thaw in 2023?

It’s been a chilly time for bitcoin, and while conditions have forced many to sell off the asset, many believe that Bitcoin weathered the cold snap well overall.

According to Glassnodes, a market intelligence firm, around 66% of Bitcoin hasn’t moved during the chill, showing that long-term investors are remaining pretty bullish on the asset.

Many experts have stated that Bitcoin goes through a price cycle involving the accumulation of an asset as more people begin to trade, a period of high volatility, and then later a price correction. This cycle can be interrupted by macroeconomic events but has been largely accurate for historical Bitcoin prices.

If this cycle theory rings true, we might be seeing some early signs of the market heating up, perhaps even a thaw, but only time will tell.

FAQ

People can have a lot of questions about Bitcoin prediction 2023, so let’s go through some of the most commonly asked questions.

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